Wyboston Lakes Limited - Limited company accounts 23.2
Wyboston Lakes Limited - Limited company accounts 23.2
| REGISTERED NUMBER: 01122944 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
| FOR |
| WYBOSTON LAKES LIMITED |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 5 |
| Report of the Independent Auditors | 9 |
| Consolidated Income Statement | 13 |
| Consolidated Other Comprehensive Income | 14 |
| Consolidated Balance Sheet | 15 |
| Company Balance Sheet | 16 |
| Consolidated Statement of Changes in Equity | 17 |
| Company Statement of Changes in Equity | 18 |
| Consolidated Cash Flow Statement | 19 |
| Notes to the Consolidated Cash Flow Statement | 20 |
| Notes to the Consolidated Financial Statements | 21 |
| WYBOSTON LAKES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 4th Floor |
| Charles House |
| 108-110 Finchley Road |
| London |
| NW3 5JJ |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
| 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 delivering another record breaking year. The turnover for the year was £21.7 million increasing from £17.8 million in 2022, creating a profit before tax of £3.9 million, £2.9 million, not including property development sales, (2022 - £1.6 million). The year saw the embedding of our strategy to truly deliver our purpose statement; 'We enable businesses and people to flourish'. Our history and culture is the core of everything we do and we believe we are the perfect blend of business, people, and values. We are located between Cambridge and Milton Keynes, on the outskirts of St. Neots, our 380-acre resort stands as Northern Europe's largest independently owned business and leisure destination. 2023 was very important to the business as it marked 40 years since our founder, Peter Hutchinson, added Wyboston Lakes Resort to his thriving business portfolio. Guided by Peter's entrepreneurial spirit and fuelled by ongoing investment, we've grown year after year and today, our family-operated business spans three generations, built on strong values that resonates with our customers, suppliers and team. We believe in a diverse and complementary range of products, services and experiences including conference, training and events facilities, hotel, spa and golf, serviced offices, branded space, co working and Wyboston Venues Management, which enables us to support others via our consultancy. 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, we constantly revisit the delivery of what we do to gain maximum benefits from AI, simplification of processes and quality control to ensure we get it right first time. The year felt inflationary cost increases in all areas of our supply chain with labour increases over 10%, food over 20% and other direct cost services such as housekeeping supplies also increasing up to and beyond double digits. As reported inflation is the average, it is the case that our costs are those from those areas pulling the average up. Despite these pressures we were able to maintain the high productivity levels delivered in 2022 and strengthen our balance sheet. |
| During the year we continued to ensure the sustainability of our products and offerings investing just over £2.8 million in the year including an investment in new and current bedroom stock and a complete renovation of our resort entrance creating pathways on site to enhance the customer experience. Additionally we added solar panels and battery storage, keeping us on our 4 year Green Energy Road Map that includes an investment of at least £5 million and will take us to net zero for scopes 1&2 by the end of 2027. |
| Our key KPI is our gross margin which remains at its highest for over a decade only missing target by 0.7% despite the inflationary pressures felt through the year. Looking into 2024 our contracted bookings represent more than 50% of our 2024 budget and bookings and prospects for 2025 and 2026 are also very strong. Exceptionally high levels of repeat business and guest satisfaction are contributing significantly to this. |
| 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. 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 going concern viewpoint the company has a strong balance sheet and is self financing. The board is satisfied that the financial strength with a net asset worth of £44.3 million, including a cash balance of £11.7 million helps to reduce cashflow risk and will enable the company to continue its progress without interruption. |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| 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. |
