Potters Resorts Limited Group accounts (Group and Company)
Potters Resorts Limited Group accounts (Group and Company)
COMPANY REGISTRATION NUMBER:
13675254
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Financial Statements |
Period ended 31 December 2022
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Director's report |
5 |
Independent auditor's report to the members |
8 |
Consolidated statement of comprehensive income |
12 |
Consolidated statement of financial position |
13 |
Company statement of financial position |
14 |
Consolidated statement of changes in equity |
15 |
Company statement of changes in equity |
16 |
Consolidated statement of cash flows |
17 |
Notes to the financial statements |
18 |
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Officers and Professional Advisers |
Director |
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Registered office |
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Auditor |
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Chartered accountants & statutory auditor |
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2 Westbrook Court |
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Sharrow Vale Road |
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Sheffield |
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S11 8YZ |
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Bankers |
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Strategic Report |
Period ended 31 December 2022
Development and performance of the business The
principal activity of the group during the year continued to be the provision of holiday and recreational facilities
. The Potters business, following an acquisition in the year, now operates from two resorts in the United Kingdom, at Hopton On Sea on the South East Coast of England and Five Lakes in Essex. The group invests heavily to ensure that it delivers high quality service, accommodation and facilities, combined with numerous activities to cater for loyal guests. Potters continues to offer a unique proposition for families in the UK market. Business has been extremely strong in the so called staycation market, with bookings, both new and deferred, leading to unprecedented demand and with a significant level of future reservations. Financial Performance Following the group reorganisation and purchase of a new subsidiary company in the year, revenue has been strong and surpassed the pre Covid levels. Administrative and overhead costs have risen as expected, but as a result of efficiencies have not increased to pre covid levels. This strong recovery resulted in a pre tax profit for the year of £2.3m, despite an extensive maintenance programme undertaken at Five Lakes. The statement of financial position reflects the profits recorded, and as a result shareholder funds have ended the year at £20.5m. The significant, and ongoing, capital investment made by the group in recent years is expected to continue to assist in the generation of future, and enhanced, levels of profitability, in addition to which the group continues to explore new avenues of revenue and profit generation. Key performance indicators Gross Profit Percentage 2022: 67% (2021: 81%) Profit after tax 2022: £1.8m (2021: £2.9m)
Year end position The year end position of the group, as portrayed by the Statement of Financial Position, has improved as a result of the financial performance in the year. The net asset strength and additional support made available by the groups bankers provides a significant platform for future expansion and growth in a market of high demand. Ongoing investment in enhanced facilities and high levels of resort maintenance continue to strengthen the underlying asset base as reflected in the Statement of Financial Position. In addition, the intangible value of the reputation, history and service branding of "The Resort" adds synergies and underlying value.
Principal risks and uncertainties FRAUD Risk of fraud exists in misappropriation of assets, theft of stock and theft of cash takings. The group mitigates this risk through the management structure and regular financial review with, and extensive use of, business systems. MARKET RISK FACTORS General Economic Conditions The disposable income of guests will be affected by changes in general economic environment and this may result in a fall in the number of guests and/or a decrease in on-site expenditure. The directors regularly review its product offering and engages with guests to ensure value for money. Covid-19 pandemic The resort closed for the first time in March 2020 with Covid-19 having a significant impact on the business. Whilst the resort did re-open for periods during 2020, it ended 2020 closed again and did not re-open until May 2021, which will impact on the comparative figures. The measures introduced by the government are outside of the group's control, but the management team put controls in place to enable the resorts to open safely for guests and staff, once restrictions had been lifted. The resorts have remained open since and have a strong forward booking position, thus diluting the potential risks from a further period of lockdown. If these risks and uncertainties materialise, they could result in a material change in the forecast liquidity position of the group. Competition Potters has a reputation for high quality breaks, but competes with other holiday options available to guests. The Directors believe that this risk is mitigated by the strength of