Titchwell Manor Hotel Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 01149019 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022

FOR

TITCHWELL MANOR HOTEL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

E J Snaith

Mrs L R Snaith

REGISTERED OFFICE:

Titchwell Manor Hotel

Titchwell

King's Lynn

Norfolk

PE31 8BB

REGISTERED NUMBER:

01149019 (England and Wales)

ACCOUNTANTS:

Wheelers

Chartered Accountants & Tax Consultants

27-29 Old Market

Wisbech

Cambridgeshire

PE13 1NE

FIXED ASSETS

Intangible assets

4

2,783

-

Tangible assets

5

2,437,642

733,740

Investment property

6

372,500

350,000

2,812,925

1,083,740

CURRENT ASSETS

Stocks

21,010

16,052

Debtors

7

87,921

84,496

Cash at bank and in hand

205,678

883,759

314,609

984,307

CREDITORS

Amounts falling due within one year

8

633,043

717,539

NET CURRENT (LIABILITIES)/ASSETS

(318,434

)

266,768

TOTAL ASSETS LESS CURRENT LIABILITIES

2,494,491

1,350,508

CREDITORS

Amounts falling due after more than one year

9

(2,030,459

)

(1,018,726

)

PROVISIONS FOR LIABILITIES

(72,750

)

(67,940

)

NET ASSETS

391,282

263,842

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Revaluation reserve

12

62,517

45,642

Retained earnings

318,765

208,200

SHAREHOLDERS' FUNDS

391,282

263,842

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 29 August 2023 and were signed on its behalf by:

E J Snaith - Director

1.	STATUTORY INFORMATION

Titchwell Manor Hotel Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

At the balance sheet date the company had a working capital deficit of £318,434 by virtue of its current liabilities exceeding its current assets. The directors are confident that the going concern basis for the preparation of the financial statements is appropriate, and have confirmed their continuing support for the company in writing.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

4% on cost

Fixtures and fittings

-

15% on reducing balance

Government grants

Government grants have been recognised based on the accrual model. As such, government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to the profit and loss

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 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 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2021 - 37 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 December 2021

75,000

-

75,000

Additions

-

3,455

3,455

At 30 November 2022

75,000

3,455

78,455

AMORTISATION

At 1 December 2021

75,000

-

75,000

Charge for year

-

672

672

At 30 November 2022

75,000

672

75,672

NET BOOK VALUE

At 30 November 2022

-

2,783

2,783

At 30 November 2021

-

-

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST

At 1 December 2021

1,026,499

553,331

1,579,830

Additions

1,668,433

106,509

1,774,942

At 30 November 2022

2,694,932

659,840

3,354,772

DEPRECIATION

At 1 December 2021

448,724

397,366

846,090

Charge for year

38,312

32,728

71,040

At 30 November 2022

487,036

430,094

917,130

NET BOOK VALUE

At 30 November 2022

2,207,896

229,746

2,437,642

At 30 November 2021

577,775

155,965

733,740

Included in cost of land and buildings is freehold land of £ 70,228 (2021 - £ 70,228 ) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Fixtures

and

fittings

£

COST

At 1 December 2021

35,255

Additions

3,923

At 30 November 2022

39,178

DEPRECIATION

At 1 December 2021

32,578

Charge for year

892

At 30 November 2022

33,470

NET BOOK VALUE

At 30 November 2022

5,708

At 30 November 2021

2,677

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2021

350,000

Revaluations

22,500

At 30 November 2022

372,500

NET BOOK VALUE

At 30 November 2022

372,500

At 30 November 2021

350,000

Fair value at 30 November 2022 is represented by:

£

Valuation in 2022

372,500

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

30.11.22

30.11.21

£

£

Cost

289,144

289,144

Investment property was valued on an open market basis on 30 November 2022 by the directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.22

30.11.21

£

£

Trade debtors

2,324

38,397

Other debtors

85,597

46,099

87,921

84,496

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.22

30.11.21

£

£

Bank loans and overdrafts

83,850

59,492

Hire purchase contracts (see note 10)

3,864

1,648

Trade creditors

104,789

119,251

Taxation and social security

85,551

127,062

Other creditors

354,989

410,086

633,043

717,539

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.22

30.11.21

£

£

Bank loans

1,530,263

1,017,216

Hire purchase contracts (see note 10)

196

1,510

Other creditors

500,000

-

2,030,459

1,018,726

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due in more than

5 years

1,194,863

-

1,194,863

-

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.11.22

30.11.21

£

£

Net obligations repayable:

Within one year

3,864

1,648

Between one and five years

196

1,510

4,060

3,158

Non-cancellable operating

leases

30.11.22

30.11.21

£

£

Within one year

10,931

19,208

Between one and five years

1,540

11,492

12,471

30,700

11.	SECURED DEBTS

The following secured debts are included within creditors:

30.11.22

30.11.21

£

£

Bank loans

1,614,113

1,076,708

Hire purchase contracts

4,060

3,158

1,618,173

1,079,866

Assets acquired under hire purchase agreements remain the property of the finance company until the agreement is complete.

The bank loans are secured by a debenture in favour of Svenska Handelsbanken AB (publ) by way of fixed and floating charges over the assets of the company.

12.

RESERVES

Revaluation

reserve

£

At 1 December 2021

45,642

Reclassification

16,875

At 30 November 2022

62,517

13.	CONTINGENT LIABILITIES

The company received a grant of £14,630 during the year under The Business Energy Efficiency Anglia Programme of the European Regional Development Fund in respect of equipment for a hybrid heating system.The grant may be repayable up to ten years after the date on which the final payment was made if the company does not adhere to the grant conditions.

No provision has been made in the accounts as it is considered to be a remote possibility that the above conditions will not be satisfied.