| The board takes their corporate social responsibility very seriously we are committed to environmental, social, and economic sustainability. Our focus is to operate as a responsible, sustainable business, and to make a positive impact on our surroundings and the well-being of all stakeholders. The company is committed to integrating sustainability into our business practices and making a positive impact on our environment, communities, and stakeholders. Our published Sustainability Policy is our commitment to creating a more sustainable and responsible business. |
| Environmental Sustainability: |
| Energy efficiency is at the core of our operations, as we continually seek innovative ways to reduce energy consumption, lower our carbon footprint, and promote a greener and more sustainable future and we are well on the way to do that with our 4 year Green Energy Road Map which is due to be completed by the end of 2027 bringing us to net zero for scopes 1&2. |
| Waste reduction is a cornerstone of our sustainability efforts, and we are committed to minimising waste generation, promoting recycling, and moving towards a zero-waste approach across our resort. |
| We are committed to implementing responsible water management practices and embarking on a pathway toward reducing water consumption and promoting sustainable use across our facilities. |
| We understand that our sustainability efforts extend beyond our organisation. We actively engage with our suppliers, fostering a partnership based on shared values of sustainability and responsibility. Together with our suppliers, we work towards ethical sourcing, responsible practices, and the reduction of environmental impact across our supply chain. This collaboration not only ensures the integrity of our products and services but also contributes to a more sustainable future for all stakeholders involved. |
| We recognise the importance of preserving biodiversity and are dedicated to implementing measures that protect local ecosystems, promote wildlife conservation, and harmonise our operations with the environment. |
| Social Responsibility: |
| Social responsibility is at the heart of our values, and we are committed to making a positive impact on our communities by actively supporting local initiatives, charitable causes, and the well-being of our team members. |
| The company commits to its employees that it will; promote a stigma-free environment where employees feel comfortable discussing their mental health. Foster a healthy and safe working environment for all team members. Encourage professional growth and development through training, mentorship, and career advancement opportunities. Support employees in setting and achieving career goals. Encourage work-life balance, professional development, diversity, and inclusion. Aim to foster a sense of community and belonging by organising social events, teambuilding activities, and team member culture groups. |
| To ensure community engagement we are committed to improving our Disability Confident Employer from Level 1 to being a Level 2 Disability Confident Employer. We actively participate in local community initiatives, charitable activities, and social programs. Working with Diamond Hampers, St Neots Festival, St Neots Dragon Boat Race, Bedford Prison, schools and colleges we continue to invest and support the communities where we operate. |
| Equity, Diversity, and Inclusion: |
| We ensure our leadership is actively committed to ED&I efforts and provides visible support. We implement regular ED&I training programs for all employees, emphasising the importance of diversity and inclusion. We also ensure equal pay for equal work and opportunities for career advancement regardless of gender, race, or other characteristics. |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| 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. |
| 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 and the Management Team believe adapting to changing circumstances is key to long-term financial sustainability and is at the heart of all decisions made. |
| 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. |
| 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: |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
| DIVIDENDS |
| No interim dividend was paid during the year. The directors recommend a final dividend of £7 per share. |
| The total distribution of dividends for the year ended 31 December 2023 will be £ 350,000 . |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
| CHARITABLE DONATIONS AND EXPENDITURE |
| £1,564 of charitable donations were made during the year & the group continues to support a Charitable Trust. |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| ENGAGEMENT WITH EMPLOYEES |
| Wyboston Lakes Ltd 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 include Best Companies to Work for. |