the Potters brand and the high volume of return guests who enjoy the continual investment in the accommodation and central facilities. FINANCIAL RISKS The Directors and senior management monitor the financial requirements of the group and associated risks. The group finances its operations and developments via a mixture of retained earnings and borrowings as required. Borrowings are in the form of overdraft facilities and term loans which have been increased during the period with full support from the group bankers. The directors have assessed future compliance with financial covenants and at this time do not foresee any breach. Interest rate risk Principal sources of borrowings are subject to variable rates of interest. Liquidity risk The group maintains sufficient levels of cash and liquidity to meet its medium-term working capital and funding obligations. Rolling forecasts of liquidity requirements are prepared and monitored. Credit risk Cash balances are held on deposit. Credit risk from revenue streams is limited as customers are required to pay in advance of their holiday. Financial reporting risks The group's financial systems are required to process a large number of transactions, weaknesses could result in the incorrect reporting of financial results. This risk is mitigated by the production of detailed management accounts which are compared to budgets and forecasts on a monthly basis. SECTION 172(1) STATEMENT The Board aims to promote the success of the group for the benefit of its members as a whole and have collectively acted in good faith, making strategic decisions to enable the business to grow and develop. The Board look to ensure the decision making process provides benefit to employees and its stakeholders whist maintaining fairness: The group is looking to invest in the resorts to secure the long term future. The group relies on its staff to ensure quality service is maintained. Staff are remunerated at the relevant level dependent on role and experience, whilst staff in key roles are involved in the decision making process. It is imperative to maintain a good relationship with our customers and vital for the reputation, to maintain high level of service in the resorts. The supply chain is important to the brand and allow smooth operation within the resort. We maintain a good relationship with our suppliers so that the group can maintain its high standards. Respecting our planet, looking to make energy savings and reduce the carbon footprint of the group where possible.
This report was approved by the board of directors on 22 September 2023 and signed on behalf of the board by:
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Director |
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Registered office: |
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Director's Report |
Period ended 31 December 2022
The director presents his report and the financial statements of the group for the period ended
31 December 2022
.
Director
The director who served the company during the period was as follows:
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Dividends
Particulars of recommended dividends are detailed in note 14 to the financial statements.
Future developments
The group is making good progress since the enforced closures that impacted the hotel and leisure industry so heavily. This is the first full year of trade since re-opening and following the group reorganisation and an acquisition of an additional subsidiary company in the year, no changes to the nature of the business are anticipated in the longer term. The directors are committed to delivering a safe environment, with the health and safety of our guests and team members being one of our highest priorities. In addition the group is looking to improve efficiencies and reduce its carbon footprint with a significant solar energy generation investment.
Greenhouse gas emissions and energy consumption
Unit |
2022 |
2021 |
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Emissions resulting from activities for which the group is responsible |
tCO2e |
939 |
778 |
Emissions resulting from the purchase of electricity by the group for its own use |
tCO2e |
18 |
18 |
Emissions type 3 |
tCO2e |
1,410 |
1,263 |
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------- |
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Total emissions |
tCO2e |
2,367 |
2,059 |
Intensity metric |
8.51 |
12.30 |
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Methodologies for energy and emissions calculations
Data has been collected in respect of the period ended 31 December 2022 and reported on a consistent basis with that used for the Group's Energy Savings Opportunity Scheme (ESOS) reporting.
Principal measures taken to increase energy efficiency
The Group has implemented a number of energy efficiency actions to limit emissions, including the following:
- Installation of Voltage Reduction Equipment to help reduce the overall electricity usage with a net saving of 6.9%.
- A significant programme of changing lighting to LED across the Resorts.
- A significant programme of gas boiler replacements to reduce emissions and gas consumption.
- Installation of EV charge points for Resorts and guest use and an expansion of the use of EV in the company fleet.
- Additional sub-metering where appropriate to support targeted efficiency actions.
- Introduction of an Energy Awareness Team to establish Resort wide good working practice thus reducing unnecessary waste.
