ACCOUNTS - Final Accounts

Operating loss

The operating loss is stated after charging:

Period ended 29 September 2022

Period ended 30 September 2021

ROWTON HALL HOTEL LIMITED - Company Information

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Registered number: 03252288

ROWTON HALL HOTEL LIMITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 SEPTEMBER 2022


ROWTON HALL HOTEL LIMITED

COMPANY INFORMATION

Directors	A D Burns
	M J Chapelow
	S M Fish


Registered number	03252288


Registered office	No. 1 London Bridge
	London
	SE1 9BG


Independent auditors	Sopher + Co LLP
	Chartered Accountants & Statutory Auditors
	5 Elstree Gate
	Elstree Way
	Borehamwood
	Hertfordshire
	WD6 1JD


ROWTON HALL HOTEL LIMITED

CONTENTS

	Page
Strategic report	1
Directors' report	2 - 3
Independent auditors' report	4 - 7
Statement of comprehensive income	8
Statement of financial position	9
Statement of changes in equity	10
Statement of cash flows	11
Analysis of net debt	12
Notes to the financial statements	13 - 24


ROWTON HALL HOTEL LIMITED

STRATEGIC REPORT

FOR THE PERIOD ENDED 29 SEPTEMBER 2022

Introduction

The directors present the strategic report for Rowton Hall Hotel Limited (the "company") for the period ended 29 September 2022.
The company operates one hotel, Rowton Hall, two miles from the centre of Chester.

Business review

The company loss for the period, before corporation tax and deferred tax movement was £129,848. The turnover for the period was £2,472,399.
The hotel was able to trade throughout the period with the exception of the latter weeks in December and early January when government restrictions related to the spread of Covid restricted trading. The financial performance of the hotel was below budget principally because of these restrictions but also because of staff shortages causing heavy expenditure on agency staff. In addition, the Chester market was subdued during the period as foreign visitors failed to return to the area in their usual numbers.
During the period the company reverted to its usual practice of spending capital resources to upgrade facilities generally and replace time expired fittings and equipment. In addition capital was spent on completely upgrading the fittings and furnishings of the bar and lounge. Work also commenced on converting the lodge adjacent to the hotel to a two bedroom self-catering suite. Car charging points were installed.
The business took advantage of Government support measures for VAT relief and on business rates relief during the period.

Principal risks and uncertainties

The recovery of the Chester area for overseas visitors will be important for sales. Staff shortages remain a concern as does inflation which may not decline as quickly as the Bank of England economists forecast.

Financial key performance indicators

The sustainability of the company will be determined significantly by the ability to continue to grow revenues in excess of its costs. It is important that, as finances allow, the bed stock of the hotel is increased to improve the profitability of the hotel.
The level of sales and year on year growth, are key performance indicators (KPIs).

This report was approved by the board on 21 June 2023 and signed on its behalf.

S M Fish

Director

Page 1


ROWTON HALL HOTEL LIMITED

DIRECTORS' REPORT

FOR THE PERIOD ENDED 29 SEPTEMBER 2022

The directors present their report and the financial statements for the period ended 29 September 2022.

Results and dividends

The loss for the period, after taxation, amounted to £275,021 (2021 - loss £90,036).

Directors

The directors who served during the period were:

A D Burns

M J Chapelow

S M Fish

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to 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.

Future developments

There are no plans which will significantly change the activities and risks of the company.

Qualifying third party indemnity provisions

The group which controls the company has granted an indemnity to the directors against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the directors' report.

Page 2

ROWTON HALL HOTEL LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE PERIOD ENDED 29 SEPTEMBER 2022

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditors, Sopher + Co LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 21 June 2023 and signed on its behalf.

S M Fish

Director

Page 3


ROWTON HALL HOTEL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROWTON HALL HOTEL LIMITED

Opinion

We have audited the financial statements of Rowton Hall Hotel Limited (the 'company') for the period ended 29 September 2022, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, 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 29 September 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 United Kingdom, including the Financial Reporting Council'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 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.