| 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 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 |
| Greenhouse Gas (GHG) Emissions |
| In line with the Greenhouse Gas Protocol (GHG) Corporate Accounting and Reporting Standard, Wyboston Lakes Ltd continues to be engaged in a process aimed at reducing energy and greenhouse gas emissions. |
| Wyboston Lakes Ltd maintains scopes 1, 2 and 3 emissions. Wyboston Lakes Ltd also maintain transport emissions inclusive of company owned and operated vehicles and employee owned and operated vehicles (whereby mileage is claimed against the company). |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| Wyboston Lakes Ltd have devised a strategy to reduce overall carbon footprint significantly including: |
| - Investing in Environmental, Social and Governance (ESG) initiatives |
| - Embedding sustainable practices into operations |
| - Commitment to the Science Based Target Initiative (SBTi) |
| Through calculated targets and strategic planning, Wyboston Lakes Ltd aims to transition to a net zero future while making substantial contributions to global sustainability goals. |
| Calculated carbon footprint for the current financial year is 1,464.93 tCO2e, whilst energy consumption was 6,648,602.29 (6,648.60 MWh). |
| Methodology |
| Wyboston Lakes Ltd have reported all of emission sources under the Companies Act 2006 (Strategic Report and Director's Reports) Regulations 2013 as required. Reporting of calculated emissions is in line with the GHG Protocol Corporate Accounting and Reporting Standard and emission factors from the UK Government's GHG Conversion Factors for Company Reporting 2023. |
| The reporting period is the financial year 2023, the same as that covered by the Annual Report and Financial Statements. The boundaries of the GHG inventory are defined using the operational control approach. In general, the emissions reported are the same as those which would be reported based on a financial control boundary. |
| 2023 Emissions |
| Tonnes CO2 equivalent (tCO2) |
| Scope 1 (natural gas, company vehicles & other fuels) 349.01 |
| Scope 2 (Electricity) 1,026.45 |
| Scope 3 (electricity T&D and grey fleet only) 89.47 |
| Total 1,464.93 tCO2e |
| N.B. Wyboston Lakes Ltd purchase 100% renewable electricity, however, have chosen to report associated emissions using the location-based methodology. |
| Scopes 1, 2 and 3 carbon intensity 0.00007 (tCO2e/turnover) |
| The intensity metric is based on a total yearly turnover of £20,502,047. Emissions have decreased by 5.99% since the previous reporting period of calendar year 2022. |
| Efficiency measures taken during 2023 |
| 1. Installed solar at The Willows Training Centre |
| 2. Implementing a food digester to reduce food waste |
| 3. Planted 23,000 trees around the estate |
| Objectives for 2024 |
| 1. Exploring rainwater harvesting systems |
| 2. Minimising waste production |
| 3. Continual review of existing equipment and company policies |
| 4. Commitment to achieving net zero carbon emissions |
| 5. Preparation for the Energy Savings Opportunity Scheme (ESOS) phase 3 assessments |
| Wyboston Lakes Ltd will report on progress within the next set of financial accounts. |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| . |
| 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. |
| 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: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| WYBOSTON LAKES LIMITED |
| 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 2023 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 2023 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| WYBOSTON LAKES LIMITED |
| 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 eight, 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| WYBOSTON LAKES LIMITED |
| 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 correspondence, 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| WYBOSTON LAKES LIMITED |
| 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. |
| for and on behalf of |
| 4th Floor |
| Charles House |
| 108-110 Finchley Road |
| London |
| NW3 5JJ |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| CONSOLIDATED |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| 31.12.23 | 31.12.22 |
| Notes | £ | £ |
| TURNOVER | 3 | 21,693,910 | 17,849,072 |
| Cost of sales | 8,259,574 | 7,140,559 |
| GROSS PROFIT | 13,434,336 | 10,708,513 |
| Administrative expenses | 9,776,363 | 9,125,496 |
| OPERATING PROFIT | 5 | 3,657,973 | 1,583,017 |
| Interest receivable and similar income | 248,047 | 21,065 |
| 3,906,020 | 1,604,082 |
| Interest payable and similar expenses | 7 | 4,323 | 3,522 |
| PROFIT BEFORE TAXATION | 3,901,697 | 1,600,560 |