- Review cost effective opportunities to implement large scale carbon reduction schemes.
- Ongoing development of long-term energy usage and emission plans to support UK Government aims for 2030 and beyond.
- Both ESOS 1 and ESOS 2 are complete and the group is now working with engaged consultants in relation to ESOS 3.
- The group has embarked on a significant solar energy generation investment.
The headline CO2e tokens per £100,000 of revenue ratio of 8.51 has been substantially reduced from 2021 and 2020 following the significant impact of Resort closures as a direct result of the UK Government lockdown actions to tackle the COVID-19 pandemic. For further context, good process has been made from the 2019 equivalent ratio which was on a downward trend estimated at 9.84.
Employment of disabled persons
Employee involvement
Director's responsibilities statement
Each of the persons who is a director at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on
22 September 2023
and signed on behalf of the board by:
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Director |
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Registered office: |
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Independent Auditor's Report to the Members of
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Period ended 31 December 2022
Qualified opinion
Basis for qualified opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the strategic report and the director's report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
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the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
Responsibilities of the director
Auditor's responsibilities for the audit of the financial statements
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.
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(Senior Statutory Auditor) |
For and on behalf of |
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Chartered accountants & statutory auditor |
2 Westbrook Court |
Sharrow Vale Road |
Sheffield |
S11 8YZ |
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Consolidated Statement of Comprehensive Income |
Period ended 31 December 2022
2022 |
2021 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
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Gross profit |
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Administrative expenses |
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Other operating income |
5 |
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Confidential settlement income |
– |
(1,900,000) |
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Operating profit |
6 |
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Other interest receivable and similar income |
11 |
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– |
Interest payable and similar expenses |
12 |
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Profit before taxation |
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Tax on profit |
13 |
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(
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Profit for the financial period |
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------------ |
------------ |
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Reserves on group reorganisation |
– |
15,779,179 |
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Total comprehensive income for the period |
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------------- |
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All the activities of the group are from continuing operations.
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Consolidated Statement of Financial Position |
2022 |
2021 |
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Note |
£ |
£ |
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Fixed assets
Intangible assets |
15 |
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– |
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Tangible assets |
16 |
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Current assets
Stocks |
18 |
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Debtors: due within one year |
19 |
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Debtors: due after more than one year |
19 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
21 |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
22 |
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Provisions |
24 |
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Net assets |
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Capital and reserves
Called up share capital |
28 |
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Profit and loss account |
29 |
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Shareholders funds |
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These financial statements were approved by the
board of directors
and authorised for issue on
22 September 2023
, and are signed on behalf of the board by:
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Director |
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Company registration number:
13675254
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Company Statement of Financial Position |
2022 |
2021 |
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Note |
£ |
£ |
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Fixed assets
Investments |
17 |
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Current assets
Debtors: due within one year |
19 |
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Cash at bank and in hand |
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– |
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Creditors: amounts falling due within one year |
21 |
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Net current assets/(liabilities) |
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(
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
22 |
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– |
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-------- |
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Net assets |
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-------- |
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Capital and reserves
Called up share capital |
28 |
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Capital redemption reserve |
29 |
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– |
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Profit and loss account |
29 |
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Shareholders funds |
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The profit for the financial period of the parent company was £
960,800
(2021: £
33,112
).
