Registered number
09335676
Rest House Limited
Filleted Accounts
31 December 2022
Rest House Limited
Registered number: 09335676
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 10,000 15,000
Tangible assets 4 1,990,158 2,000,277
2,000,158 2,015,277
Current assets
Stocks 14,412 10,501
Debtors 5 52,199 67,959
Cash at bank and in hand 66,466 66,446
133,077 144,906
Creditors: amounts falling due within one year 6 (285,518) (303,319)
Net current liabilities (152,441) (158,413)
Total assets less current liabilities 1,847,717 1,856,864
Creditors: amounts falling due after more than one year 7 (1,491,850) (1,636,675)
Provisions for liabilities (18,187) (20,110)
Net assets 337,680 200,079
Capital and reserves
Called up share capital 100 100
Profit and loss account 337,580 199,979
Shareholders' funds 337,680 200,079
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr N Ezzat
Director
Approved by the board on 1 March 2023
Rest House Limited
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Goodwill 10% straight line
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 18 20
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2022 50,000
At 31 December 2022 50,000
Amortisation
At 1 January 2022 35,000
Provided during the year 5,000
At 31 December 2022 40,000
Net book value
At 31 December 2022 10,000
At 31 December 2021 15,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery Fixtures Fittings Tools & Equipment Total
£ £ £ £
Cost
At 1 January 2022 1,894,435 145,820 173,976 2,214,231
Additions - 21,787 - 21,787
At 31 December 2022 1,894,435 167,607 173,976 2,236,018
Depreciation
At 1 January 2022 - 99,024 114,930 213,954
Charge for the year - 17,145 14,761 31,906
At 31 December 2022 - 116,169 129,691 245,860
Net book value
At 31 December 2022 1,894,435 51,438 44,285 1,990,158
At 31 December 2021 1,894,435 46,796 59,046 2,000,277
5 Debtors 2022 2021
£ £
Trade debtors 43,410 58,705
Other debtors 8,789 9,254
52,199 67,959
6 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 62,014 62,014
Trade creditors 47,858 57,526
Taxation and social security costs 93,032 50,104
Other creditors 82,614 133,675
285,518 303,319
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 875,234 935,892
Other creditors 616,616 700,783
1,491,850 1,636,675
8 Loans 2022 2021
£ £
Creditors include:
Instalments falling due for payment after more than five years 875,234 935,892
Secured bank loans 937,248 997,906
Royal Bank of Scotland Debenture
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr N Ezzat
Loans to Company 700,783 - (84,167) 616,616
700,783 - (84,167) 616,616
10 Other information
Rest House Limited is a private company limited by shares and incorporated in England. Its registered office is:
29 Wood Street
Stratford Upon Avon
CV37 6JG
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