Company registration number 09885244 (England and Wales)
THE GLOBE HOTEL ANGLE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
THE GLOBE HOTEL ANGLE LTD
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
705,948
923,059
Investment properties
4
575,000
-
0
1,280,948
923,059
Current assets
Stocks
300
950
Debtors - deferred tax
73,174
64,397
Debtors - other
5
2,633
3,050
Cash at bank and in hand
5,711
55,778
81,818
124,175
Creditors: amounts falling due within one year
6
(1,399,358)
(1,189,435)
Net current liabilities
(1,317,540)
(1,065,260)
Total assets less current liabilities
(36,592)
(142,201)
Capital and reserves
Called up share capital
8
194,001
194,001
Profit and loss reserves
(230,593)
(336,202)
Total equity
(36,592)
(142,201)
THE GLOBE HOTEL ANGLE LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he member has 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 and signed by the director and authorised for issue on 18 August 2023
Ms B S Dickerson
Director
Company Registration No. 09885244
THE GLOBE HOTEL ANGLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

The Globe Hotel Angle Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Globe House, Angle Village, Pembroke, Pembrokeshire, SA71 5AT.

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 a mounts 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

The company is making significant capital investments and purchased another property in July 2022. This expenditure, together with the refurbishment of the existing property has required additional funding from the director.true

The company generates sufficient cash to meet its day to day liabilities as they fall due.

The director has pledged to continue her support and as a result the accounts have been prepared on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for holiday accommodation provided in the normal course of business and is shown net of VAT.

Revenue from hotel guests is recognised in the period of the visit.

Revenue from furnished holiday property rental is recognised when the accommodation is provided.

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 land and buildings
50 years straight line
Fixtures and fittings
10 years straight line

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.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

THE GLOBE HOTEL ANGLE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.8
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash at bank and in hand.

1.9
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 and cash and bank balances, 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 paymen ts 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.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

THE GLOBE HOTEL ANGLE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

No corporation tax liability is recognised as the company is loss making

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
9
10
THE GLOBE HOTEL ANGLE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
850,333
241,869
1,092,202
Additions
2,768
422
3,190
Transfers
(187,835)
-
0
(187,835)
At 31 March 2023
665,266
242,291
907,557
Depreciation and impairment
At 1 April 2022
63,892
105,251
169,143
Depreciation charged in the year
13,285
24,190
37,475
Transfers
(5,009)
-
0
(5,009)
At 31 March 2023
72,168
129,441
201,609
Carrying amount
At 31 March 2023
593,098
112,850
705,948
At 31 March 2022
786,441
136,618
923,059
4
Investment property
2023
£
Fair value
At 1 April 2022
-
0
Additions
422,680
Revaluations
152,320
At 31 March 2023
575,000

Investment property comprises Monkton Friary, 33 Monkton, Pembroke, SA71 4LS. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

THE GLOBE HOTEL ANGLE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
1,290
Other debtors
2,633
1,760
2,633
3,050
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
73,174
64,397
Total debtors
75,807
67,447
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,424
-
0
Taxation and social security
1,825
3,753
Other creditors
1,371,222
1,170,615
Accruals and deferred income
21,887
15,067
1,399,358
1,189,435

Other borrowings were secured by a personal guarantee from the director.

7
Government grants

During the prior year, a total of £4,764 was received in Government grants through the Coronavirus Job Retention Scheme (CJRS).

During the prior year, the company had to repay £10,000 of the ERGF received previously to the Welsh government.

8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
194,001 ordinary shares of £1 each
194,001
194,001
THE GLOBE HOTEL ANGLE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
9
Related party transactions

As at 31 March 2023, the company owed the director, Ms B S Dickerson, £1,371,222 (2022 - £1,170,615), which is included within other creditors due within one year. No interest is payable on this amount and there is no fixed repayment date.

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