These financial statements were approved by the
board of directors
and authorised for issue on
22 September 2023
, and are signed on behalf of the board by:
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Director |
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Company registration number:
13675254
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Consolidated Statement of Changes in Equity |
Period ended 31 December 2022
Called up share capital |
Profit and loss account |
Total |
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£ |
£ |
£ |
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At 1 January 2021 |
– |
– |
– |
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Profit for the period |
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Other comprehensive income for the period: |
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Reserves on group reorganisation |
– |
15,779,179 |
15,779,179 |
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Total comprehensive income for the period |
– |
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Issue of shares |
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– |
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-------- |
------------- |
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Total investments by and distributions to owners |
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– |
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At 31 December 2021 |
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Profit for the period |
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-------- |
------------- |
------------- |
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Total comprehensive income for the period |
– |
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-------- |
------------- |
------------- |
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At 31 December 2022 |
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Company Statement of Changes in Equity |
Period ended 31 December 2022
Called up share capital |
Capital redemption reserve |
Profit and loss account |
Total |
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£ |
£ |
£ |
£ |
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At 1 January 2021 |
– |
– |
– |
– |
Profit for the period |
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---- |
---- |
-------- |
-------- |
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Total comprehensive income for the period |
– |
– |
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Issue of shares |
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– |
– |
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-------- |
---- |
-------- |
-------- |
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Total investments by and distributions to owners |
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– |
– |
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At 31 December 2021 |
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– |
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Profit for the period |
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---- |
--------- |
--------- |
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Total comprehensive income for the period |
– |
– |
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Redemption of shares |
– |
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(
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– |
---- |
--------- |
--------- |
---- |
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Total investments by and distributions to owners |
– |
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(
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– |
-------- |
--------- |
--------- |
------------ |
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At 31 December 2022 |
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--------- |
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Consolidated Statement of Cash Flows |
Period ended 31 December 2022
2022 |
2021 |
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Note |
£ |
£ |
Cash flows from operating activities
Profit for the financial period |
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Adjustments for: |
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Depreciation of tangible assets |
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Amortisation of intangible assets |
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– |
Other interest receivable and similar income |
(
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– |
Interest payable and similar expenses |
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Gains on disposal of tangible assets |
(
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– |
Tax on profit |
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(
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Accrued expenses/(income) |
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(
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Changes in: |
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Stocks |
(
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(
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Trade and other debtors |
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(
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Trade and other creditors |
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Directors loan accounts |
(
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(
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------------- |
------------- |
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Cash generated from operations |
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Interest paid |
(
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(
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Interest received |
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– |
Tax received |
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------------- |
------------ |
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Net cash from operating activities |
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------------ |
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Cash flows from investing activities
Purchase of tangible assets |
(
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(
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Proceeds from sale of tangible assets |
|
– |
Acquisition of subsidiaries |
(
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– |
------------- |
------------ |
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Net cash used in investing activities |
(
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(
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------------- |
------------ |
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Cash flows from financing activities
Payments of share issue costs |
(
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– |
Proceeds from borrowings |
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(
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Repayments of borrowings |
(
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(
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Payments of finance lease liabilities |
(
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– |
Dividends paid |
– |
(
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------------- |
------------ |
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Net cash from/(used in) financing activities |
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(
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------------- |
------------ |
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Net (decrease)/increase in cash and cash equivalents |
(
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Cash and cash equivalents at beginning of period |
1,770,265 |
– |
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Cash and cash equivalents at end of period |
20 |
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Notes to the Financial Statements |
Period ended 31 December 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Westbrook Court, Sharrow Vale Road, Sheffield, South Yorkshire, S11 8YZ.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Related party exemption
The company has taken advantage of exemption, under the terms of Financial reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the group.
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.
Going concern
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: (a) No cash flow statement has been presented for the company.
Consolidation
Judgements and key sources of estimation uncertainty
Revenue recognition
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Income tax
Goodwill
Amortisation
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, which is being amortised over 20 years.
Goodwill |
- |
over 20 years
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant, equipment, fixtures and fittings |
- |
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Motor vehicles |
- |
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Computer and IT equipment |
- |
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Depreciation is not provided on freehold buildings as the value in use of the properties concerned and the anticipated long expected useful life, coupled with high expected residual value, mean that any depreciation charge would not be material.
Investment property
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
Stocks
Finance leases and hire purchase contracts
Government grants
Provisions
Financial instruments
Defined contribution plans
4.
Turnover
Turnover arises from:
2022 |
2021 |
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£ |
£ |
|
Provision of holiday accommodation and associated guest spend |
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------------- |
------------- |
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The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5.