Page 4

ROWTON HALL HOTEL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROWTON HALL HOTEL LIMITED (CONTINUED)

Other information

The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion 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 Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report 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 Directors' report.

We have nothing to report in respect of the following matters in relation to which 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 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 Directors' responsibilities statement set out on page 2, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

Page 5

ROWTON HALL HOTEL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROWTON HALL HOTEL LIMITED (CONTINUED)

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 an Auditors' report 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.

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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

∙we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the hospitality industry;

∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

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

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

∙understanding the design of the Company’s remuneration policies.

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

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

∙tested journal entries to identify unusual transactions;

∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

∙investigated the rationale behind significant or unusual transactions.

Page 6

ROWTON HALL HOTEL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROWTON HALL HOTEL LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements (continued)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

∙agreeing financial statement disclosures to underlying supporting documentation;

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

∙reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors.

There are inherent limitations in 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 deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

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 an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Martyn Atkinson FCA (Senior statutory auditor)

for and on behalf of

Sopher + Co LLP

Chartered Accountants

Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD

21 June 2023

Page 7


ROWTON HALL HOTEL LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 29 SEPTEMBER 2022

	2022	2021
Note	£	£


Turnover	4	2,472,399	1,554,975
Cost of sales		(463,633)	(207,958)
Gross profit		2,008,766	1,347,017
Administrative expenses		(2,136,849)	(1,560,988)
Other operating income	5	-	205,061
Operating loss	6	(128,083)	(8,910)
Interest payable and similar expenses	9	(1,765)	(2,754)
Loss before tax		(129,848)	(11,664)
Tax on loss	10	(145,173)	(78,372)
Loss for the financial period		(275,021)	(90,036)

Other comprehensive income for the period
Unrealised deficit on revaluation of freehold property	(253,546)	-
Deferred tax on revaluation of land and buildings	73,418	(28,537)

Total comprehensive income for the period	(455,149)	(118,573)

The notes on pages 13 to 24 form part of these financial statements.

Page 8


ROWTON HALL HOTEL LIMITED REGISTERED NUMBER:03252288

STATEMENT OF FINANCIAL POSITION

AS AT 29 SEPTEMBER 2022

	29 September	30 September
	2022	2021
Note	£	£

Fixed assets
Tangible assets	11		5,605,973		5,785,318
Current assets
Stocks	12	38,966		42,663
Debtors: amounts falling due within one year	13	91,946		103,690
Cash at bank and in hand		293,013		418,877
		423,925		565,230
Current liabilities
Creditors: amounts falling due within one year	14	(5,232,322)		(5,160,412)
Net current liabilities			(4,808,397)		(4,595,182)
Total assets less current liabilities			797,576		1,190,136
Creditors: amounts falling due after more than one year	15		(27,500)		(36,667)
Provisions for liabilities
Deferred Taxation			(133,328)		(61,572)
Net assets			636,748		1,091,897

Capital and reserves
Called up share capital	19	8,079	8,079
Share premium account	20	1,233,932	1,233,932
Revaluation reserve	20	3,945,021	4,130,552
Capital redemption reserve	20	86,165	86,165
Profit and loss account	20	(4,636,449)	(4,366,831)
		636,748	1,091,897

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 June 2023.

S M Fish

Director

The notes on pages 13 to 24 form part of these financial statements.

Page 9

		ROWTON HALL HOTEL LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 29 SEPTEMBER 2022

	Called up share capital	Share premium account	Capital redemption reserve	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£	£	£
At 2 October 2020	8,079	1,233,932	86,165	4,173,901	(4,291,607)	1,210,470

Loss for the period	-	-	-	-	(90,036)	(90,036)
Deferred tax movement on property valuation	-	-	-	(28,537)	-	(28,537)
Difference between historical cost depreciation charge and the actual depreciation charge for the period calculated ont he revalued amount	-	-	-	(14,812)	14,812	-

At 1 October 2021	8,079	1,233,932	86,165	4,130,552	(4,366,831)	1,091,897

Loss for the period	-	-	-	-	(275,021)	(275,021)
Deficit on revaluation of freehold property	-	-	-	(253,546)	-	(253,546)
Deferred tax movement on property valuation	-	-	-	73,418	-	73,418
Difference between historical cost depreciation charge and the actual depreciation charge for the period calculated on the revalued amount	-	-	-	(5,403)	5,403	-
At 29 September 2022	8,079	1,233,932	86,165	3,945,021	(4,636,449)	636,748

The notes on pages 13 to 24 form part of these financial statements.

