|
Registered number: 04703734
The Unstuffy Hotel Co Limited
Financial statements
Information for filing with the registrar
For the Year Ended 31 March 2023
|
|
The Unstuffy Hotel Co Limited
Registered number: 04703734
Balance Sheet
As at 31 March 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
Laurence Binge
|
|
|
|
|
|
|
The notes on pages 3 to 11 form part of these financial statements.
|
|
The Unstuffy Hotel Co Limited
Registered number: 04703734
Balance Sheet (continued)
As at 31 March 2023
|
|
The Unstuffy Hotel Co Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
The company is a private company limited by share capital. The company is incorporated in England and Wales, registration number 04703734. The address of the registered office is Dixcart House, Addlestone Road, Bourne Business Park, Addlestone, Surrey, KT15 2LE. The principal place of business is Linthwaite House Hotel, Crook Lane, Bowness-on-Windermere, Cumbria, LA23 3JA.
2.Accounting policies
|
|
|
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The company manages its capital to ensure that it will be able to continue as a going concern and to maximise its return to shareholders through optimisation of the debt equity balance. The company has net current liabilities of £1,426,392 (2022: £1,421,201).
Included in current liabilities is an amount of £600,000 due to be repaid to the bank in February 2024 and amounts owed to group undertakings of £738,994 (2022: £1,156,508).
The loans from group undertakings have been confirmed and a letter of support issued by the parent company confirms that it will not require repayment of the inter company loans if the repayment would adversely affect the ability of the company to carry on its business as a going concern.
The parent company has further confirmed that it will provide necessary funds to enable the company to continue its operations during the year ahead and settle its obligations and commitments that may occur during the ordinary course of business including alternative finance for any debt facilities falling due for repayment.
The Directors therefore believe that the financial statements should be prepared on a going concern basis.
|
|
|
Foreign currency translation
|
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
|
|
The Unstuffy Hotel Co Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates 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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
|
|
The Unstuffy Hotel Co Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
2.Accounting policies (continued)
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.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
|
|
|
|
|
Hotel including fixtures and fittings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet 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 profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
|
|
The Unstuffy Hotel Co Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
2.Accounting policies (continued)
|
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
|
|
The average monthly number of employees, including directors, during the year was 26 (2022 - 27).
|
|
|
The Unstuffy Hotel Co Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
|
|
Hotel including fixtures and fittings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment losses written back
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In October 2021, a valuation was undertaken by Savills (UK) Limited which valued the hotel and other properties at £12,980,000. A further valuation was undertaken in June 2023 by Savills (UK) Limited and the valuation of the hotel and other properties was confirmed as £13,350,000, resulting in a reversal of impairment of £294,942 in the current year (2022: £179,710).
|
|
|
The Unstuffy Hotel Co Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
|
|
Investments in subsidiary companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Unstuffy Hotel Co Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The bank loan is secured by a charge over the Freehold Property owned by the company. Interest is charged on a variable rate calculated as base rate + 4.5%.
The bank loan is repayable in full by 30 September 2024.
|
|
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The bank loan is secured by a charge over the Freehold Property owned by the company. Interest is charged on a variable rate calculated as base rate + 4.5%.
The bank loan is repayable in full by 30 September 2024.
|
|
|
The Unstuffy Hotel Co Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
|
|
|
|
|
Analysis of the maturity of loans is given below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
Amounts falling due 1-2 years
|
|
|
|
|
|
|
|
|
|
Amounts falling due 2-5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
|
|
10,201,472 (2022 - 8,111,472) Ordinary A shares of £0.01 each
|
|
|
|
|
|
2,180,000 (2022 - 1,298,010) Ordinary B shares of £0.01 each
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On 24 March 2023, 2,090,000 A Ordinary shares and 881,990 B Ordinary shares were issued at £0.01 per share. The consideration paid was the capitalisation of the loan due to the immediate parent company.
All classes of shares rank pari passu.
|
|
Commitments under operating leases
|
|
|
At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Later than 1 year and not later than 5 years
|
|
|
|
|
|
|
|
|
|
The Unstuffy Hotel Co Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
14.Other financial commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £2,059 (2022: £2,711) were payable to the fund at the balance sheet date and are included in creditors.
|
|
Related party transactions
|
|
|
The company has made use of the provisions available under FRS 102 to not disclose transactions with entities that
are wholly owned by its parent.
At the year end, The Unstuffy Hotel Co Limited owed the directors £2,193 (2022: owed by the directors £1,557) in respect of directors loan accounts. During the year the maximum amount owed by the company to the directors totalled £2,193 (2022: £188,518). No interest has been charged on the outstanding balances, which are repayable on demand.
|
The ultimate parent company of The Unstuffy Hotel Co Limited at the balance sheet date was Piveta Estates Private Limited, a company incorporated in India.
The parent of the largest and smallest group for which group accounts including The Unstuffy Hotel Co Limited are drawn up is Piveta Estates Private Limited.
The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.
The audit report was signed on 23 June 2023 by John Glover (Senior Statutory Auditor) on behalf of Hurst Accountants Limited.
|