Other operating income
2022 |
2021 |
|
£ |
£ |
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Government grant income |
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------- |
------------ |
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Government grant income includes Furlough and Eat Out to Help Out, measures introduced to assist companies maintain their workforce during the Covid pandemic.
6.
Operating profit
Operating profit or loss is stated after charging/crediting:
2022 |
2021 |
|
£ |
£ |
|
Amortisation of intangible assets |
|
– |
Depreciation of tangible assets |
|
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Gains on disposal of tangible assets |
(
|
– |
------------ |
--------- |
|
7.
Auditor's remuneration
2022 |
2021 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
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-------- |
-------- |
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Fees payable to the company's auditor and its associates for other services:
Taxation compliance services |
|
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Other assurance services |
|
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Other non-audit services |
|
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-------- |
-------- |
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17,146 |
14,690 |
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-------- |
-------- |
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8.
Staff costs
The average number of persons employed by the group during the period, including the director, amounted to:
2022 |
2021 |
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No. |
No. |
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Production staff |
|
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Administrative staff |
|
|
Management staff |
55 |
61 |
---- |
---- |
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---- |
---- |
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The aggregate payroll costs incurred during the period, relating to the above, were:
2022 |
2021 |
|
£ |
£ |
|
Wages and salaries |
|
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Social security costs |
|
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Other pension costs |
|
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------------- |
------------ |
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------------ |
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9.
Director's remuneration
The director's aggregate remuneration in respect of qualifying services was:
2022 |
2021 |
|
£ |
£ |
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Remuneration |
|
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Company contributions to defined contribution pension plans |
|
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--------- |
--------- |
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--------- |
--------- |
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Remuneration of the highest paid director in respect of qualifying services:
2022 |
2021 |
|
£ |
£ |
|
Aggregate remuneration |
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--------- |
--------- |
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10.
Exceptional items
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Confidential settlement income |
– |
1,900,000 |
– |
– |
---- |
------------ |
---- |
---- |
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11.
Other interest receivable and similar income
2022 |
2021 |
|
£ |
£ |
|
Other interest receivable and similar income |
|
– |
---- |
---- |
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12.
Interest payable and similar expenses
2022 |
2021 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
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Interest on obligations under finance leases and hire purchase contracts |
|
– |
Dividends paid on shares classed as debt |
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--------- |
--------- |
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--------- |
--------- |
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13.
Tax on profit
Major components of tax income
2022 |
2021 |
|
£ |
£ |
|
Current tax:
UK current tax income |
(
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– |
Adjustments in respect of prior periods |
– |
(
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-------- |
--------- |
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Total current tax |
(
|
(
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-------- |
--------- |
|
Deferred tax:
Origination and reversal of timing differences |
|
|
--------- |
--------- |
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Tax on profit |
|
(
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--------- |
--------- |
|
Reconciliation of tax expense/(income)
The tax assessed on the profit on ordinary activities for the period is higher than (2021: lower than) the
standard rate of corporation tax in the UK
of
19
% (2021:
19
%).
2022 |
2021 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
------------ |
------------ |
|
Profit on ordinary activities by rate of tax |
|
|
Adjustment to tax charge in respect of prior periods |
– |
(
|
Effect of expenses not deductible for tax purposes |
|
|
Effect of capital allowances and depreciation |
|
(
|
Utilisation of tax losses |
(
|
(
|
Unused tax losses |
(
|
– |
------------ |
------------ |
|
Tax on profit |
|
(
|
------------ |
------------ |
|
14.
Dividends
Dividends on shares classed as debt
Dividends paid during the period (excluding those for which a liability existed at the end of the prior period):
2022 |
2021 |
|
£ |
£ |
|
Dividends on shares classed as financial liabilities |
139,200 |
139,200 |
--------- |
--------- |
|
15.
