Richmond Company 222 Limited 06506069 false 2021-08-01 2022-07-31 2022-07-31 The principal activity of the company is that of operating a hotel and a restaurant within the hotel, in Bath, Somerset. Digita Accounts Production Advanced 6.30.9574.0 true true true 06506069 2021-08-01 2022-07-31 06506069 2022-07-31 06506069 bus:OrdinaryShareClass1 2022-07-31 06506069 core:CurrentFinancialInstruments 2022-07-31 06506069 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 06506069 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 06506069 core:Goodwill 2022-07-31 06506069 core:LandBuildings 2022-07-31 06506069 core:OtherPropertyPlantEquipment 2022-07-31 06506069 bus:SmallEntities 2021-08-01 2022-07-31 06506069 bus:AuditExemptWithAccountantsReport 2021-08-01 2022-07-31 06506069 bus:FullAccounts 2021-08-01 2022-07-31 06506069 bus:SmallCompaniesRegimeForAccounts 2021-08-01 2022-07-31 06506069 bus:RegisteredOffice 2021-08-01 2022-07-31 06506069 bus:Director1 2021-08-01 2022-07-31 06506069 bus:OrdinaryShareClass1 2021-08-01 2022-07-31 06506069 bus:PrivateLimitedCompanyLtd 2021-08-01 2022-07-31 06506069 core:Goodwill 2021-08-01 2022-07-31 06506069 core:LandBuildings 2021-08-01 2022-07-31 06506069 core:OtherPropertyPlantEquipment 2021-08-01 2022-07-31 06506069 core:PlantMachinery 2021-08-01 2022-07-31 06506069 1 2021-08-01 2022-07-31 06506069 1 2021-08-01 2022-07-31 06506069 countries:EnglandWales 2021-08-01 2022-07-31 06506069 2021-07-31 06506069 core:Goodwill 2021-07-31 06506069 core:LandBuildings 2021-07-31 06506069 core:OtherPropertyPlantEquipment 2021-07-31 06506069 2020-08-01 2021-07-31 06506069 2021-07-31 06506069 bus:OrdinaryShareClass1 2021-07-31 06506069 core:CurrentFinancialInstruments 2021-07-31 06506069 core:CurrentFinancialInstruments core:WithinOneYear 2021-07-31 06506069 core:Non-currentFinancialInstruments core:AfterOneYear 2021-07-31 06506069 core:LandBuildings 2021-07-31 06506069 core:OtherPropertyPlantEquipment 2021-07-31 06506069 core:RevaluationReserve core:LandBuildings 2020-08-01 2021-07-31 06506069 core:LandBuildings 2020-08-01 2021-07-31 iso4217:GBP xbrli:pure xbrli:shares

Richmond Company 222 Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 July 2022

Registration number: 06506069

 

Richmond Company 222 Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Richmond Company 222 Limited

Balance Sheet

31 July 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

5,684,360

5,694,313

Investment property

6

225,500

225,500

 

5,909,860

5,919,813

Current assets

 

Stocks

7

2,000

2,000

Debtors

8

49,431

33,411

Cash at bank and in hand

 

994,966

857,130

 

1,046,397

892,541

Creditors: Amounts falling due within one year

9

(108,333)

(75,660)

Net current assets

 

938,064

816,881

Total assets less current liabilities

 

6,847,924

6,736,694

Creditors: Amounts falling due after more than one year

9

(2,379,099)

(2,232,203)

Provisions for liabilities

(678,071)

(678,071)

Net assets

 

3,790,754

3,826,420

Capital and reserves

 

Called up share capital

10

2

2

Revaluation reserve

3,500,779

3,500,779

Other reserves

141,505

141,505

Profit and loss account

148,468

184,134

Shareholders' funds

 

3,790,754

3,826,420

 

Richmond Company 222 Limited

Balance Sheet

31 July 2022

For the financial year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 2 October 2023 and signed on its behalf by:
 

.........................................
Mr J J Bester
Director

   
     

Company Registration Number: 06506069

 

Richmond Company 222 Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2022

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:
10 Bridge Street
Second Floor
Bath
Somerset
BA2 4AS
United Kingdom

These financial statements were authorised for issue by the Board 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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. The company was purchased post year end on 30 September 2022 by Parade Park Hotel Limited (14144262). The company continues to be supported by its parent.

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Richmond Company 222 Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2022

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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:

Asset class

Depreciation method and rate

Freehold Land and Buildings

Not depreciated

Plant and Equipment

5% to 25% straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life. The goodwill on the balance sheet is fully amortised.

Asset class

Amortisation method and rate

Goodwill

10 year straight line basis

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.

 

Richmond Company 222 Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2022

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2021 - 16).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2021

2,254,336

2,254,336

At 31 July 2022

2,254,336

2,254,336

Amortisation

At 1 August 2021

2,254,336

2,254,336

At 31 July 2022

2,254,336

2,254,336

Carrying amount

At 31 July 2022

-

-

 

Richmond Company 222 Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2022

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 August 2021

5,574,500

209,192

5,783,692

At 31 July 2022

5,574,500

209,192

5,783,692

Depreciation

At 1 August 2021

-

89,372

89,372

Charge for the year

-

9,960

9,960

At 31 July 2022

-

99,332

99,332

Carrying amount

At 31 July 2022

5,574,500

109,860

5,684,360

At 31 July 2021

5,574,500

119,813

5,694,313

Included within the net book value of land and buildings above is £5,574,500 (2021 - £5,574,500) in respect of freehold land and buildings.
 

6

Investment properties

2022
£

At 1 August

225,500

At 31 July

225,500

Investment property valued on an open market basis on 31 July 2018 by the directors.

The open market value of the investment property has been considered by the directors with a conclusion that any change since the last valuation is not material.

There has been no valuation of investment property by an independent valuer.

7

Stocks

2022
£

2021
£

Other inventories

2,000

2,000

 

Richmond Company 222 Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2022

8

Debtors

2022
£

2021
£

Trade debtors

-

15,573

Prepayments

40,845

9,295

Other debtors

8,586

8,543

49,431

33,411

9

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

58,090

33,637

Taxation and social security

1,299

2,924

Other creditors

20,070

27,050

Accruals and deferred income

28,874

12,049

108,333

75,660

Creditors: amounts falling due after more than one year

2022
£

2021
£

Due after one year

Other creditors

2,379,099

2,232,203

10

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         
 

Richmond Company 222 Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2022

11

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(8,613)

(8,613)

12

Non adjusting events after the financial period

On 30 September 2022, the company share capital was purchased by Parade Park Hotel Limited (14144262).

13

Parent and ultimate parent undertaking

The company's immediate parent is Parade Park Hotel Limited, incorporated in England and Wales.