| Tax on profit | 8 | 891,368 | 1,016,610 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 3,010,329 | 583,950 |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| CONSOLIDATED |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| 31.12.23 | 31.12.22 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 3,010,329 | 583,950 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
3,010,329 |
583,950 |
| Total comprehensive income attributable to: |
| Owners of the parent | 3,010,329 | 583,950 |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| CONSOLIDATED BALANCE SHEET |
| 31 DECEMBER 2023 |
| 31.12.23 | 31.12.22 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 11 | 35,326,070 | 33,976,596 |
| Investments | 12 | - | - |
| 35,326,070 | 33,976,596 |
| CURRENT ASSETS |
| Stocks | 13 | 3,288,201 | 3,077,859 |
| Debtors | 14 | 1,492,333 | 3,856,462 |
| Cash at bank and in hand | 11,738,941 | 7,644,143 |
| 16,519,475 | 14,578,464 |
| CREDITORS |
| Amounts falling due within one year | 15 | 4,980,948 | 4,512,856 |
| NET CURRENT ASSETS | 11,538,527 | 10,065,608 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
46,864,597 |
44,042,204 |
| PROVISIONS FOR LIABILITIES | 17 | 2,586,669 | 2,424,605 |
| NET ASSETS | 44,277,928 | 41,617,599 |
| CAPITAL AND RESERVES |
| Called up share capital | 18 | 50,000 | 50,000 |
| Share premium | 19 | 7,369 | 7,369 |
| Capital redemption reserve | 19 | 2,631 | 2,631 |
| Retained earnings | 19 | 44,217,928 | 41,557,599 |
| SHAREHOLDERS' FUNDS | 44,277,928 | 41,617,599 |
| The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2024 and were signed on its behalf by: |
| Ms C R Hutchinson - Director |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| COMPANY BALANCE SHEET |
| 31 DECEMBER 2023 |
| 31.12.23 | 31.12.22 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 11 |
| Investments | 12 |
| CURRENT ASSETS |
| Stocks | 13 |
| Debtors | 14 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 17 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 18 | 50,000 | 50,000 |
| Share premium | 19 | 7,369 | 7,369 |
| Capital redemption reserve | 19 | 2,631 | 2,631 |
| Retained earnings | 19 | 42,477,915 | 39,817,587 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 3,010,328 | 583,950 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| Called up | Capital |
| share | Retained | Share | redemption | Total |
| capital | earnings | premium | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 January 2022 | 50,000 | 41,223,649 | 7,369 | 2,631 | 41,283,649 |
| Changes in equity |
| Dividends | - | (250,000 | ) | - | - | (250,000 | ) |
| Total comprehensive income | - | 583,950 | - | - | 583,950 |
| Balance at 31 December 2022 | 50,000 | 41,557,599 | 7,369 | 2,631 | 41,617,599 |
| Changes in equity |
| Dividends | - | (350,000 | ) | - | - | (350,000 | ) |
| Total comprehensive income | - | 3,010,329 | - | - | 3,010,329 |
| Balance at 31 December 2023 | 50,000 | 44,217,928 | 7,369 | 2,631 | 44,277,928 |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| Called up | Capital |
| share | Retained | Share | redemption | Total |
| capital | earnings | premium | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 January 2022 | 50,000 | 39,483,637 | 7,369 | 39,543,637 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31 December 2022 | 50,000 | 39,817,587 | 7,369 | 2,631 | 39,877,587 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31 December 2023 | 50,000 | 42,477,915 | 7,369 | 2,631 | 42,537,915 |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| 31.12.23 | 31.12.22 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 6,727,727 | 4,875,310 |
| Interest paid | (4,323 | ) | (3,522 | ) |
| Tax paid | (265,500 | ) | (762,600 | ) |
| Net cash from operating activities | 6,457,904 | 4,109,188 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (2,325,696 | ) | (2,042,301 | ) |
| Sale of tangible fixed assets | 7,105 | 403,823 |
| Interest received | 248,047 | 21,065 |
| Net cash from investing activities | (2,070,544 | ) | (1,617,413 | ) |
| Cash flows from financing activities |
| Capital repayments in year | (42,562 | ) | (63,843 | ) |
| Amount withdrawn by directors | - | 100,000 |
| Equity dividends paid | (250,000 | ) | (100,000 | ) |
| Net cash from financing activities | (292,562 | ) | (63,843 | ) |
| Increase in cash and cash equivalents | 4,094,798 | 2,427,932 |
| Cash and cash equivalents at beginning of year | 2 | 7,644,143 | 5,216,211 |
| Cash and cash equivalents at end of year | 2 | 11,738,941 | 7,644,143 |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Profit before taxation | 3,901,697 | 1,600,560 |
| Depreciation charges | 976,220 | 1,147,525 |
| Profit on disposal of fixed assets | (7,105 | ) | (5,006 | ) |
| Finance costs | 4,323 | 3,522 |
