Newbury Park Hotels Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 10813947 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

FOR

NEWBURY PARK HOTELS LTD

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

H S Atkar

K S Gill

REGISTERED OFFICE:

505 Pinner Road

Harrow

Middlesex

HA2 6EH

REGISTERED NUMBER:

10813947 (England and Wales)

ACCOUNTANTS:

STGCA LLP t/a Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Newbury Park Hotels Ltd for the year ended 30 June 2022 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Newbury Park Hotels Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Newbury Park Hotels Ltd and state those matters that we have agreed to state to the Board of Directors of Newbury Park Hotels Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Newbury Park Hotels Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Newbury Park Hotels Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Newbury Park Hotels Ltd. You consider that Newbury Park Hotels Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Newbury Park Hotels Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

STGCA LLP t/a Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

28 March 2023

FIXED ASSETS

Tangible assets

4

12,186,558

11,312,567

CURRENT ASSETS

Stocks

-

15,869

Debtors

5

253,548

770,009

Cash at bank

152,608

72,765

406,156

858,643

CREDITORS

Amounts falling due within one year

6

3,021,079

2,770,943

NET CURRENT LIABILITIES

(2,614,923

)

(1,912,300

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,571,635

9,400,267

CREDITORS

Amounts falling due after more than one year

7

(9,138,584

)

(9,150,000

)

PROVISIONS FOR LIABILITIES

10

(11,221

)

-

NET ASSETS

421,830

250,267

CAPITAL AND RESERVES

Called up share capital

11

100

100

Revaluation reserve

12

1,777,065

787,065

Retained earnings

12

(1,355,335

)

(536,898

)

SHAREHOLDERS' FUNDS

421,830

250,267

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2023 and were signed on its behalf by:

K S Gill - Director

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

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

Tangible fixed assets

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

Long leasehold - 1% on cost

Plant and machinery - 25% on reducing balance

Fixtures and fittings - 20% on reducing balance

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2021 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

COST OR VALUATION

At 1 July 2021

11,250,000

35,804

79,829

11,365,633

Additions

-

2,520

10,244

12,764

Revaluations

1,000,000

-

-

1,000,000

At 30 June 2022

12,250,000

38,324

90,073

12,378,397

DEPRECIATION

At 1 July 2021

-

14,206

38,860

53,066

Charge for year

122,500

6,030

10,243

138,773

At 30 June 2022

122,500

20,236

49,103

191,839

NET BOOK VALUE

At 30 June 2022

12,127,500

18,088

40,970

12,186,558

At 30 June 2021

11,250,000

21,598

40,969

11,312,567

Cost or valuation at 30 June 2022 is represented by:

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

Valuation in 2019

4,470,827

2,719

46,319

4,519,865

Valuation in 2020

(3,659,840

)

21,742

30,837

(3,607,261

)

Valuation in 2021

(4,242,536

)

11,343

2,673

(4,228,520

)

Valuation in 2022

1,000,000

2,520

10,244

1,012,764

Cost

14,681,549

-

-

14,681,549

12,250,000

38,324

90,073

12,378,397

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/22

30/6/21

£

£

Trade debtors

70,816

5,579

Other debtors

85,594

64,129

Deferred tax asset

-

650,097

Prepayments

97,138

50,204

253,548

770,009

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/22

30/6/21

£

£

Bank loans and overdrafts (see note 8)

10,000

-

Trade creditors

211,374

140,918

Amounts owed to participating interests

2,151,212

1,962,212

Social security and other taxes

8,269

5,027

VAT

55,863

48,126

Other creditors

17,948

49,551

Accrued expenses

566,413

565,109

3,021,079

2,770,943

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/6/22

30/6/21

£

£

Bank loans (see note 8)

9,138,584

9,150,000

8.

LOANS

An analysis of the maturity of loans is given below:

30/6/22

30/6/21

£

£

Amounts falling due within one year or on demand:

Bank loans

10,000

-

Amounts falling due between one and two years:

Bank loans - 1-2 years

20,000

7,500

Amounts falling due between two and five years:

Bank loans - 2-5 years

9,118,584

9,142,500

Included in the above loan amount is Business Bounce Back loan of £50,000 . The loan is repayable in 6 years with the rate of interest fixed at 2.50% per annum starting 13 months after the first drawdown. Interest due for the first 12 months is paid by the UK government as grant also known as business interruption payment.

9.	SECURED DEBTS

The following secured debts are included within creditors:

30/6/22

30/6/21

£

£

Bank loans

9,148,584

9,150,000

The loan is secured by the way of fixed and floating charge over the leasehold property in the company, together with a personal guarantee from the directors.

Loan is repayable at the end of 5th year matured on 1st December 2022, with the rate of interest being 4.7%. Currently, company is in the process of securing a new loan contract.

10.	PROVISIONS FOR LIABILITIES

30/6/22

£

Deferred tax

11,221

Deferred tax

£

Balance at 1 July 2021

(650,097

)

Accelerated Capital Allowances

661,318

Balance at 30 June 2022

11,221

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/6/22

30/6/21

value:

£

£

100

Ordinary

1

100

100

12.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 July 2021

(536,898

)

787,065

250,167

Deficit for the year

(828,437

)

(828,437

)

Revaluation reserve

-

1,000,000

1,000,000

Revaluation reserve transfer

10,000

(10,000

)

-

At 30 June 2022

(1,355,335

)

1,777,065

421,730

13.	RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed £1,897,212 (2021 - £1,897,212 ) to Aquesta Limited and £254,000 (2021 - £65,000) to A-Z Services Limited, both companies in which the directors have participating interest.

14.	ULTIMATE CONTROLLING PARTY

The director, H S Aktar, is the ultimate controller of the company as he holds all of the issued share capital of the company.