Page 10


ROWTON HALL HOTEL LIMITED

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 29 SEPTEMBER 2022

			29 September	30 September
			2022	2021
			£	£

Cash flows from operating activities
Loss for the financial period	(275,021)	(90,036)
Adjustments for:
Depreciation of tangible assets	124,575	134,932
Government grants	-	(205,061)
Interest paid	1,765	2,754
Taxation charge	145,173	78,372
Decrease/(increase) in stocks	3,697	(16,546)
Decrease/(increase) in debtors	11,744	(35,850)
Increase in creditors	51,386	59,963
Increase in amounts owed to groups	41,037	180,324
Net cash generated from operating activities	104,356	108,852

Cash flows from investing activities
Purchase of tangible fixed assets	(198,776)	(68,323)
Government grants received	-	213,445
HP interest paid	(673)	(1,864)
Net cash from investing activities	(199,449)	143,258
Cash flows from financing activities
Repayment of loans	(9,167)	(3,333)
Repayment of/new finance leases	(20,512)	(16,396)
Interest paid	(1,092)	(57)
Net cash used in financing activities	(30,771)	(19,786)
Net (decrease)/increase in cash and cash equivalents	(125,864)	232,324
Cash and cash equivalents at beginning of period	418,877	186,553
Cash and cash equivalents at the end of period	293,013	418,877

Cash and cash equivalents at the end of period comprise:
Cash at bank and in hand	293,013	418,877
	293,013	418,877

The notes on pages 13 to 24 form part of these financial statements.

Page 11


ROWTON HALL HOTEL LIMITED

ANALYSIS OF NET DEBT

FOR THE PERIOD ENDED 29 SEPTEMBER 2022


At 1 October 2021	Cash flows	At 29 September 2022
£	£	£

Cash at bank and in hand	418,877	(125,864)	293,013
Debt due after 1 year	(36,667)	9,167	(27,500)
Debt due within 1 year	(10,000)	-	(10,000)
Finance leases	(20,512)	20,512	-
	351,698	(96,185)	255,513

The notes on pages 13 to 24 form part of these financial statements.

Page 12


ROWTON HALL HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 SEPTEMBER 2022

1.	General information

Rowton Hall Hotel Limited is a private limited liability company registered in England and Wales. Its registered office address is at No. 1 London Bridge, London, SE1 9BG and its business address is at Rowton Hall Hotel and Spa, Rowton Lane, Chester, CH3 6AD.
The principal activity of the company during the period was that of a hotel operator.
The company's functional and presentational currency is £ Sterling.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

At the reporting date, the company had net current liabilities of 4,808,397. The directors have received assurance from the parent company that they have the ability and will support the company financially so that it will be able to meet its financial obligations as and when they fall due for at least twelve months from the date these financial statements are approved. The directors have adopted the going concern basis on this assumption.

2.3

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts.
Turnover consists mainly of room rentals, conferences and banqueting, food and beverage sales. Revenue is recognised when rooms are occupied, conferences and banqueting events take place and food and beverages are sold.

2.4

Leased assets: the company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 13


ROWTON HALL HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 SEPTEMBER 2022

2.Accounting policies (continued)

2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:

Freehold property	-	50 years straight line
Improvements to property	-	8 years straight line
Fixtures and fittings	-	3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

2.7

Revaluation of tangible fixed assets

Individual freehold properties are carried at the revalued amount less any accumulated depreciation and accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from fair value.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity.

