Wyboston Lakes Limited - Limited company accounts 23.1

REGISTERED NUMBER: 01122944 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

WYBOSTON LAKES LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

8

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

19

DIRECTORS:

D H Barford

Mrs J Chapman

S R Hutchinson

Ms C R Hutchinson

Mrs J Ireland

S Jones

R J Smith

SECRETARY:

Mrs J Ireland

REGISTERED OFFICE:

Wyboston Lakes Hotel

Waterfront Hotel

Great North Road

Wyboston

Bedfordshire

MK44 3AL

REGISTERED NUMBER:

01122944 (England and Wales)

AUDITORS:

Norton Lewis & Co.

4th Floor

Charles House

108-110 Finchley Road

London

NW3 5JJ

The directors present their strategic report of the company and the group for the year ended 31 December 2022.

The principal activity of the group in the year under review was that of the provision of conference, training and events facilities, a hotel, spa and restaurant, golf, serviced offices and leisure facilities.

REVIEW OF BUSINESS

The board is pleased to report a strong performance for the year, with its core Venues business exceeding pre pandemic levels in both revenue and profit to produce a record breaking year. The turnover for the year was £17.8 million increasing from £9.9 million in 2021, creating a profit before tax of £1.6 million (2021 - £0.56 million loss, before development property sales, £5.4million with). In line with accounting policies under FRS102 the accounts included depreciation at a rate of 1% against freehold property without which comparing like for like net profit would have been £1.9 million (2021 £0.56 million loss). The year benefitted from a simplification of our products delivering our core lines that produce the strongest margins. Our strategy is aligned with the strengths of our freshly refurbished facilities which have been transformed over the last five years with an investment of close to £10 million. As a management team we proactively search out new efficiencies and opportunities in all areas to ensure the strength of the business for the long term. Our portfolio of products and services include conference, training and events facilities, hotel, spa and golf, serviced offices, branded space, co working and 2022 saw the introduction of Wyboston Venues Management, which enables us to support others via our consultancy and this is forecast to grow into 2023. During the year the main conference and training venues; the Woodlands Event Centre and the Willows Training Centre, generated their best conference and training performances to date, with sales up 49% on 2019 and up 79% on 2018. Profit was also well ahead of the 2019 total in these centres, this was against a back drop of the slow start to 2022 when Covid lockdown regulations were still restricting and impacting on the hospitality, events and travel sectors. The Landing Pad brand encompassing flexible office space performed well, with serviced office occupancy at more than 95% and Branded Space revenues increasing well. These are expected to grow strongly again in 2023. Our key KPI in 2022 and continuing into future years is our gross margin which is back at a level not seen since 2010 (not including 2020 and 2021 due to Covid). Looking into 2023 our contracted bookings represent more than 50% of our 2023 budget and that is greater than the total achievement in 2018. Bookings and prospects for 2024 and 2025 are also very strong. Exceptionally high levels of repeat business and guest satisfaction are contributing significantly to this.

It continues to be a priority, that the company name brings to mind positive values and the assurance of quality through the energised and ethical manner in which Wyboston Lakes is operated to become a leading and highly rated business and leisure destination that offers great hospitality and outstanding customer service. We believe sustainability gives us the opportunity to bring our diverse efforts under one umbrella and create a culture of conscience in what we do and how we do it and we simplify this with the slogan 'More Sustainability, No Apology'. Our environmental efforts cover three areas; waste, energy and culture shockers. Our Green Team work on initiatives to help us reach our goal of being Carbon Neutral by 2040.

The company continues to support a charitable trust.

PRINCIPAL RISKS AND UNCERTAINTIES

The company continually reviews all forms of business risk and care is taken to ensure proper controls are in place with regard to this. Recovery plans enable an appropriate response to major incidents or crises and steps are taken to minimise these exposures to the greatest extent possible which was proven during the Covid crisis. The company's performance depends largely on the economic conditions and factors specific to both the hotel industry and meeting and events industry. Whilst these factors are often beyond the company's control, such as a potential global economic downturn, our business continuity plan ensures maximum mitigation of risk following disaster both physically and virtually. The company actively looks to minimise the risk of competition in an ever-changing economy as can be seen from our continued investments in our assets and offerings, including the use of AI and the continual development of our products. From a financial viewpoint the board is satisfied that the financial strength with a net asset worth of £41.55 million, including a cash balance of £7.6 million helps to reduce cashflow risk and will enable the company to continue its progress without interruption.

