Kavendish Court Hotels Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01979813 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

KAVENDISH COURT HOTELS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M Leventis

Mr Y Leventis

Mrs F Leventis

SECRETARY:

Mr Y Leventis

REGISTERED OFFICE:

159-161 Sussex Gardens

Paddington

London

W2 2RY

REGISTERED NUMBER:

01979813 (England and Wales)

ACCOUNTANTS:

Sander Accountants

869 High Road

London

N12 8QA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

11,492,503

11,673,363

Investments

6

300,000

300,000

11,792,503

11,973,363

CURRENT ASSETS

Stocks

16,318

5,747

Debtors

7

343,668

667,120

Cash at bank and in hand

537,704

280,002

897,690

952,869

CREDITORS

Amounts falling due within one year

8

1,958,790

1,348,754

NET CURRENT LIABILITIES

(1,061,100

)

(395,885

)

TOTAL ASSETS LESS CURRENT LIABILITIES

10,731,403

11,577,478

CREDITORS

Amounts falling due after more than one year

9

(13,013

)

(1,954,250

)

PROVISIONS FOR LIABILITIES

12

(1,917,300

)

(1,474,100

)

NET ASSETS

8,801,090

8,149,128

CAPITAL AND RESERVES

Called up share capital

102,000

102,000

Revaluation reserve

5,657,530

6,110,130

Retained earnings

3,041,560

1,936,998

SHAREHOLDERS' FUNDS

8,801,090

8,149,128

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 12 December 2023 and were signed on its behalf by:

Mr M Leventis - Director

1.	STATUTORY INFORMATION

Kavendish Court Hotels 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.

The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. This is on the basis of the continued support the company receives from its directors and bankers.

Taking this into account the directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.

Turnover

Turnover represents the total invoice value, excluding value added tax, of amounts charged to guests.

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.

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

Long leasehold

-

Over the life of the lease

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% 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.

Hire purchase and leasing commitments

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 45 (2022 - 21 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

136,351

AMORTISATION

At 1 April 2022

and 31 March 2023

136,351

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

Long

to

property

leasehold

property

£

£

£

COST

At 1 April 2022

8,513,711

5,000,000

194,342

Additions

-

-

-

At 31 March 2023

8,513,711

5,000,000

194,342

DEPRECIATION

At 1 April 2022

1,402,918

847,524

24,924

Charge for year

85,137

40,000

3,887

At 31 March 2023

1,488,055

887,524

28,811

NET BOOK VALUE

At 31 March 2023

7,025,656

4,112,476

165,531

At 31 March 2022

7,110,793

4,152,476

169,418

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2022

225,622

2,085,376

29,805

16,048,856

Additions

3,929

7,182

-

11,111

At 31 March 2023

229,551

2,092,558

29,805

16,059,967

DEPRECIATION

At 1 April 2022

207,723

1,884,953

7,451

4,375,493

Charge for year

5,457

51,901

5,589

191,971

At 31 March 2023

213,180

1,936,854

13,040

4,567,464

NET BOOK VALUE

At 31 March 2023

16,371

155,704

16,765

11,492,503

At 31 March 2022

17,899

200,423

22,354

11,673,363

6.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 April 2022

and 31 March 2023

300,000

NET BOOK VALUE

At 31 March 2023

300,000

At 31 March 2022

300,000

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Musterplan Limited

Registered office:

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2023

2022

£

£

Aggregate capital and reserves

300,000

300,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

76,656

69,816

Amounts owed by participating interests

-

348,322

Other debtors

145,070

142,054

Tax

56,938

56,938

Prepayments

65,004

49,990

343,668

667,120

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

36,601

83,664

Hire purchase contracts (see note 10)

4,732

4,732

Trade creditors

104,187

75,110

Amounts owed to participating interests

170,665

-

Tax

272,684

8,559

Social security and other taxes

26,823

16,988

VAT

131,510

29,722

Other creditors

240,480

123,027

Amount due to connected company

300,000

300,000

Net wages

-

241

Directors' current accounts

624,588

661,811

Accrued expenses

46,520

44,900

1,958,790

1,348,754

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans - 1-2 years

-

83,664

Bank loans - 2-5 years

-

250,992

Bank loans more 5 yr by

instalments

-

1,601,849

Hire purchase contracts (see note 10)

13,013

17,745

13,013

1,954,250

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by

instalments

-

1,601,849

-

1,601,849

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2023

2022

£

£

Net obligations repayable:

Within one year

4,732

4,732

Between one and five years

13,013

17,745

17,745

22,477

Non-cancellable operating

leases

2023

2022

£

£

Within one year

210,000

210,000

Between one and five years

1,050,000

1,050,000

In more than five years

1,470,000

1,680,000

2,730,000

2,940,000

11.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

36,601

2,020,169

The company bankers have first legal charge over the company freehold property.

12.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

1,917,300

1,474,100

Deferred

tax

£

Balance at 1 April 2022

1,474,100

Provided during year

443,200

Charge/(credit) to reserves

Balance at 31 March 2023

1,917,300

13.	RELATED PARTY DISCLOSURES

The company has a cross bank guarantee with Berkeley Court Hotels Ltd, a company in which a director has a significant interest, in favour of NatWest Bank Plc.

The company has charged Berkeley Court Hotels Ltd £120,000 as rent for the use of property that the company owns known as The Viking Hotel. Kavendish Court Hotels Ltd owns 50% of The Viking Hotel and a director owns a further 25% of the same hotel.

In "Creditors: Amounts falling due within one year", the company has an outstanding inter company balance of £225,665 (2022: £348,322 due from) with Berkeley Court Hotels Limited, a company in which a director has a significant interest.

A director is owed an amount of £624,588 (2022: £661,812) by the company. There are no terms to the repayment and interest charged at 3% per annum in respect of this outstanding balance. The interest paid to the director was £18,215.