Provenance Hotels Limited - Limited company accounts 23.1

REGISTERED NUMBER: 09012296 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE PERIOD 30 AUGUST 2021 TO 28 AUGUST 2022

FOR

PROVENANCE HOTELS LIMITED

Page

Strategic Report

1

Report of the Director

3

Report of the Independent Auditors

4

Profit and loss account

7

Balance Sheet

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

The director presents his strategic report for the period 30 August 2021 to 28 August 2022.

Provenance Hotels Ltd was founded in 2014 with purchase of the West Park Hotel in Harrogate, this was followed by the purchase of the Cleveland Tontine near Northallerton in 2016 and the Coach and Horses in Harrogate in 2021, all sites have received significant investment.

The Coach and Horses is a modern take on the traditional British pub, having spent most of the year undergoing extensive refurbishment works the site opened in July 2022, trading for the last 5 weeks of the year.

Business Strategy

The strategy is based around 3 key areas:

- Product improvement, regularly reviewing and working to improve the offering, across food and drink, and where appropriate accommodation. Focusing on sustainably sourced, high-quality produce.

- Continual improved ways of working and cost review to improve profitability.

- Investment in people through engagement, measurement and training to improve the guest experience.

Business Model

We operate premium venues in affluent areas of North Yorkshire, the perfect setting for local communities to get together, and for guests from further away to travel to and enjoy the surroundings.

Fresh seasonal produce, cooked from scratch food continues to drive the business and distinguishes the business from competitors. The Coach and Horses has a high-quality bespoke food offer, with fresh ingredients but differentiated from West Park so as not to compete. This gives our teams a product to take pride in and knowledgeably discuss with guests. Indeed, this has been recognised by the prestigious 'Publican Awards' where we were declared winners of 'Best Food Offer 2022'.

Our drinks menu is regularly reviewed to ensure that the offer is relevant and attains appropriate commercial margins. Our offering is both seasonal and on trend with current tastes.

Our accommodation is provided to the highest standard with luxury touches that guests rightly expect of premium accommodation. The West Park is a town centre location perfect for leisure guests visiting the area or for business clients. The Cleveland Tontine is on the outskirts of several major towns and close to large transport networks required by business customers.

All the sites are maintained to very high standards to ensure that guests are well cared for. The outdoor spaces allow customers to soak up the sun while experiencing full table service when weather permits.

West Park has been acclaimed best Yorkshire Hotel for Spring by The Times newspaper, March 23rd 2023.

Business Environment

Covid continued to impact the business throughout the year:

'Plan B' measures were introduced on 10th of December 2021 and ran until 27th of January 2022 due to the emergence of the Omicron Covid variant. These measures and government messaging impacted the important festive period trade.

Government support to offset the above was as follows:

- Variable VAT rates in place until March 31st

- Business rates relief of 66% was provided until the end March 2022. For the 2022/23 tax year business rates relief of 50% was given to the limit of £110,000 which covered all the sites

- Omicron grants were received for all sites.

Key Risks and Uncertainties

The businesses operate in a fast paced and ever-changing environment. Skilled staff remain in short supply, post Covid. Their scarcity continues to drive wage rates higher and with increased frequency. Supply side increases also continue to impact margins. The impact on the business can be seen in the performance as outlined below.

Business Performance

The inherent appeal of the offering is shown in year-on-year sales growth. Total turnover in the year increased by 65% driven by increased opening days compared to the pandemic. Accommodation was particularly strong following full reopening, helping drive additional food and beverage sales. Sales were further boosted by the opening of the Coach and Horses in July. Allowing for the difference in VAT rates current year sales in the key areas increased against prior years.

% increase in sales vs 2020/21

% increase in sales vs 2019/20

Food Sales

51%

80%

Accommodation Sales

102%

86%

Beverage Sales

79%

107%

Gross profit for the year is 86% higher than last year.

The gross margin is 43% an improvement of 5% on prior year. This was improved due to additional accommodation sales and relevant cost control.