The board takes their corporate social responsibility very seriously and is a member of several leading National and International conference and venue associations, working actively with them to ensure the highest standards of facilities and services. In the UK, they include the Meetings Industry Association, Venues of Excellence and Beam.

The company is a member of the International Association of Conference Centres, achieving Gold status in IACC's demanding Code of Sustainability. The Code covers areas such as waste management, recycling, water conservation, energy management, air quality and purchasing: Gold status is only awarded to venues that achieve at least 85% of its tenets. We also participate in Aim assurance and hold the coveted Gold status.

Wyboston Lakes holds the Best Use of Technology by a venue, given by Beam, in recognition for innovation of broadband service and presentation technology.

The Hotel is rated 4 stars with the AA and the Spa has won Best Day Spa in the Hair and Salon Awards two consecutive years running.

Wyboston Lakes is also proud to be part of the Best Companies to work for and has achieved a place in the 100 list for the last nine consecutive years.

The company is an equal opportunities employer.

Environmental performance indicators are key to our goals and aims as a business. We are heavily focused on sustainability and being as efficient as possible. Wyboston lakes is as a member of Green Tourism that certifies businesses wishing to operate sustainably. A measurement of this has been that Wyboston was awarded with the Greengage Eco Smart Platinum Award where hotels have to demonstrate an eco-friendly service approach in specific area. .

SECTION 172(1) STATEMENT

The Directors of the company, as those of all UK companies, must act in accordance with section 172 of the UK companies Act 2006. The Directors are of the opinion that they have acted fairly and in good faith to promote the success of the company for the benefits of its members.

The Directors have carried out these duties and have made decisions and undertaken short and long term strategies to maintain its financial performance and position. The Directors continue to recognise the importance of the Company's partnership with all stakeholders, including employees, members, suppliers, customers and the community, as well as maintain its high standards of business conduct and reputation.

MARKET RISKS

The company's operation and it's results are subject to a number of factors which could affect the company's business, many of which are common to the hospitality industry and beyond the company's control, such as a potential global economic downturn, changes in travel patterns in the structure of the travel industry; and the potential increase in acts of terrorism. The impact of any of these factors (or a combination of them ) may adversely affect sustained level of occupancy, room rates and/or hotel values as has been seen with the Covid-19 outbreak and explained above.

Although management seeks to identify risks at the earliest opportunity, many of these risks are beyond the control of the company. The company has in place recovery plans to enable it to respond to the major incidents or crises and takes steps to minimise these exposures to the greatest extent possible.

FIXED OPERATING EXPENSES

The company's operating expenses such as personnel costs, operating leases, information technology and telecommunications are to a large extent fixed, however the extent of this is minimised as we purposefully flex the business to ensure it is able to react quickly to changes in trading conditions. Whilst our operating results may be vulnerable to short-term changes in revenues the past few years have proven how quickly we can act to mitigate the vulnerabilities.

The company has appropriate management systems in place such as staff outsourcing designed to create flexibility in operating its cost base to optimise operating profits in volatile trading conditions. During the 2023 budgeting process the company ensured it could, react to inflationary pressures that may emerge during the year.

KEY PERSONNEL AND MANAGEMENT

The success of the company's business is partially attributable to the efforts and abilities of its senior managers. Failure to retain its senior management team or other key personnel may threaten the success of the company's operations.

Competition will always be a possible risk, however as a matter of course the senior management team actively look to ensure the business has competitive advantage and retains it in all planning decisions.

The company has appropriate systems in place for recruitment, reward and compensation and performance management. Development and maintenance of the company's culture also plays a leading role in minimising risks.

FUTURE DEVELOPMENTS

The company expects to continue to operate and to continue to improve results and the balance sheet value in the future and has a robust 5 year plan in place to support this.