Page 14


ROWTON HALL HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 SEPTEMBER 2022

2.Accounting policies (continued)

2.8

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving items.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

2.9

Basic financial instruments

The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash and cash equivalents, and loans with related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors, other debtors and loans to related parties.
Interest bearing borrowings classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, they are stated at amortised cost using the effective interest method.
Cash and cash equivalents comprise cash balances, call deposits and bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

2.10

Pensions

The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

2.11

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

Page 15


ROWTON HALL HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 SEPTEMBER 2022

2.Accounting policies (continued)

2.12

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of accounting policies management is required to make judgments, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The critical judgments made by management and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
a) Determining whether there are indicators of impairment of company's tangible assets. Factors taken into consideration include the economic viability and expected future financial performance of the assets. Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and estimated disposal values.
b) Determining whether the fair values of the freehold property is materially different from the carrying value. The directors consider changes in property market conditions and any known changes in the local market values where the properties are located in determining whether a formal revaluation is required. As a policy the company will undertake professional valuation of all properties with sufficient regularity to ensure that the carrying amount does not differ materially from their fair values.

Page 16


ROWTON HALL HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 SEPTEMBER 2022

Turnover

In the opinion of the directors, the analysis of turnover by class of business would be seriously prejudicial to the interests of the company.

All turnover arose within the United Kingdom.

5.	Other operating income
		Period ended 29 September 2022	Period ended 30 September 2021
		£	£

	Government grants receivable	-	205,061

	Depreciation of tangible fixed assets	124,575	134,932
	Defined pension contributions	18,743	14,150

7.	Auditors' remuneration

	The audit fee is borne by the parent company Anderbury Limited.

Page 17


ROWTON HALL HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 SEPTEMBER 2022

Wages and salaries	1,201,982	858,431
Social security costs	74,959	53,512
Cost of defined contribution scheme	18,743	14,150
	1,295,684	926,093

The average monthly number of employees, including the directors, during the period was as follows:

	Period ended 29 September 2022	Period ended 30 September 2021
	No.	No.

Management	14	14
Others	53	50

	67	64

9.	Interest payable and similar expenses
		Period ended 29 September 2022	Period ended 30 September 2021
		£	£

Bank interest payable	1,092	890
Finance leases and hire purchase contracts	673	1,864
	1,765	2,754

Page 18


ROWTON HALL HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 SEPTEMBER 2022

	Deferred tax
	Origination and reversal of timing differences	145,173	78,372


	Taxation on profit on ordinary activities	145,173	78,372

Loss on ordinary activities before tax

(129,848)

(11,664)

Loss on ordinary activities multiplied by the standard rate of corporation tax in the UK of 19% (2021 - 19%)	(24,671)	(2,216)
Effects of:
Expenses and credits not deductible for tax purposes	(99)	(255)
Capital allowances for period in excess of depreciation	(14,346)	11,260
Utilisation of tax losses	39,116	(8,789)
Deferred tax movement	145,173	78,372
Total tax charge for the period	145,173	78,372

Factors that may affect future tax charges

At the reporting date, the company had estimated tax losses of £84,834 (2021 - £554,106) available to carry forward and use against future taxable profits.

Page 19


ROWTON HALL HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 SEPTEMBER 2022

11.	Tangible fixed assets

	Freehold property	Improvements to property	Fixtures and fittings	Total
	£	£	£	£
Cost or valuation
At 1 October 2021	5,318,209	1,331,452	2,767,797	9,417,458
Additions	-	67,196	131,580	198,776
Revaluations	(285,244)	-	-	(285,244)
At 29 September 2022	5,032,965	1,398,648	2,899,377	9,330,990
Depreciation
At 1 October 2021	24,654	1,173,537	2,433,949	3,632,140
Charge for the period on owned assets	7,044	33,076	67,320	107,440
Charge for the period on financed assets	-	-	17,135	17,135
On revalued assets	(31,698)	-	-	(31,698)
At 29 September 2022	-	1,206,613	2,518,404	3,725,017
Net book value
At 29 September 2022	5,032,965	192,035	380,973	5,605,973
At 30 September 2021	5,293,555	157,915	333,848	5,785,318


	Furniture, fittings and equipment	-	17,135

At the reporting date a professional valuation was conducted on the property and improvements which resulted in a change in valuation presented in these financial statements.
If the freehold property had not been included at valuation they would have been included under the historic cost convention, including the improvements, with a cost of £2,572,899 (2021 - £2,505,703) and accumulated depreciation of £1,219,791 (2021 - £1,193,449) resulting in a net asset value of £1,353,108 (2021 - £1,312,254).

