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Registration number: 02957442

New Loretta Hotel Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

New Loretta Hotel Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

New Loretta Hotel Limited

Company Information

Director

P Juneja

Registered office

Deganwy Avenue
Llandudno
Conwy
LL30 2YB

Accountants

Aston Hughes & Co
Chartered Accountants
Selby Towers
29 Princes Drive
Colwyn Bay
LL29 8PE

 

New Loretta Hotel Limited

(Registration number: 02957442)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

281,876

281,876

Current assets

 

Stocks

5

8,905

3,916

Debtors

6

12,522

29,847

Cash at bank and in hand

 

18,976

18,331

 

40,403

52,094

Creditors: Amounts falling due within one year

7

(464,853)

(275,993)

Net current liabilities

 

(424,450)

(223,899)

Total assets less current liabilities

 

(142,574)

57,977

Creditors: Amounts falling due after more than one year

7

(183,060)

(200,814)

Net liabilities

 

(325,634)

(142,837)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(325,734)

(142,937)

Shareholders' deficit

 

(325,634)

(142,837)

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 2 October 2023
 

.........................................
P Juneja
Director

 

New Loretta Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Deganwy Avenue
Llandudno
Conwy
LL30 2YB

These financial statements were authorised for issue by the director on 2 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

New Loretta Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Asset class

Depreciation method and rate

Plant and machinery

variable rates on reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2022 - 11).

 

New Loretta Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

281,876

30,327

312,203

At 28 February 2023

281,876

30,327

312,203

Depreciation

At 1 March 2022

-

30,327

30,327

At 28 February 2023

-

30,327

30,327

Carrying amount

At 28 February 2023

281,876

-

281,876

At 28 February 2022

281,876

-

281,876

Included within the net book value of land and buildings above is £281,876 (2022 - £281,876) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

8,905

3,916

6

Debtors

Current

2023
£

2022
£

Trade debtors

12,522

-

Other debtors

-

29,847

 

12,522

29,847

 

New Loretta Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

396,674

236,866

Trade creditors

 

51,118

23,064

Taxation and social security

 

5,988

5,646

Other creditors

 

11,073

10,417

 

464,853

275,993

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

183,060

200,814

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

23,221

42,402

Other borrowings

159,839

158,412

183,060

200,814

 

New Loretta Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

18,823

59,866

Other borrowings

377,851

177,000

396,674

236,866

10

Related party transactions

Summary of transactions with other related parties

Chatsworth Hotel (Llandudno) Limited
Chatsworth House Hotel Limited
Baytree Hotel Limited

 Loans
 

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

27,153

27,153

Repaid

(27,153)

(27,153)

At end of period

-

-

2022

Other related parties
£

Total
£

At start of period

21,705

21,705

Advanced

5,448

5,448

At end of period

27,153

27,153

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

177,000

177,000

Advanced

200,851

200,851

At end of period

377,851

377,851

2022

Other related parties
£

Total
£

At start of period

134,500

134,500

Advanced

42,500

42,500

At end of period

177,000

177,000