Intangible assets
Group |
Goodwill |
£ |
|
Cost |
|
At 1 January 2022 |
– |
Additions |
|
------------- |
|
At 31 December 2022 |
|
------------- |
|
Amortisation |
|
At 1 January 2022 |
– |
Charge for the period |
|
------------- |
|
At 31 December 2022 |
|
------------- |
|
Carrying amount |
|
At 31 December 2022 |
|
------------- |
|
At 31 December 2021 |
– |
------------- |
|
The company has no intangible assets.
16.
Tangible assets
Group |
Land and buildings |
Plant, equipment, fixtures and fittings |
Motor vehicles |
Computer and IT equipment |
Investment property |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 Jan 2022 |
|
|
|
51,643 |
693,473 |
|
Additions |
|
|
|
73,558 |
– |
|
Disposals |
– |
(
|
– |
– |
– |
(
|
------------- |
------------- |
--------- |
--------- |
--------- |
------------- |
|
At 31 Dec 2022 |
|
|
|
125,201 |
693,473 |
|
------------- |
------------- |
--------- |
--------- |
--------- |
------------- |
|
Depreciation |
||||||
At 1 Jan 2022 |
– |
|
|
9,014 |
– |
|
Charge for the period |
– |
|
|
41,734 |
– |
|
Disposals |
– |
(
|
– |
– |
– |
(
|
------------- |
------------- |
--------- |
--------- |
--------- |
------------- |
|
At 31 Dec 2022 |
– |
|
|
50,748 |
– |
|
------------- |
------------- |
--------- |
--------- |
--------- |
------------- |
|
Carrying amount |
||||||
At 31 Dec 2022 |
|
|
|
74,453 |
693,473 |
|
------------- |
------------- |
--------- |
--------- |
--------- |
------------- |
|
At 31 Dec 2021 |
|
|
|
42,629 |
693,473 |
|
------------- |
------------- |
--------- |
--------- |
--------- |
------------- |
|
The company has no tangible assets.
Additions disclosed above can be further analysed as follows: - Land and buildings :- Net book value of assets acquired on acquisition - £4,632,615 Additions during the year at cost - £4,343,452 Plant,Equipment :- Net book value of assets acquired on acquisition - £179,523 Additions during the year at cost - £8,667,869 Motor Vehicles :- Additions during the year at cost - £36,025 Computer and IT :- Additions during the year at cost - £73,558 The investment property is included at its fair value. The property has not been valued by an independent valuer, but is based on the opinion of the directors.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group |
Fixtures and fittings |
Motor vehicles |
Total |
£ |
£ |
£ |
|
At 31 December 2022 |
|
|
|
--------- |
-------- |
--------- |
|
At 31 December 2021 |
– |
– |
– |
--------- |
-------- |
--------- |
|
17.
Investments
The group has no investments.
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 January 2022 |
|
Additions |
|
------------- |
|
At 31 December 2022 |
|
------------- |
|
Impairment |
|
At 1 January 2022 and 31 December 2022 |
– |
------------- |
|
Carrying amount |
|
At 31 December 2022 |
|
------------- |
|
At 31 December 2021 |
|
------------- |
|
Potters Leisure Limited
Registered office: 2 Westbrook Court, Sharrow Vale Road, Sheffield, South Yorkshire, S11 8YZ The company is included by full consideration on a line by line basis using merger accounting.
A.B. Hotels (Five Lakes) Limited
Registered office: 2 Westbrook Court, Sharrow Vale Road, Sheffield, South Yorkshire, S11 8YZ The company is included by full consideration on a line by line basis using the acquisition basis from period of ownership as a current year acquisition.
The entire issued share capital of A.B Hotels (Five Lakes) Limited was acquired on 22nd October 2021 for cash consideration of £21,599,990. The assets and liabilities recognised on acquisition were as follows:
£ |
||
Tangible fixed assets |
4,812,138 |
|
Stock |
95,659 |
|
Debtors |
704,758 |
|
Cash |
2,006,631 |
|
Creditors |
(1,577,677) |
|
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
|
Ordinary |
100 |
18.