Page 20


ROWTON HALL HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 SEPTEMBER 2022

	Finished goods and goods for resale	38,966	42,663

13.

Debtors

					29 September	30 September
					2022	2021
					£	£


Trade debtors	23,178	28,566
Other debtors	28,108	47,764
Prepayments and accrued income	40,660	27,360
	91,946	103,690

Bank loans	10,000	10,000
Trade creditors	443,212	471,002
Amounts owed to group undertakings	4,542,938	4,501,901
Other taxation and social security	43,768	27,931
Obligations under finance lease and hire purchase contracts	-	20,512
Other creditors	107,664	75,967
Accruals and deferred income	84,740	53,099
	5,232,322	5,160,412

The £10,000 unsecured bank loan is repayable by instalments. The interest rate on the loan during the period was 2.5%.

Page 21


ROWTON HALL HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 SEPTEMBER 2022

	Bank loans	27,500	36,667

The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is disclosed in note 16.
The £27,500 unsecured bank loan is repayable by installments and will be fully satisfied on 15 June 2026. The interest rate on the loan during the period was 2.5%.

Amounts falling due within one year
Bank loans	10,000	10,000
Amounts falling due 1-2 years
Bank loans	10,000	10,000
Amounts falling due 2-5 years
Bank loans	17,500	26,667

	37,500	46,667

17.	Basic financial instruments

The company only enters into transactions that result in the recognition of basic financial assets and basic financial liabilities. It does not have financial assets and liabilities measured at fair value.

Page 22


ROWTON HALL HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 SEPTEMBER 2022

18.	Deferred taxation

	29 September 2022	30 September 2021
	£	£
Deferred tax asset/(liability)
At beginning of period	(61,572)	45,337
Charged to profit or loss	(145,173)	(78,372)
Charged to other comprehensive income	73,417	(28,537)
At end of period	(133,328)	(61,572)

Accelerated capital allowances	(64,535)	(41,493)
On tax losses	21,209	143,340
On property revaluation	(90,002)	(163,419)
	(133,328)	(61,572)

Allotted, called up and fully paid

807,929 Ordinary shares of £0.01 each	8,079	8,079

Page 23


ROWTON HALL HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 SEPTEMBER 2022

20.

Reserves

Share premium account

The share premium account represents the amounts received by the company from the issue of shares over and above the par value of the shares. It is net of transaction costs associated with the issuing of shares.

Revaluation reserve

The revaluation reserve represents the cumulative of revaluation gains and losses on the freehold property, net of deferred tax, at the reporting date.

Capital redemption reserve

The capital redemption reserve represents amounts following the repurchase by the company of its own shares. This is a non-distributable reserve.

Profit and loss account

The profit and loss reserve represents the cumulative balance of retained profits and losses since the company started trading. It is a distributable reserve.

21.	Pension commitments

The company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charges represent contributions payable by the company to the fund and amount to £18,743 (2021 - £14,150). At the reporting date £3,058 (2021 - £4,330) was due to the fund.

22.

Related party transactions

The company is a wholly owned subsidiary of Anderbury Limited. It has taken advantage of the exemption available under FRS 102 and has not disclosed transactions with entities which are wholly owned within the group.
Key management personnel include the directors and key staff who together have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the company was £82,382 (2021 - £82,000).

23.	Parent undertaking

The immediate parent undertaking is Anderbury Limited, whose registered office is at No. 1 London Bridge, London, SE1 9BG. The ultimate parent undertaking is St George's Group of Hotels Limited, a company incorporated in the Turks and Caicos Islands.

Page 24