Payroll costs for the period reduced as a % of sales by 6% due to the increase in overall sales. Stricter purchasing procedures, menu design and supplier negotiations resulted in an improvement in liquor margin of 73% and mitigated the increase in food cost achieving a margin 67%.

Operating loss for the year is £274k, however this includes preopening costs for the new Coach and Horses site. In addition to increases in gas and fuel oil, food and less favourable support from the government compared to prior year.

ON BEHALF OF THE BOARD:

Mr C J Blundell - Director

26 May 2023

The director presents his report with the financial statements of the company for the period 30 August 2021 to 28 August 2022.

DIVIDENDS

No dividends will be distributed for the period ended 28 August 2022.

DIRECTOR

Mr C J Blundell held office during the whole of the period from 30 August 2021 to the date of this report.

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he 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 company's auditors are aware of that information.

AUDITORS

The auditors, Xeinadin Audit Limited, are deemed to be re-appointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Mr C J Blundell - Director

26 May 2023

Opinion

We have audited the financial statements of Provenance Hotels Limited (the 'company') for the period ended 28 August 2022 which comprise the Profit and loss account, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 28 August 2022 and of its loss for the period 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 company 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.

Material uncertainty relating to going concern

We draw attention to note 2 of the financial statements, which outlines the current challenges facing the company. It also indicates that the company's liabilities significantly exceed its assets and that the company is dependent on the ongoing support of both the bank and its director, both of whom have indicated their continuing support.

These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Director's Responsibilities Statement set out on page three, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has 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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the nature of any bonus or performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the company's policies and procedures relating to identifying, evaluating and complying with laws and regulations;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiry of management around actual and potential litigation and claims;

- reviewing minutes of meetings of those charged with governance;

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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.

Simon Foreman FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Statutory Auditor

1 City Road East

MANCHESTER

M15 4PN

26 May 2023

TURNOVER

4

3,643,746

2,207,549

Cost of sales

2,089,127

1,370,286

GROSS PROFIT

1,554,619

837,263

Administrative expenses

1,884,183

1,253,427

(329,564

)

(416,164

)

Other operating income

5

55,125

355,249

OPERATING LOSS

7

(274,439

)

(60,915

)

Profit/loss on revaluation of tangible assets

8

-

1,885

(274,439

)

(59,030

)

Interest payable and similar expenses

9

130,897

46,250

LOSS BEFORE TAXATION

(405,336

)

(105,280

)

Tax on loss

10

-

-

LOSS FOR THE FINANCIAL PERIOD

(405,336

)

(105,280

)

OTHER COMPREHENSIVE INCOME

Revaluation of freehold property

-

2,032,390

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX

-

2,032,390

TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE PERIOD

(405,336

)

1,927,110

FIXED ASSETS

Intangible assets

11

1

1

Tangible assets

12

12,751,722

12,217,830

12,751,723

12,217,831

CURRENT ASSETS

Stocks

13

63,702

48,052

Debtors

14

203,091

69,974

Cash at bank and in hand

78,667

138,751

345,460

256,777

CREDITORS

Amounts falling due within one year

15

13,761,343

13,484,945

NET CURRENT LIABILITIES

(13,415,883

)

(13,228,168

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(664,160

)

(1,010,337

)

CREDITORS

Amounts falling due after more than one year

16

751,513

-

NET LIABILITIES

(1,415,673

)

(1,010,337

)

CAPITAL AND RESERVES

Called up share capital

19

1

1

Revaluation reserve

20

2,643,662

2,643,662

Retained earnings

20

(4,059,336

)

(3,654,000

)

SHAREHOLDERS' FUNDS

(1,415,673

)

(1,010,337

)

The financial statements were approved by the director and authorised for issue on 26 May 2023 and were signed by:

Mr C J Blundell - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 31 August 2020

1

(3,548,720

)

611,272

(2,937,447

)

Changes in equity

Total comprehensive income

-

(105,280

)