ON BEHALF OF THE BOARD:

Mrs J Ireland - Director

10 May 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2022.

DIVIDENDS

No interim dividend was paid during the year. The directors recommend a final dividend of £5 per share.

The total distribution of dividends for the year ended 31 December 2022 will be £ 250,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

D H Barford

Mrs J Chapman

S R Hutchinson

Ms C R Hutchinson

Mrs J Ireland

S Jones

R J Smith

CHARITABLE DONATIONS AND EXPENDITURE

£1,900 of charitable donations were made during the year & the group continues to support a Charitable Trust.

EMPLOYEES

Wyboston Lakes is an accredited Real Living Wage Employer.

The board recognises that employees need to understand and contribute to the objectives of the business and seeks to develop good relations with employees through regular communications and consultation. Selection for employment and promotion is based on the objective assessment of ability and experience and the company is committed to ensuring that its workplaces are free from unlawful discrimination of any sort. The company strives to ensure that its policies and practices provide equal opportunities for all existing or potential staff irrespective of gender, race, ethnic origin, colour, religion, physical disability, marital status, sexual orientation or age. Every effort is made to retrain and support employees who become disabled while working with the company. The company is committed to employee training and development at all levels of the organisation and endeavour to contribute to the industry's future skills base by an extensive recruitment and training programme for apprentices and graduate trainees.

As a company our purpose statement is "We enable businesses and people to flourish" and to do this we have set 4 key values:

Do the right thing even when no-one is looking.

Support, respect and trust each other. We are stronger together.

Treat every penny as though it's your own.

Be bold, but not reckless.

Believing and delivering on what we stand for as an employer is critical to our ongoing success. Our purpose and values show what it's like to work for this passionate organisation. It celebrates our culture in an authentic way and reaffirms that our people are at the heart of everything we do, hence we use the strapline "you belong at Wyboston".

The company believes in clear channels of communication with all our team members and these include:

All team meetings held twice a year; the first run by the Senior Management team of the business for all team members, and the second run by the venue General Manager for their team. Regular, departmental meetings are held in all departments across the business on an at least monthly basis.

Regular one to ones for the majority of team members are held by their line managers as well as the annual appraisal scheme which is a two way discussion. There is an upward appraisal section too.

Team Member surveys including Best Companies to Work for and Best Places to Work in Hospitality.

We hold 6 Awesome award meetings a year where members of the teams are nominated by their peers for showing they have lived our values and this culminates in an annual black tie Awards ceremony for those receiving the awards in the year. Additionally we hold 4 team events a year including a summer bbq and Christmas party.

There is a recently launched branded digital culture hub which is accessible by all team members which holds news, updates and training modules. Additionally we have Wybohub which is a Facebook page which all team members who use Facebook are encouraged to join, team members can post updates on here as we well as the People Team, keeping the team updated on anything of interest both inside and outside the business.

The People Team have an open door policy and there is a company handbook, containing all the rules and policies, updated at least annually.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

During the financial year, the directors have had regard to the need to foster the company's business relationships with suppliers, customers, and others. The directors believe that maintaining strong relationships with these stakeholders is crucial to the long-term success of the company. This has been a key factor in the principal decisions taken by the company during the year, including our investment decisions in our product and service offerings, where we have ensured the needs of our customers and suppliers have been listened to and delivered on, as well as the requirements of our team. The effect of this is that Wyboston Lakes Resort can confidently state that we are all about the people, even our purpose statement is set to reflect this: "We enable businesses and people to flourish" and ensure our values and business objectives support this.

STREAMLINED ENERGY AND CARBON REPORTING

Summary of greenhouse gas emissions and energy consumption for the year ended 31 December 2022:

At the time of writing this report the Solar generation kWh was unknown and has therefore been estimated.

Energy

Consumption kWh

Electricity

4,939,926

Natural Gas

733,617

LPG

896,211

Gas Oil

134,359

Transport

20,968

Energy

Emissions kgCo2e

Emissions tCo2e

Electricity

955,283

955.28

Natural Gas

148,388

148.38

LPG Gas

412,813

412.81

Gas Oil

36,706

36.70

Transport

5,188

5.18

Emissions and energy consumption data was gathered by 3rd party where data is used in conjunction with the annual ESOS report.

