Company Registration No. 10734977 (England and Wales)
GRAYSHOTT HOTEL PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
GRAYSHOTT HOTEL PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
GRAYSHOTT HOTEL PROPERTY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,562,815
6,900,812
Current assets
Debtors
4
1,650,687
1,354,083
Creditors: amounts falling due within one year
5
(9,770,070)
(9,522,034)
Net current liabilities
(8,119,383)
(8,167,951)
Total assets less current liabilities
(1,556,568)
(1,267,139)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(1,556,570)
(1,267,141)
Total equity
(1,556,568)
(1,267,139)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
E M Hasenauer
Director
Company Registration No. 10734977
GRAYSHOTT HOTEL PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Grayshott Hotel Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8th Floor, South Block, 55 Baker Street, London, United Kingdom, W1U 8EW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future based on the continued support of the ultimate shareholders. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents rent receivable net of VAT. When rent receivable has not been invoiced, it is recognised as accrued income at the period end.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold buildings
Straight line over 10 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The company owns a property which is rented to the parent company. The directors have chosen to recognise the investment property as tangible fixed assets and applied the cost model, in line with the guidance issued in the Triennial Review 2017.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
GRAYSHOTT HOTEL PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
2
Employees
The average monthly number of persons employed by the company during the year was 0 (2021 - 0).
2022
2021
Number
Number
Total
GRAYSHOTT HOTEL PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2022 and 31 December 2022
8,449,965
Depreciation and impairment
At 1 January 2022
1,549,153
Depreciation charged in the year
337,997
At 31 December 2022
1,887,150
Carrying amount
At 31 December 2022
6,562,815
At 31 December 2021
6,900,812
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,650,687
1,354,083
5
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts due to ultimate shareholders
9,754,216
9,507,034
Taxation and social security
11,604
15,000
Accruals
4,250
9,770,070
9,522,034
6
Related party transactions
At the year end the company owed loan balances of £4,877,108 (2021: £4,753,517) to GHL Beteiligung und Verwaltung GmbH, Austria and companies under their control and £4,877,108 (2021: £4,753,517) to London & Regional Group Hotel Holdings Limited. These entities are the joint venture partners of the parent company. Interest accumulated on each respective loan of £123,591 (2021: £120,459) in the year.
7
Parent company
The parent company is Grayshott Hotel Limited with registered office at 8th Floor, South Block, 55 Baker Street, London, United Kingdom, W1U 8EW.