Heritage Rocks Ltd - Limited company accounts 23.2

HERITAGE ROCKS LTD - Company Information

IRIS Accounts Production v23.2.0.158 08370956 Board of Directors 31.12.22 1.1.22 31.12.22 31.12.22 a hotel, weddings and other events organisers. true true true false true true false false false false false false false false true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure083709562021-12-31083709562022-12-31083709562022-01-012022-12-31083709562020-12-31083709562021-01-012021-12-31083709562021-12-3108370956ns16:EnglandWales2022-01-012022-12-3108370956ns15:PoundSterling2022-01-012022-12-3108370956ns11:Director12022-01-012022-12-3108370956ns11:Consolidated2022-12-3108370956ns11:ConsolidatedGroupCompanyAccounts2022-01-012022-12-3108370956ns11:PrivateLimitedCompanyLtd2022-01-012022-12-3108370956ns11:FRS102ns11:Consolidated2022-01-012022-12-3108370956ns11:Auditedns11:Consolidated2022-01-012022-12-3108370956ns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-01-012022-12-3108370956ns11:LargeMedium-sizedCompaniesRegimeForAccounts2022-01-012022-12-3108370956ns11:Consolidatedns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-01-012022-12-3108370956ns11:LargeMedium-sizedCompaniesRegimeForAccountsns11:Consolidated2022-01-012022-12-3108370956ns11:FullAccounts2022-01-012022-12-3108370956ns6:Subsidiary12022-01-012022-12-3108370956ns6:Subsidiary22022-01-012022-12-3108370956ns6:Subsidiary32022-01-012022-12-3108370956ns6:Subsidiary42022-01-012022-12-3108370956ns6:Subsidiary52022-01-012022-12-310837095612022-01-012022-12-3108370956ns11:OrdinaryShareClass12022-01-012022-12-3108370956ns11:Consolidated2022-01-012022-12-3108370956ns11:Director22022-01-012022-12-3108370956ns11:CompanySecretary12022-01-012022-12-3108370956ns11:RegisteredOffice2022-01-012022-12-3108370956ns11:Consolidated2021-01-012021-12-3108370956ns6:CurrentFinancialInstruments2022-12-3108370956ns6:CurrentFinancialInstruments2021-12-3108370956ns6:ShareCapital2022-12-3108370956ns6:ShareCapital2021-12-3108370956ns6:ShareCapital2020-12-3108370956ns6:RetainedEarningsAccumulatedLosses2020-12-3108370956ns6:RetainedEarningsAccumulatedLosses2021-12-3108370956ns6:RetainedEarningsAccumulatedLosses2022-12-3108370956ns6:NetGoodwill2022-01-012022-12-3108370956ns6:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3108370956ns6:LongLeaseholdAssetsns6:LandBuildings2022-01-012022-12-3108370956ns6:PlantMachinery2022-01-012022-12-3108370956ns6:FurnitureFittings2022-01-012022-12-3108370956ns6:MotorVehicles2022-01-012022-12-3108370956ns6:ComputerEquipment2022-01-012022-12-3108370956ns6:CostValuation2021-12-31083709561ns6:Subsidiary12022-01-012022-12-3108370956ns6:Subsidiary12022-12-3108370956ns6:Subsidiary12021-12-3108370956ns6:Subsidiary12021-01-012021-12-3108370956ns6:Subsidiary232022-01-012022-12-3108370956ns6:Subsidiary22022-12-3108370956ns6:Subsidiary22021-12-3108370956ns6:Subsidiary22021-01-012021-12-31083709565ns6:Subsidiary32022-01-012022-12-3108370956ns6:Subsidiary32022-12-3108370956ns6:Subsidiary32021-12-3108370956ns6:Subsidiary32021-01-012021-12-31083709567ns6:Subsidiary42022-01-012022-12-3108370956ns6:Subsidiary42022-12-3108370956ns6:Subsidiary42021-12-3108370956ns6:Subsidiary42021-01-012021-12-3108370956ns6:Subsidiary592022-01-012022-12-3108370956ns6:Subsidiary52022-12-3108370956ns6:Subsidiary52021-12-3108370956ns6:Subsidiary52021-01-012021-12-3108370956ns11:OrdinaryShareClass12022-12-3108370956ns6:RetainedEarningsAccumulatedLosses2022-01-012022-12-31

REGISTERED NUMBER: 08370956 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2022

for

Heritage Rocks Ltd

Page

Company Information

Group Strategic Report

Report of the Directors

Report of the Independent Auditors

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

Notes to the Consolidated Cash Flow Statement

Notes to the Consolidated Financial Statements

DIRECTORS:

Miss T Madge

Mr M Chittenden

SECRETARY:

Mr M Chittenden

REGISTERED OFFICE:

Regency House

33 Wood Street

Barnet

Hertfordshire

EN5 4BE

REGISTERED NUMBER:

08370956 (England and Wales)

AUDITORS:

Cartwrights

Chartered Accountants and Business Advisors

Statutory Auditor

Regency House

33 Wood Street

Barnet

Hertfordshire

EN5 4BE

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

REVIEW OF BUSINESS

The results of the year and the financial position at the year end were considered satisfactory by the directors.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the Company's strategy are subject to a number of risks, but the following have been identified by the directors as being the main risks that could potentially impact on the Group's operating and financial performance.

1. The economy

The industry is largely driven by economic cycles and levels of business confidence. The directors have attempted to reduce this cyclical risk by expanding geographically and increasing its customer base.

2. Competition

The Group operates in a highly competitive market with the mitigation of risk being achieved by the continuous review by the directors of competitors and potential opportunities available.

The directors continuously monitor the performance of the Group and at present consider turnover and the gross profit to be their key performance indicators.

ON BEHALF OF THE BOARD:

Mr M Chittenden - Director

29 September 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 dividends will be distributed for the year ended 31 December 2022.

DIRECTORS

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

Miss T Madge

Mr M Chittenden

POLITICAL DONATIONS AND EXPENDITURE

The group made donations totalling £175 (2021: £115) to various charitable organisations during the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 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 and then apply them consistently;

-	make judgements 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Cartwrights, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr M Chittenden - Director

29 September 2023

Opinion

We have audited the financial statements of Heritage Rocks Ltd (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 set out on page three, 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:

We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, and that they remained alert to instances of non-compliance throughout the audit.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- based on our understanding of the company and industry, and through discussions with directors and key management, we identified any specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; and

- we assessed the extent of compliance with these laws and regulations through making enquiries of management and inspecting legal correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

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

- tested journal entries, particularly focused around the year-end, to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates in the notes to the financial statements were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Eric McIntyre (Senior Statutory Auditor)

for and on behalf of Cartwrights

Chartered Accountants and Business Advisors

Statutory Auditor

Regency House

33 Wood Street

Barnet

Hertfordshire

EN5 4BE

30 September 2023

TURNOVER

8,938,750

5,575,518

Cost of sales

(1,999,438

)

(1,230,387

)

GROSS PROFIT

6,939,312

4,345,131

Administrative expenses

(5,096,484

)

(3,860,409

)

1,842,828

484,722

Other operating income

36,667

367,252

OPERATING PROFIT

1,879,495

851,974

Interest receivable and similar income

4,516

1,884,011

851,974

Interest payable and similar expenses

(293,907

)

(100,733

)

PROFIT BEFORE TAXATION

1,590,104

751,241

Tax on profit

(379,059

)

(12,449

)

PROFIT FOR THE FINANCIAL YEAR

1,211,045

738,792

Profit attributable to:

Owners of the parent

1,211,045

738,792

PROFIT FOR THE YEAR

1,211,045

738,792

OTHER COMPREHENSIVE INCOME

TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,211,045

738,792

Total comprehensive income attributable to:

Owners of the parent

1,211,045

738,792

FIXED ASSETS

Intangible assets

1,032,936

1,309,085

Tangible assets

5,530,904

5,364,503

Investments

15,186

6,579,026

6,688,774

CURRENT ASSETS

Stocks

66,166

63,759

Debtors

6,010,228

5,888,603

Cash at bank and in hand

1,019,994

1,205,174

7,096,388

7,157,536

CREDITORS

Amounts falling due within one year

7,345,567

5,712,810

NET CURRENT (LIABILITIES)/ASSETS

(249,179

)

1,444,726

TOTAL ASSETS LESS CURRENT
LIABILITIES

6,329,847

8,133,500

CREDITORS

Amounts falling due after more than one year

(2,793,140

)

(6,048,331

)

PROVISIONS FOR LIABILITIES

(262,844

)

(22,351

)

NET ASSETS

3,273,863

2,062,818

CAPITAL AND RESERVES

Called up share capital

1,000

Revaluation reserve

1,716,640

Retained earnings

1,556,223

345,178

SHAREHOLDERS' FUNDS

3,273,863

2,062,818

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:

Mr M Chittenden - Director

FIXED ASSETS

Intangible assets

Tangible assets

Investments

1,102

CREDITORS

Amounts falling due within one year

102

NET CURRENT LIABILITIES

(102

)