Energy consumer per pound (£) of revenue generated was .37 kWh.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Annual Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies 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 company will continue in business

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Norton Lewis & Co., will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs J Ireland - Director

10 May 2023

Opinion

We have audited the financial statements of Wyboston Lakes Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2022 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 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 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 group's and 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the 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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, 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 Statement of Directors' Responsibilities, 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 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 and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

We consider that our procedures are highly capable of detecting irregularities, including fraud. The engagement team collectively have the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.

During the planning of the audit, discussions were held with key entity staff to ensure;

- an understanding of the legal and regulatory framework,

- the entity's policies and procedures on compliance with laws and regulations,

- the entity's policies and procedures on fraud risk including knowledge of any actual, suspected or alleged fraud.

Audit procedures to detect material misstatements in respect of irregularities are outlined below:

- Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness;

- reading minutes of meetings of those charged with governance;

- Concluding on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up the the date of our auditors report. However, future events or conditions may cause the company to cease to continue as a going concern.

Audit procedures to address the risk of fraud through management bias and override controls, we;

- Performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to indemnify unusual relationships;

- investigated the rationale behind significant or unusual transactions

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondcne, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve collusion, forgery, deliberate concealment and omissions, misrepresentations, or the override of internal control.

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 Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.

Giles Cohen (Senior Statutory Auditor)

for and on behalf of Norton Lewis & Co.

4th Floor

Charles House

108-110 Finchley Road

London

NW3 5JJ

26 June 2023

Note:

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

TURNOVER

3

17,849,072

9,879,556

Cost of sales

7,140,559

5,373,130

GROSS PROFIT

10,708,513

4,506,426

Administrative expenses

9,125,496

6,437,419

1,583,017

(1,930,993

)

Other operating income

-

7,334,733

OPERATING PROFIT

5

1,583,017

5,403,740

Interest receivable and similar income

21,065

12,962

1,604,082

5,416,702

Interest payable and similar expenses

7

3,522

3,972

PROFIT BEFORE TAXATION

1,600,560

5,412,730

Tax on profit

8

1,016,610

649,101

PROFIT FOR THE FINANCIAL YEAR

583,950

4,763,629

Profit attributable to:

Owners of the parent

583,950

4,763,629

PROFIT FOR THE YEAR

583,950

4,763,629

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

583,950

4,763,629

Total comprehensive income attributable to:

Owners of the parent

583,950

4,763,629

FIXED ASSETS

Tangible assets

11

33,976,596

33,480,634

Investments

12

-

-

33,976,596

33,480,634

CURRENT ASSETS

Stocks

13

3,077,859

2,607,342

Debtors

14

3,856,462

5,934,197

Cash at bank and in hand

7,644,143

5,216,211

14,578,464

13,757,750

CREDITORS

Amounts falling due within one year

15

4,512,856

4,312,760

NET CURRENT ASSETS

10,065,608

9,444,990

TOTAL ASSETS LESS CURRENT LIABILITIES

44,042,204

42,925,624

CREDITORS

Amounts falling due after more than one year

16

-

(42,562

)

PROVISIONS FOR LIABILITIES

18

(2,424,605

)

(1,599,414

)

NET ASSETS

41,617,599

41,283,648

CAPITAL AND RESERVES

Called up share capital

19

50,000

50,000

Share premium

20

7,369

7,369

Capital redemption reserve

20

2,631

2,631

Retained earnings

20

41,557,599

41,223,648

SHAREHOLDERS' FUNDS

41,617,599

41,283,648

The financial statements were approved by the Board of Directors and authorised for issue on 10 May 2023 and were signed on its behalf by:

Ms C R Hutchinson - Director

FIXED ASSETS

Tangible assets

11

33,976,596

33,480,633

Investments

12

2,500

2,500

33,979,096

33,483,133

CURRENT ASSETS

Stocks

13

3,077,859

2,607,342

Debtors

14

3,856,462

5,934,197

Cash at bank and in hand

7,644,143

5,216,211

14,578,464

13,757,750

CREDITORS

Amounts falling due within one year

15

6,255,368

6,055,270

NET CURRENT ASSETS

8,323,096

7,702,480

TOTAL ASSETS LESS CURRENT LIABILITIES

42,302,192

41,185,613

CREDITORS

Amounts falling due after more than one year

16

-

(42,562

)