| Finance income | (248,047 | ) | (21,065 | ) |
| 4,627,088 | 2,725,536 |
| Increase in stocks | (210,342 | ) | (470,517 | ) |
| Decrease in trade and other debtors | 2,364,129 | 2,077,735 |
| (Decrease)/increase in trade and other creditors | (53,148 | ) | 542,556 |
| Cash generated from operations | 6,727,727 | 4,875,310 |
| 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 2023 |
| 31.12.23 | 1.1.23 |
| £ | £ |
| Cash and cash equivalents | 11,738,941 | 7,644,143 |
| Year ended 31 December 2022 |
| 31.12.22 | 1.1.22 |
| £ | £ |
| Cash and cash equivalents | 7,644,143 | 5,216,211 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.1.23 | Cash flow | At 31.12.23 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 7,644,143 | 4,094,798 | 11,738,941 |
| 7,644,143 | 4,094,798 | 11,738,941 |
| Debt |
| Finance leases | (42,562 | ) | 42,562 | - |
| (42,562 | ) | 42,562 | - |
| Total | 7,601,581 | 4,137,360 | 11,738,941 |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| 1. | STATUTORY INFORMATION |
| Wyboston Lakes Limited is a |
| The presentation of the financial statements is the pound sterling (£) and is rounded to the nearest pound. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Basis of consolidation |
| The consolidated financial statements of the group include the financial statements of the company and its direct and indirect subsidiary undertakings made up to 31 December 2021. The results of subsidiaries acquired are included in the consolidated profit and loss account from the date control passes. Intra group sales,profits and loan balances are eliminated fully on consolidation. |
| No separate profit and loss accounts is presented for the company as provided by Section 408 of the Companies Act 2006. |
| Critical accounting judgements and key sources of estimation uncertainty |
| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods. |
| Turnover |
| Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year , exclusive of Value Added Tax and trade discounts. |
| Turnover from conference, hotel, training and recreational and other activities is recognised in the period in which the goods and services are supplied. If the goods and services are contracted for a period in the future then this income is treated as deferred. |
| Turnover from the sale of land is recognised at legal completion after making full provision for all costs. Provisions are made for known and anticipated losses arising in the accounting period. |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
| Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives. |
| Residual value is calculated on prices prevailing at the reporting date, after estimated costs of disposal, for the assets as if it were at the age and in condition expected at the end of its useful life. |
| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
| Impairment of fixed assets |
| At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
| Cash and cash equivalents |
| Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Land acquired for future development is included at cost plus incidental expenses. |
| At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
| 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. |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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. |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. |
| Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of the financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
| Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight-line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed. |
| Financial instruments |
| The group has elected to apply the provisions of section 11 'basic financial instruments' and section 12 'other financial instruments issues' of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's balance sheet when the company becomes party to contractual provisions of the instruments. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic Financial instruments |
| Basic financial instruments, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
| Impairment of financial assets |
| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairments at each reporting date. |
| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in the profit or loss. |
| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
| Derecognition of financial assets |
| Financial assets are recognised only when the contractual rights to the cashflows form the asset expire of are settled, or when the company transfers the financial assets and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