(102

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,000

CAPITAL AND RESERVES

Called up share capital

1,000

SHAREHOLDERS' FUNDS

1,000

Company's profit for the financial year

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:

Mr M Chittenden - Director

Called up

Retained

Revaluation

Total

capital

earnings

reserve

equity

Balance at 1 January 2021

1,000

(393,614

)

1,716,640

1,324,026

Changes in equity

Total comprehensive income

738,792

Balance at 31 December 2021

1,000

345,178

1,716,640

2,062,818

Changes in equity

Total comprehensive income

1,211,045

Balance at 31 December 2022

1,000

1,556,223

1,716,640

3,273,863

Called up

Retained

Total

capital

earnings

equity

Balance at 1 January 2021

1,000

Changes in equity

Balance at 31 December 2021

1,000

Changes in equity

Balance at 31 December 2022

1,000

Cash flows from operating activities

Cash generated from operations

921,580

663,942

Interest paid

(293,907

)

(100,564

)

Interest element of hire purchase payments
paid

(169

)

Government Grants

36,665

Tax paid

5,668

19,947

Net cash from operating activities

670,006

583,156

Cash flows from investing activities

Purchase of tangible fixed assets

(586,317

)

(834,156

)

Sale of tangible fixed assets

45,250

Interest received

4,516

Net cash from investing activities

(536,551

)

(834,156

)

Cash flows from financing activities

New loans in year

1,143,176

Loan repayments in year

(271,635

)

Capital repayments in year

(44,037

)

42,608

Amount introduced by directors

236

Amount withdrawn by directors

(4,611

)

31,936

Net cash from financing activities

(320,221

)

1,217,956

(Decrease)/increase in cash and cash equivalents

(186,766

)

966,956

Cash and cash equivalents at beginning of
year

1,199,721

232,765

Cash and cash equivalents at end of year

1,012,955

1,199,721

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

31/12/22

31/12/21

Profit before taxation

1,590,104

751,241

Depreciation charges

650,816

839,839

Government grants

(36,667

)

Finance costs

293,907

100,733

Finance income

(4,516

)

2,493,644

1,691,814

Increase in stocks

(2,407

)

(10,206

)

Increase in trade and other debtors

(131,120

)

(3,414,067

)

(Decrease)/increase in trade and other creditors

(1,438,537

)

2,396,401

Cash generated from operations

921,580

663,942

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

1,019,994

1,205,174

Bank overdrafts

(7,039

)

(5,453

)

1,012,955

1,199,721

Year ended 31 December 2021

31/12/21

1/1/21

Cash and cash equivalents

1,205,174

238,165

Bank overdrafts

(5,453

)

(5,400

)

1,199,721

232,765

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/1/22

Cash flow

At 31/12/22

Net cash

Cash at bank and in hand

1,205,174

(185,180

)

1,019,994

Bank overdrafts

(5,453

)

(1,586

)

(7,039

)

1,199,721

(186,766

)

1,012,955

Debt

Finance leases

(44,037

)

44,037

Debts falling due within 1 year

(346,927

)

(2,210,193

)

(2,557,120

)

Debts falling due after 1 year

(5,364,027

)

3,344,008

(2,020,019

)

(5,754,991

)

1,177,852

(4,577,139

)

Total

(4,555,270

)

991,086

(3,564,184

)

1.	STATUTORY INFORMATION

Heritage Rocks Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Long leasehold

10% on cost

Plant and machinery

25% on cost, 10% on cost and Straight line over 5 years

Fixtures and fittings

10% on cost

Motor vehicles

25% on cost and 15% on cost

Computer equipment

25% on cost, 10% on cost and Straight line over 5 years

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

31/12/22

31/12/21

Wages and salaries

2,616,632

1,869,370

Social security costs

151,089

94,218

Other pension costs

19,085

10,249

2,786,806

1,973,837

The average number of employees during the year was as follows:

31/12/22

31/12/21

Direct labour

160

119

Admin

170

129

31/12/22

31/12/21

Directors' remuneration

17,664

16,506

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31/12/22

31/12/21

Hire of plant and machinery

60,354

58,775

Other operating leases

344,025

243,582

Depreciation - owned assets

374,666

366,542

Goodwill amortisation

276,149

473,298

Auditors' remuneration

19,000

8,500

Foreign exchange differences

)

INTEREST PAYABLE AND SIMILAR EXPENSES

31/12/22

31/12/21

Bank interest

126,690

Bank loan interest

167,217

100,564

Hire purchase

169

293,907

100,733

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31/12/22

31/12/21

Current tax:

