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REGISTERED NUMBER: 07967094 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30 June 2023

for

Kingsway Hotel Limited

Kingsway Hotel Limited (Registered number: 07967094)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Kingsway Hotel Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: D G Christian
R Pipe
Mrs J A Christian
N K Kilmartin





REGISTERED OFFICE: Kingsway Hotel
Kingsway
Cleethorpes
N E Lincolnshire
DN35 0AE





REGISTERED NUMBER: 07967094 (England and Wales)

Kingsway Hotel Limited (Registered number: 07967094)

Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 35,834 40,834
Tangible assets 5 3,988,467 4,233,912
4,024,301 4,274,746

CURRENT ASSETS
Stocks 24,055 19,961
Debtors 6 14,207 24,032
Cash at bank and in hand 18,176 127,927
56,438 171,920
CREDITORS
Amounts falling due within one year 7 4,509,025 4,781,348
NET CURRENT LIABILITIES (4,452,587 ) (4,609,428 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(428,286

)

(334,682

)

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 8 (428,486 ) (334,882 )
SHAREHOLDERS' FUNDS (428,286 ) (334,682 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2023 and were signed on its behalf by:





D G Christian - Director


Kingsway Hotel Limited (Registered number: 07967094)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Kingsway Hotel Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Rents receivable
Rents receivable represents net rents due for the period, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Nil
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 10% on reducing balance
Computer equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2022 - 35 ) .

Kingsway Hotel Limited (Registered number: 07967094)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 50,000
AMORTISATION
At 1 July 2022 9,166
Charge for year 5,000
At 30 June 2023 14,166
NET BOOK VALUE
At 30 June 2023 35,834
At 30 June 2022 40,834

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 July 2022 3,221,322 530,665 607,820 32,185 4,391,992
Additions 623,231 101,850 187,889 6,335 919,305
Disposals (1,006,494 ) - - - (1,006,494 )
At 30 June 2023 2,838,059 632,515 795,709 38,520 4,304,803
DEPRECIATION
At 1 July 2022 - 90,703 55,605 11,772 158,080
Charge for year - 87,262 63,714 7,280 158,256
At 30 June 2023 - 177,965 119,319 19,052 316,336
NET BOOK VALUE
At 30 June 2023 2,838,059 454,550 676,390 19,468 3,988,467
At 30 June 2022 3,221,322 439,962 552,215 20,413 4,233,912

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 990 2,597
Other debtors 13,217 21,435
14,207 24,032

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade creditors 15,949 18,511
Taxation and social security 37,729 31,973
Other creditors 4,455,347 4,730,864
4,509,025 4,781,348

Kingsway Hotel Limited (Registered number: 07967094)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

8. RESERVES
Retained
earnings
£   

At 1 July 2022 (334,882 )
Deficit for the year (93,604 )
At 30 June 2023 (428,486 )

9. RELATED PARTY DISCLOSURES

During the year Larchwell Limited, an associated company, loaned to the company £100,000, £700,000 was repaid.
Amount outstanding at the year end was £NIL.
During the year Larchwell Limited, an associated company, purchased three residential properties from the company totalling £1,050,000. This was at full market value.
During the year Andrew Christian who is the majority shareholder loaned to the company £NIL.
Amount outstanding at the year end was £3,274,668
During the year Mariner Securities Limited, an associated company, was repaid £200,000.
Amount outstanding at the year end was £NIL.
During the year directors Mr D G Christian and Mrs J A Christian loaned to the company £527,500.
Amount outstanding at the year end was £1,161,543.

10. ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by Mr Andrew Christian who owns 75% of the share capital of Kingsway Hotel Limited.