| Classification of financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt , are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Debt instruments are subsequently carried at amortised cost, using the effective interest method. |
| Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
| Fixed asset investments |
| Investments in subsidiaries are carried at cost less impairment. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit or loss. |
| Going concern |
| After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors regard the future as no less than twelve months following the publication of its annual financial statements. The company, therefore continues to adopt the going concern policy in preparing its financial statements. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by class of business is given below: |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Property development | 18,690,408 | 16,101,745 |
| Recreational & training | 1,191,863 | 4,280 |
| Rentals, license fees etc | 1,811,639 | 1,743,047 |
| 21,693,910 | 17,849,072 |
| 4. | EMPLOYEES AND DIRECTORS |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Wages and salaries | 8,279,086 | 7,184,816 |
| Social security costs | 698,898 | 657,921 |
| Other pension costs | 361,808 | 301,878 |
| 9,339,792 | 8,144,615 |
| The average number of employees during the year was as follows: |
| 31.12.23 | 31.12.22 |
| Operational | 292 | 267 |
| Administration | 22 | 23 |
| Directors | 6 | 6 |
| The average number of employees by undertakings that were proportionately consolidated during the year was 320 (2022 - 296 ) . |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| 4. | EMPLOYEES AND DIRECTORS - continued |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Directors' remuneration | 922,442 | 725,285 |
| Directors' pension contributions to money purchase schemes | 80,025 | 62,599 |
| The number of directors' to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 4 | 4 |
| Amount of the aggregate remuneration of the highest paid director | 278,209 | 201,732 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Depreciation - owned assets | 976,220 | 1,147,526 |
| Profit on disposal of fixed assets | (7,105 | ) | (5,006 | ) |
| 6. | AUDITORS' REMUNERATION |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Fees payable to the company's auditors for the audit of the company's financial statements |
54,188 |
45,000 |
| Total audit fees | 54,188 | 45,000 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Other interest payable | 4,323 | 3,522 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Current tax: |
| UK corporation tax | 729,303 | 191,419 |
| Deferred tax | 162,065 | 825,191 |
| Tax on profit | 891,368 | 1,016,610 |
| UK corporation tax was charged at 19 %) in 2022. |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| 8. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Profit before tax | 3,901,697 | 1,600,560 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
975,424 |
304,106 |
| Effects of: |
| Capital allowances in excess of depreciation | (246,121 | ) | (112,687 | ) |
| Deferred tax adjustment | 162,065 | 825,191 |
| Total tax charge | 891,368 | 1,016,610 |
| 9. | 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. |
| 10. | DIVIDENDS |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Ordinary shares of £1 each |
| Final | 350,000 | 250,000 |
| 11. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 January 2023 | 32,975,266 | - | 8,298,026 |
| Additions | 1,411,984 | 567,039 | 319,823 |
| Disposals | - | - | (24,397 | ) |
| At 31 December 2023 | 34,387,250 | 567,039 | 8,593,452 |
| DEPRECIATION |
| At 1 January 2023 | 333,740 | - | 6,980,038 |
| Charge for year | 343,873 | 22,682 | 579,156 |
| Eliminated on disposal | - | - | (24,397 | ) |
| At 31 December 2023 | 677,613 | 22,682 | 7,534,797 |
| NET BOOK VALUE |
| At 31 December 2023 | 33,709,637 | 544,357 | 1,058,655 |
| At 31 December 2022 | 32,641,526 | - | 1,317,988 |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| 11. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2023 | 53,910 | 1,051,315 | 42,378,517 |
| Additions | - | 26,848 | 2,325,694 |
| Disposals | (23,599 | ) | - | (47,996 | ) |
| At 31 December 2023 | 30,311 | 1,078,163 | 44,656,215 |
| DEPRECIATION |
| At 1 January 2023 | 53,910 | 1,034,233 | 8,401,921 |
| Charge for year | - | 30,509 | 976,220 |
| Eliminated on disposal | (23,599 | ) | - | (47,996 | ) |
| At 31 December 2023 | 30,311 | 1,064,742 | 9,330,145 |
| NET BOOK VALUE |
| At 31 December 2023 | - | 13,421 | 35,326,070 |
| At 31 December 2022 | - | 17,082 | 33,976,596 |
| Company |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 January 2023 |
| Additions |
| Disposals | ( |
) |
| At 31 December 2023 |
| DEPRECIATION |
| At 1 January 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 December 2023 |