Stocks
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Stocks of food, beverages and consumables |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
19.
Debtors
Debtors falling due within one year are as follows:
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Amounts owed by group undertakings |
– |
– |
|
– |
Prepayments and accrued income |
|
|
– |
– |
Corporation tax repayable |
– |
|
– |
– |
Director's loan account |
|
|
– |
– |
S 455 tax recoverable |
(1,353,940) |
(1,355,108) |
– |
– |
Other debtors |
|
|
– |
|
------------ |
------------- |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------- |
------------ |
------------ |
|
Debtors falling due after one year are as follows:
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
S 455 tax recoverable |
1,353,940 |
1,355,108 |
– |
– |
------------ |
------------ |
---- |
---- |
|
20.
Cash and cash equivalents
Cash and cash equivalents comprise the following:
2022 |
2021 |
|
£ |
£ |
|
Cash at bank and in hand |
|
|
Bank overdrafts |
(
|
– |
--------- |
------------ |
|
|
|
|
--------- |
------------ |
|
21.
Creditors:
amounts falling due within one year
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
– |
Trade creditors |
|
|
– |
– |
Amounts owed to group undertakings |
– |
– |
– |
|
Accruals and deferred income |
|
|
|
– |
Social security and other taxes |
|
|
– |
– |
Shares classed as financial liabilities |
|
|
|
|
Obligations under finance leases and hire purchase contracts |
|
– |
– |
– |
Other creditors |
|
|
– |
– |
------------- |
------------- |
------------ |
------------ |
|
|
|
|
|
|
------------- |
------------- |
------------ |
------------ |
|
All hire purchase agreements are secured by a charge over the related asset
The bank loan was secured by a legal mortgage over the groups freehold land and buildings and by a debenture over the assets of the company and its subsidiary undertaking.
22.
Creditors:
amounts falling due after more than one year
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
– |
Obligations under finance leases and hire purchase contracts |
|
– |
– |
– |
------------- |
------------ |
------------- |
---- |
|
|
|
|
– |
|
------------- |
------------ |
------------- |
---- |
|
23.
Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
– |
– |
– |
Later than 1 year and not later than 5 years |
|
– |
– |
– |
--------- |
---- |
---- |
---- |
|
|
– |
– |
– |
|
--------- |
---- |
---- |
---- |
|
24.
Provisions
Group |
Deferred tax (note 25) |
£ |
|
At 1 January 2022 |
|
Additions |
|
--------- |
|
At 31 December 2022 |
|
--------- |
|
The company does not have any provisions.
25.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 24) |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
The deferred tax account consists of the tax effect of timing differences in respect of:
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
26.
Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £
396,808
(2021: £
261,596
).
27.
Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Recognised in other operating income:
Government grants released to profit or loss |
|
|
– |
– |
------- |
------------ |
---- |
---- |
|
28.
Called up share capital
Issued, called up and fully paid
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
Amounts presented in equity:
|
|
24,000 |
|
24,000 |
-------- |
-------- |
-------- |
-------- |
|
Amounts presented in liabilities:
|
|
3,000,000 |
|
3,903,450 |
------------ |
------------ |
------------ |
------------ |
|
29.
Reserves
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
30.
Analysis of changes in net debt
At 1 Jan 2022 |
Cash flows |
At 31 Dec 2022 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(1,567,049) |
|
Bank overdrafts |
– |
(192,431) |
(192,431) |
Debt due within one year |
(333,334) |
(606,091) |
(939,425) |
Debt due after one year |
(2,333,333) |
(19,987,328) |
(22,320,661) |
------------ |
------------- |
------------- |
|
(
|
(
|
(
|
|
------------ |
------------- |
------------- |
|
31.
Director's advances, credits and guarantees
Included within debtors due within one year are amounts owed by the director,£5,318,154 (2021: £5,309,806). There are no formal terms for repayment and interest is not being charged.