UK corporation tax

152,778

12,449

Prior year CT adjustment

(14,212

)

Total current tax

138,566

12,449

Deferred tax

240,493

Tax on profit

379,059

12,449

7.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

8.	INTANGIBLE FIXED ASSETS

Group

Goodwill

COST

At 1 January 2022

and 31 December 2022

2,761,493

AMORTISATION

At 1 January 2022

1,452,408

Amortisation for year

276,149

At 31 December 2022

1,728,557

NET BOOK VALUE

At 31 December 2022

1,032,936

At 31 December 2021

1,309,085

9.	TANGIBLE FIXED ASSETS

Group

Freehold

Long

Plant and

property

leasehold

machinery

COST

At 1 January 2022

3,548,774

236,354

284,889

Additions

286,166

5,212

Disposals

At 31 December 2022

3,834,940

236,354

290,101

DEPRECIATION

At 1 January 2022

183,028

230,942

Charge for year

3,327

23,635

11,096

Eliminated on disposal

At 31 December 2022

3,327

206,663

242,038

NET BOOK VALUE

At 31 December 2022

3,831,613

29,691

48,063

At 31 December 2021

3,548,774

53,326

53,947

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

COST

At 1 January 2022

3,569,611

98,934

160,217

7,898,779

Additions

191,806

99,037

4,096

586,317

Disposals

(99,664

)

(99,664

)

At 31 December 2022

3,761,417

98,307

164,313

8,385,432

DEPRECIATION

At 1 January 2022

1,969,124

44,934

106,248

2,534,276

Charge for year

306,228

20,264

10,116

374,666

Eliminated on disposal

(54,414

)

(54,414

)

At 31 December 2022

2,275,352

10,784

116,364

2,854,528

NET BOOK VALUE

At 31 December 2022

1,486,065

87,523

47,949

5,530,904

At 31 December 2021

1,600,487

54,000

53,969

5,364,503

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

COST

At 1 January 2022

and 31 December 2022

70,288

24,758

95,046

DEPRECIATION

At 1 January 2022

and 31 December 2022

70,288

18,569

88,857

NET BOOK VALUE

At 31 December 2022

6,189

At 31 December 2021

6,189

10.	FIXED ASSET INVESTMENTS

Group

Shares in

group

undertakings

COST

At 1 January 2022

and 31 December 2022

15,186

NET BOOK VALUE

At 31 December 2022

15,186

At 31 December 2021

15,186

Company

Shares in

group

undertakings

COST

At 1 January 2022

and 31 December 2022

1,102

NET BOOK VALUE

At 31 December 2022

1,102

At 31 December 2021

1,102

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Seckford Holdings Limited

Registered office: Regency House, 33 Wood Street, Barnet, Herts. EN5 4BE

Nature of business: Holding company

Class of shares:

holding

Ordinary

100.00

31/12/22

31/12/21

Aggregate capital and reserves

(536,388

)

(525,614

)

Loss for the year

(10,774

)

(12,548

)

Seckford Hall Hotel Limited

Registered office: Regency House, 33 Wood Street, Barnet, Herts. EN5 4BE

Nature of business: Hotel and wedding venue

Class of shares:

holding

Ordinary

100.00

31/12/22

31/12/21

Aggregate capital and reserves

3,131,442

2,399,433

Profit for the year

732,009

749,695

The Manor By The Lake Cheltenham Limited

Registered office: Regency House, 33 Wood Street, Barnet, Herts. EN5 4BE

Nature of business: Hotel and wedding venue

Class of shares:

holding

Ordinary

100.00

31/12/22

31/12/21

Aggregate capital and reserves

719,031

579,118

Profit for the year

139,913

290,125

Woodhall Manor Events Limited

Registered office: Regency House, 33 Wood Street, Barnet, Herts. EN5 4BE

Nature of business: Hotel and wedding venue

Class of shares:

holding

Ordinary

100.00

31/12/22

31/12/21

Aggregate capital and reserves

421,987

158,677

Profit for the year

263,310

103,507

Measured Media Limited

Registered office: Regency House, 33 Wood Street, Barnet, Herts. EN5 4BE

Nature of business: Advertising

Class of shares:

holding

Ordinary

100.00

31/12/22

31/12/21

Aggregate capital and reserves

339,966

55,830

Profit for the year

284,136

3,341

11.