| NET BOOK VALUE |
| At 31 December 2023 |
| At 31 December 2022 |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| 11. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2023 |
| DEPRECIATION |
| At 1 January 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2023 |
| NET BOOK VALUE |
| At 31 December 2023 |
| At 31 December 2022 |
| 12. | FIXED ASSET INVESTMENTS |
| Company |
| Unlisted |
| investments |
| £ |
| COST |
| At 1 January 2023 |
| and 31 December 2023 |
| NET BOOK VALUE |
| At 31 December 2023 |
| At 31 December 2022 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: Wyboston Lakes Hotel, Great North Road, Wyboston, Bedfordshire, MK44 3AL |
| Nature of business: |
| % |
| Class of shares: | holding |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Aggregate capital and reserves |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| 12. | FIXED ASSET INVESTMENTS - continued |
| Registered office: Wyboston Lakes Hotel, Great North Road, Wyboston, Bedfordshire, MK44 3AL |
| Nature of business: |
| % |
| Class of shares: | holding |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Aggregate capital and reserves |
| 13. | STOCKS |
| Group | Company |
| 31.12.23 | 31.12.22 | 31.12.23 | 31.12.22 |
| £ | £ | £ | £ |
| Stocks | 118,500 | 121,191 |
| Work-in-progress | 3,169,701 | 2,956,668 |
| 3,288,201 | 3,077,859 |
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.12.23 | 31.12.22 | 31.12.23 | 31.12.22 |
| £ | £ | £ | £ |
| Trade debtors | 912,738 | 1,170,315 |
| Other debtors | 27,936 | 1,802,145 |
| Prepayments and accrued income | 551,659 | 884,002 |
| 1,492,333 | 3,856,462 |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.12.23 | 31.12.22 | 31.12.23 | 31.12.22 |
| £ | £ | £ | £ |
| Finance leases (see note 16) | - | 42,562 |
| Trade creditors | 1,727,024 | 1,577,577 |
| Amounts owed to group undertakings | - | - |
| Tax | 462,516 | (1,287 | ) | ( |
) |
| Social security and other taxes | 691,795 | 674,646 |
| Proposed dividends | 210,000 | 150,000 | 210,000 | 150,000 |
| Other creditors | 83,979 | 65,875 |
| Directors' current accounts | 140,000 | 100,000 | 140,000 | 100,000 |
| Accruals and deferred income | 1,665,634 | 1,903,483 |
| 4,980,948 | 4,512,856 |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| 16. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Finance leases |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Net obligations repayable: |
| Within one year | - | 42,562 |
| Company |
| Finance leases |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Company |
| Non-cancellable operating | leases |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Within one year |
| Between one and five years |
| 17. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 31.12.23 | 31.12.22 | 31.12.23 | 31.12.22 |
| £ | £ | £ | £ |
| Deferred tax | 2,586,669 | 2,424,605 | 2,586,669 | 2,424,605 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2023 | 2,424,605 |
| Provided during year | 162,064 |
| Balance at 31 December 2023 | 2,586,669 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2023 |
| Provided during year |
| Balance at 31 December 2023 |
| WYBOSTON LAKES LIMITED (REGISTERED NUMBER: 01122944) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| 18. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
| value: | £ | £ |
| Ordinary | £1 | 50,000 | 50,000 |
| 19. | RESERVES |
| Group |
| Capital |
| Retained | Share | redemption |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 January 2023 | 41,557,599 | 7,369 | 2,631 | 41,567,599 |
| Profit for the year | 3,010,329 | 3,010,329 |
| Dividends | (350,000 | ) | (350,000 | ) |
| At 31 December 2023 | 44,217,928 | 7,369 | 2,631 | 44,227,928 |
| Company |
| Capital |
| Retained | Share | redemption |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 January 2023 | 39,817,587 | 7,369 | 2,631 | 39,827,587 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 December 2023 | 42,477,915 | 7,369 | 2,631 | 42,487,915 |
| 20. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £361,808 (2022: £301,878). |
| 21. | RELATED PARTY DISCLOSURES |
| During the year Wyboston Lakes Limited purchased goods from Hereditas Limited amounting to £Nil (2022: £6,923) at the year end. The companies are connected by virtue of common director, S Hutchinson. |
| During the year the Wyboston Lakes Limited paid D Barford £33,000 (2022: £33,000) for professional services. D Barford is a director of Wyboston Lakes Limited. |
| The following family members are employed by the company: S Hutchinson, C Hutchinson, B Hutchinson, I Hutchinson, R Hutchinson, C Chapman, J Chapman, H Trye, J Billings at salaries commensurate with their job functions and responsibilities. |