PROVISIONS FOR LIABILITIES

18

(2,424,605

)

(1,599,414

)

NET ASSETS

39,877,587

39,543,637

CAPITAL AND RESERVES

Called up share capital

19

50,000

50,000

Share premium

20

7,369

7,369

Capital redemption reserve

20

2,631

2,631

Retained earnings

20

39,817,587

39,483,637

SHAREHOLDERS' FUNDS

39,877,587

39,543,637

Company's profit for the financial year

583,950

4,763,630

The financial statements were approved by the Board of Directors and authorised for issue on 10 May 2023 and were signed on its behalf by:

Ms C R Hutchinson - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2021

50,000

36,460,019

7,369

2,631

36,520,019

Changes in equity

Total comprehensive income

-

4,763,629

-

-

4,763,629

Balance at 31 December 2021

50,000

41,223,648

7,369

2,631

41,283,648

Changes in equity

Dividends

-

(250,000

)

-

-

(250,000

)

Total comprehensive income

-

583,950

-

-

583,950

Balance at 31 December 2022

50,000

41,557,598

7,369

2,631

41,617,598

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2021

50,000

34,720,007

7,369

2,631

34,780,007

Changes in equity

Total comprehensive income

-

4,763,630

-

-

4,763,630

Balance at 31 December 2021

50,000

39,483,637

7,369

2,631

39,543,637

Changes in equity

Dividends

-

(250,000

)

-

-

(250,000

)

Total comprehensive income

-

583,950

-

-

583,950

Balance at 31 December 2022

50,000

39,817,587

7,369

2,631

39,877,587

Cash flows from operating activities

Cash generated from operations

1

4,875,310

3,740,216

Interest paid

(3,522

)

(3,972

)

Tax paid

(762,600

)

20,245

Net cash from operating activities

4,109,188

3,756,489

Cash flows from investing activities

Purchase of tangible fixed assets

(2,042,301

)

(769,684

)

Sale of tangible fixed assets

403,823

1,466

Interest received

21,065

12,962

Net cash from investing activities

(1,617,413

)

(755,256

)

Cash flows from financing activities

Loan repayments in year

-

(5,000,000

)

Capital repayments in year

(63,843

)

(63,844

)

Amount withdrawn by directors

100,000

-

Equity dividends paid

(100,000

)

-

Net cash from financing activities

(63,843

)

(5,063,844

)

Increase/(decrease) in cash and cash equivalents

2,427,932

(2,062,611

)

Cash and cash equivalents at beginning of year

2

5,216,211

7,278,822

Cash and cash equivalents at end of year

2

7,644,143

5,216,211

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.22

31.12.21

£

£

Profit before taxation

1,600,560

5,412,730

Depreciation charges

1,147,525

836,209

Profit on disposal of fixed assets

(5,006

)

(1,466

)

Finance costs

3,522

3,972

Finance income

(21,065

)

(12,962

)

2,725,536

6,238,483

(Increase)/decrease in stocks

(470,517

)

662,387

Decrease/(increase) in trade and other debtors

2,077,735

(3,199,744

)

Increase in trade and other creditors

542,556

39,090

Cash generated from operations

4,875,310

3,740,216

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2022

31.12.22

1.1.22

£

£

Cash and cash equivalents

7,644,143

5,216,211

Year ended 31 December 2021

31.12.21

1.1.21

£

£

Cash and cash equivalents

5,216,211

7,278,822

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.22

Cash flow

At 31.12.22

£

£

£

Net cash

Cash at bank and in hand

5,216,211

2,427,932

7,644,143

5,216,211

2,427,932

7,644,143

Debt

Finance leases

(106,405

)

63,843

(42,562

)

(106,405

)

63,843

(42,562

)

Total

5,109,806

2,491,775

7,601,581