STOCKS

Group

31/12/22

31/12/21

Stocks

29,610

22,767

Finished goods

36,556

40,992

66,166

63,759

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

31/12/22

31/12/21

Trade debtors

1,095,598

2,149,493

Purchase Ledger Debit Balances

(15,968

)

Other debtors

4,778,905

3,627,689

Tax

50,980

60,475

Prepayments and accrued income

100,713

50,946

6,010,228

5,888,603

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

31/12/22

31/12/21

31/12/22

31/12/21

Bank loans and overdrafts (see note 15)

2,564,159

352,380

Hire purchase contracts (see note 16)

44,037

Trade creditors

608,429

699,425

Tax

152,778

18,039

Social security and other taxes

16,522

14,638

Net wages

84,769

88,528

Wages Control

117,319

32,057

Pensions Control

9,520

8,275

VAT

302,167

165,788

Income in advance - wedding,

non-wedding and deposits

1,741,838

2,359,393

102

Other creditors

271,082

6,162

Gratuities payable to staff

125

Directors' current accounts

34,031

38,580

Accruals

1,442,953

1,885,383

7,345,567

5,712,810

102

14.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group

31/12/22

31/12/21

Bank loans (see note 15)

2,020,019

5,364,027

Income in advance - wedding, non-wedding
and deposits

167,902

629,778

Other creditors

605,219

Other creditors

54,526

2,793,140

6,048,331

15.

LOANS

An analysis of the maturity of loans is given below:

Group

31/12/22

31/12/21

Amounts falling due within one year or on

demand:

Bank overdrafts

7,039

5,453

Bank loans

2,557,120

346,927

2,564,159

352,380

Amounts falling due between one and two

years:

Bank loans - 1-2 years

102,467

2,780,328

Amounts falling due between two and five

years:

Bank loans - 2-5 years

711,413

1,742,523

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,206,139

841,176

16.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group

Hire purchase contracts

31/12/22

31/12/21

Net obligations repayable:

Within one year

44,037

17.	SECURED DEBTS

The following secured debts are included within creditors:

Group

31/12/22

31/12/21

Bank loans

4,577,139

5,710,954

Santander Uk Plc holds a debenture dated 3 December 2018 over the company's assets.

18.	PROVISIONS FOR LIABILITIES

Group

31/12/22

31/12/21

Deferred tax

Accelerated capital allowances

235,568

10,347

Deferred tax

27,276

12,004

262,844

22,351

Group

Deferred

tax

Balance at 1 January 2022

22,351

Provided during year

240,493

Balance at 31 December 2022

262,844

19.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/22

31/12/21

value:

1,000

Ordinary

£1

1,000

20.

RESERVES

Group

Retained

Revaluation

earnings

reserve

Totals

At 1 January 2022

345,178

1,716,640

2,061,818

Profit for the year

1,211,045

At 31 December 2022

1,556,223

1,716,640

3,272,863

Company

Retained

earnings

Profit for the year

At 31 December 2022

21.	RELATED PARTY DISCLOSURES

Included in other debtors, the following balances and transactions concerned related parties at year end:

The Manor By The Lake Cheltenham Ltd was owed the following amounts at year end from companies controlled by the director, M Chittenden:

2022

2021

Eastgate Street Ltd

885,230

International House (CI) Ltd

350,000

MRM 47 Ltd

556,4710

537,500

Manor Studios Ltd

651

Sand Dunes (Essex) Ltd

180,000

56,000

The Ordnance Depot Ltd

365,000

40,000

Capcoin

465,000

Measured Media Ltd was owed the following balances from companies controlled by the director, M Chittenden:

2022

2021

Capcoin Investments Ltd

5,000

Sand Dunes (Essex) Ltd

125,000

MRM 47 Ltd

44,174

Manor Studios Ltd

240,000

Seckford Hall Hotel Limited was owed the following balances from companies controlled by the director, M Chittenden:

2022

2021

The Ordnance Depot Ltd

30,000

Eastgate Street Ltd

120,000

MRM 47 Ltd

76,452

Stanwood Holdings Ltd

860,000

Woodhall Manor Events Ltd was owed the following balances from companies controlled by the director, M Chittenden:

2022

2021

MRM 47 Ltd

98,118

97,176

Eastgate Street Ltd

25,000

The Ordnance Depot Ltd

5,014

Seckford Holdings Ltd was owed the following balances from companies controlled by the director, M Chittenden:

2022

2021

Royal Hotel (Essex) Ltd

41,800

38,000

Sand Dunes (Essex) Ltd

20,000

During the reporting period, The Manor By The Lake Cheltenham Ltd paid rent of £169,100 (2021: £159,450) to the directors, for the building from which the company operates.

22.	ULTIMATE CONTROLLING PARTY

The directors are in joint control of the company by virtue of their shareholding.