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J K & J Ireland (Cottage Hotel) Ltd

Annual Report and Unaudited Financial Statements
Year Ended 31 January 2023

Registration number: 01198424

 

J K & J Ireland (Cottage Hotel) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

J K & J Ireland (Cottage Hotel) Ltd

Company Information

Directors

Mr W Ireland

Miss S Ireland

Company secretary

Miss S Ireland

Registered office

The Cottage Hotel
Hope Cove
Kingsbridge
Devon
TQ7 3HJ

Accountants

Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF

 

J K & J Ireland (Cottage Hotel) Ltd

Balance Sheet

31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

5,418,382

5,390,690

Current assets

 

Stocks

39,725

32,375

Debtors

7

156,819

142,854

Cash at bank and in hand

 

430,925

675,834

 

627,469

851,063

Creditors: Amounts falling due within one year

8

(252,293)

(447,459)

Net current assets

 

375,176

403,604

Total assets less current liabilities

 

5,793,558

5,794,294

Creditors: Amounts falling due after more than one year

8

(793,694)

(876,182)

Provisions for liabilities

(254,191)

(302,196)

Net assets

 

4,745,673

4,615,916

Capital and reserves

 

Called up share capital

824,761

824,761

Share premium reserve

1,736,521

1,736,521

Profit and loss account

2,184,391

2,054,634

Shareholders' funds

 

4,745,673

4,615,916

 

J K & J Ireland (Cottage Hotel) Ltd

Balance Sheet

31 January 2023

For the financial year ending 31 January 2023 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 28 September 2023 and signed on its behalf by:
 

.........................................
Mr W Ireland
Director

Company Registration Number: 01198424

 

J K & J Ireland (Cottage Hotel) Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 January 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:
The Cottage Hotel
Hope Cove
Kingsbridge
Devon
TQ7 3HJ

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.

There are no material departures from FRS 102.

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

In the opinion of the directors, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore 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 value added tax.

Government grants

Grant income is accounted for using the accruals method. Revenue grants are recognised on a systematic basis over the periods to which the costs to which the grants relate to are recognised.

Other grants

Grants received in relation to assets are recognised in income on a systematic basis over the useful life of the asset as follows:

Freehold property - 2% straight line

 

J K & J Ireland (Cottage Hotel) Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

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.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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 property

2% straight line

Fixtures & Fittings

15% reducing balance

Plant & Machinery

20% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

Website and software

20% straight line

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

 

J K & J Ireland (Cottage Hotel) Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Basic financial assets comprise short term trade and other debtors and cash and bank balances.
Basic financial liabilities comprise short term trade and other creditors.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 47 (2022 - 43).

 

J K & J Ireland (Cottage Hotel) Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

4

Government grants

During the year the company received the following government grants:

- £Nil Coronavirus Job Retention Scheme
- £6,000 Coronavirus Support

The amount of government grants recognised in the financial statements was £6,000 (2022: £230,305)

5

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 February 2022

40,000

23,966

63,966

At 31 January 2023

40,000

23,966

63,966

Amortisation

At 1 February 2022

40,000

23,966

63,966

At 31 January 2023

40,000

23,966

63,966

Carrying amount

At 31 January 2023

-

-

-

 

J K & J Ireland (Cottage Hotel) Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 February 2022

6,056,684

1,191,810

27,175

7,275,669

Additions

200,292

12,799

-

213,091

Disposals

(23,687)

-

-

(23,687)

At 31 January 2023

6,233,289

1,204,609

27,175

7,465,073

Depreciation

At 1 February 2022

866,580

1,003,052

15,347

1,884,979

Charge for the year

125,983

33,364

2,365

161,712

At 31 January 2023

992,563

1,036,416

17,712

2,046,691

Carrying amount

At 31 January 2023

5,240,726

168,193

9,463

5,418,382

At 31 January 2022

5,190,104

188,758

11,828

5,390,690

Included within the net book value of land and buildings above is £5,240,726 (2022 - £5,190,104) in respect of freehold land and buildings.
 

 

J K & J Ireland (Cottage Hotel) Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

7

Debtors

2023
£

2022
£

Trade debtors

-

11,178

Prepayments

10,490

131,676

Other debtors

146,329

-

156,819

142,854

8

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

9

33,732

62,993

Trade creditors

 

43,547

139,384

Social security and other taxes

 

65,698

108,976

Other creditors

 

37,016

65,354

Accrued expenses

 

17,288

14,518

Deferred income

 

55,012

56,234

 

252,293

447,459

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

793,694

876,182

 

J K & J Ireland (Cottage Hotel) Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

33,732

62,993

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

793,694

876,182

Bank borrowings are secured on property owned by the company.

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

4,761

4,761

4,761

4,761

Redeemable preference shares of £1 each

820,000

820,000

820,000

820,000

 

824,761

824,761

824,761

824,761

 

J K & J Ireland (Cottage Hotel) Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

11

Related party transactions

Transactions with directors

During the year, an advance was made to a director for £145,000. Interest has been charged at 2% and the loan is repayable upon demand.

At the accounting date the loan baalnce totalled £146,329 (2022: £nil)