Newbury Park Hotels Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 10813947 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

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 2023 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 2024

FIXED ASSETS

Tangible assets

4

13,301,393

12,186,558

CURRENT ASSETS

Debtors

5

461,266

253,548

Cash at bank

54,614

152,608

515,880

406,156

CREDITORS

Amounts falling due within one year

6

3,576,987

3,021,079

NET CURRENT LIABILITIES

(3,061,107

)

(2,614,923

)

TOTAL ASSETS LESS CURRENT LIABILITIES

10,240,286

9,571,635

CREDITORS

Amounts falling due after more than one year

7

(9,133,207

)

(9,138,584

)

PROVISIONS FOR LIABILITIES

10

(11,190

)

(11,221

)

NET ASSETS

1,095,889

421,830

CAPITAL AND RESERVES

Called up share capital

11

100

100

Revaluation reserve

12

3,027,065

1,777,065

Retained earnings

12

(1,931,276

)

(1,355,335

)

SHAREHOLDERS' FUNDS

1,095,889

421,830

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 28 March 2024 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

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 15 (2022 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

COST OR VALUATION

At 1 July 2022

12,250,000

38,324

90,073

12,378,397

Additions

-

16,735

-

16,735

Revaluations

1,250,000

-

-

1,250,000

At 30 June 2023

13,500,000

55,059

90,073

13,645,132

DEPRECIATION

At 1 July 2022

122,500

20,236

49,103

191,839

Charge for year

135,000

8,706

8,194

151,900

At 30 June 2023

257,500

28,942

57,297

343,739

NET BOOK VALUE

At 30 June 2023

13,242,500

26,117

32,776

13,301,393

At 30 June 2022

12,127,500

18,088

40,970

12,186,558

Cost or valuation at 30 June 2023 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

Valuation in 2023

1,250,000

16,735

-

1,266,735

Cost

14,681,549

-

-

14,681,549

13,500,000

55,059

90,073

13,645,132

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/23

30/6/22

£

£

Trade debtors

50,447

70,816

Other debtors

263,406

85,594

VAT

66,042

-

Prepayments

81,371

97,138

461,266

253,548

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/23

30/6/22

£

£

Bank loans and overdrafts (see note 8)

10,000

10,000

Trade creditors

400,662

211,374

Amounts owed to participating interests

2,546,353

2,151,212

Social security and other taxes

5,996

8,269

VAT

-

55,863

Other creditors

78,110

17,948

Accrued expenses

535,866

566,413

3,576,987

3,021,079

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/6/23

30/6/22

£

£

Bank loans (see note 8)

9,133,207

9,138,584

8.

LOANS

An analysis of the maturity of loans is given below:

30/6/23

30/6/22

£

£

Amounts falling due within one year or on demand:

Bank loans

10,000

10,000

Amounts falling due between one and two years:

Bank loans - 1-2 years

20,000

20,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

9,113,207

9,118,584

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:

30/6/23

30/6/22

£

£

Bank loans

9,143,207

9,148,584

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 has temporary extension of loan contract until 31st July 2023.

10.	PROVISIONS FOR LIABILITIES

30/6/23

30/6/22

£

£

Deferred tax

11,190

11,221

Deferred tax

£

Balance at 1 July 2022

11,221

Accelerated Capital Allowances

(31

)

Balance at 30 June 2023

11,190

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/6/23

30/6/22

value:

£

£

100

Ordinary

1

100

100

12.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 July 2022

(1,355,335

)

1,777,065

421,730

Deficit for the year

(575,941

)

(575,941

)

Revaluation reserve

-

1,250,000

1,250,000

At 30 June 2023

(1,931,276

)

3,027,065

1,095,789

13.	RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed £2,114,609 (2022 - £1,897,212 ) to Aquesta Limited and £431,744 (2022 - £254,000) 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.