2,032,390

1,927,110

Balance at 29 August 2021

1

(3,654,000

)

2,643,662

(1,010,337

)

Changes in equity

Total comprehensive loss

-

(405,336

)

-

(405,336

)

Balance at 28 August 2022

1

(4,059,336

)

2,643,662

(1,415,673

)

1.	STATUTORY INFORMATION

Provenance Hotels Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

09012296

Registered office:

4 Wharfe Mews

Cliffe Terrace

Wetherby

West Yorkshire

LS22 6LX

The presentation currency of the financial statements is the Pound Sterling, which is the functional currency of the company, rounded to the nearest £1.

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 as modified by the revaluation of certain assets.

The nature of the company's operations and principal activity is the ownership and management of hotels.

Going concern

The balance sheet shows that liabilities exceed assets by £1,415,673 (2021: £1,010,337) and the company is dependent on its bank facilities and the director's funds for the continuance of normal trading operations. In August 2022 the bank provided a loan of £850,000 to support the Company. The director has indicated his ongoing support to the Company.

The global coronavirus pandemic resulted in government restrictions which significantly impacted the company's ability to trade during the prior period. Despite the lifting of all restrictions in July 2021 the company faces new challenges caused by the cessation of government support to the hospitality industry, staff shortages across the industry and the impact of rising costs on both the business and its customer base.

Forecasts, including cash flows, for the period to 31 August 2024 show that the company would be reliant upon the continuing support of the director in order to continue in operational existence for a period of 12 months from the date of approval of the balance sheet. As the director has pledged not to withdraw any part of his loan account balance to the extent such withdrawal would be detrimental to the financial position of the group the company continues to adopt the going concern basis in preparing the financial statements. The Director has also confirmed his commitment to provide continued financial support to the Group.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

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

Goodwill

Goodwill represents the amount paid in connection with the acquisition of a business in 2016.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost (excluding freehold land)

Kitchen & Bar Equipment

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer and office equipment

-

33.33% and 15% on cost

All fixed assets are initially recorded at cost. After initial recognition freehold property is measured using the revaluation model.

Government grants

Government grant income is recognised under the accruals model.

Grant income in respect of the Job Retention Scheme is recognised in the period to which the underlying furloughed staff costs relate.

In addition the company benefited from the business rates discounts introduced for retail, hospitality and leisure businesses and from payment holidays.

Stocks

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

Financial instruments

Bank loans are initially recognised at the present value of the future cash payments and are subsequently measured at amortised cost using the effective interest rate.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 period 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. When necessary rates will be amended to reflect current estimates based on future investments and physical conditions of the assets. See note 12 for the carrying amount of the assets and note 2 for the classes of assets with the applicable depreciation rates.

Freehold property is initially recorded at cost. After initial recognition freehold property is measured using the revaluation model. The valuation of freehold property is based on biennial property valuation reports from RICS Registered Valuers, that are required under the conditions of the bank loan facility.

The valuations in the intervening periods, including the current year, represent the directors' best estimate based largely on the most recent RICS Registered Valuers report. See note 12 for the carrying amount of the assets.

4.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

The analysis of the company's turnover is as follows:

Period 30.8.21 to 28.8.22

Period 31.8.20 to 29.8.21

£

£

Sale of goods

2,564,153

1,672,605

Rendering of services

1,079,593

534,944

3,643,746

2,207,549

5.	OTHER OPERATING INCOME

Period

Period

30.8.21

31.8.20

to

to

28.8.22

29.8.21

£

£

Rents received

41,625

11,872

Sundry receipts

-

7,310

Other grants

1,500

-

Retail, hospitality and leisure grants

12,000

82,607

Job retention scheme grant

-

253,460

55,125

355,249

6.	EMPLOYEES AND DIRECTORS

Period

Period

30.8.21

31.8.20

to

to

28.8.22

29.8.21

£

£

Wages and salaries

1,218,412

906,952

Social security costs

96,877

60,256

Other pension costs

15,521

12,617

1,330,810

979,825

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

Period

Period

30.8.21

31.8.20

to

to

28.8.22

29.8.21

Management

4

5

Chefs and kitchen staff

14

12

Front of house

44

31

Housekeeping

12

8

74

56

Period

Period

30.8.21

31.8.20

to

to

28.8.22

29.8.21

£

£

Director's remuneration

-

-

7.	OPERATING LOSS

The operating loss is stated after charging:

Period

Period

30.8.21

31.8.20

to

to

28.8.22

29.8.21

£

£

Depreciation - owned assets

372,377

168,437

Loss on disposal of fixed assets

1,323

3,773

Auditors' remuneration

13,600

12,000

8.	EXCEPTIONAL ITEMS

Period

Period

30.8.21

31.8.20

to

to

28.8.22

29.8.21

£

£

Profit/loss on revaluation of tangible assets

-

1,885

9.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

Period

30.8.21

31.8.20

to

to

28.8.22

29.8.21

£

£

Bank loan interest

38,569

39,828

Interest on directors' loans

92,328

6,422

130,897

46,250

10.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the period ended 28 August 2022 nor for the period ended 29 August 2021.

Tax effects relating to effects of other comprehensive income

There were no tax effects for the period ended 28 August 2022.

31.8.20 to 29.8.21

Gross

Tax

Net

£

£

£

Revaluation of freehold property

2,032,390

-

2,032,390

Deferred taxation:

2022

2021

£

£

Capital allowances in excess of depreciation

326,130

292,019

Short term timing differences

(23,082

-

Unrealised capital gains on freehold property revaluations

-

606,294

303,048

898,313

Available group trading losses

(303,048

(898,313

)

-

-

The company has an unrecognised deferred tax asset of £503,978 (2021:£416,437) in respect of carried forward tax losses.

11.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 30 August 2021

and 28 August 2022

1

NET BOOK VALUE

At 28 August 2022

1

At 29 August 2021

1

12.	TANGIBLE FIXED ASSETS

Computer

Kitchen &

Fixtures

and

Freehold

Bar

and

office

property

Equipment

fittings

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 30 August 2021

11,339,041

297,751

1,081,605

38,668

12,757,065

Additions

606,795

164,567

100,581

36,255

908,198

Disposals

-

(2,624

)

(1,272

)

-

(3,896

)

At 28 August 2022

11,945,836

459,694

1,180,914

74,923

13,661,367

DEPRECIATION

At 30 August 2021

3,606

103,219

408,755

23,655

539,235

Charge for period

207,872

48,352

106,379

9,774

372,377

Eliminated on disposal

-

(1,511

)

(456

)

-

(1,967

)

At 28 August 2022

211,478

150,060

514,678

33,429

909,645

NET BOOK VALUE

At 28 August 2022

11,734,358

309,634

666,236

41,494

12,751,722

At 29 August 2021

11,335,435

194,532

672,850

15,013

12,217,830

Included in cost or valuation of land and buildings is freehold land of £ 2,432,362 (2021 - £ 2,432,362 ) which is not depreciated.

Cost or valuation at 28 August 2022 is represented by:

Computer

Kitchen &

Fixtures

and

Freehold

Bar

and

office

property

Equipment

fittings

equipment

Totals

£

£

£

£

£

Valuation in 2019

(916,225

)

-

-

-

(916,225

)

Valuation in 2021

1,848,440

-

-

-

1,848,440

Cost

11,013,621

459,694

1,180,914

74,923

12,729,152

11,945,836

459,694

1,180,914

74,923

13,661,367

If freehold property had not been revalued it would have been included at the following historical cost:

28.8.22

29.8.21

£

£

Cost

11,013,621

10,406,826

Aggregate depreciation

934,650

770,783

Value of land in freehold land and buildings

2,432,362

2,432,362

Freehold property was valued using the directors best estimate, largely based on a valuation conducted on 14 March 2022 by CBRE Ltd, RICS registered valuers.