Company registration number 11056347 (England and Wales)
Hotel Harrogate Ltd
Unaudited
financial statements
for the period ended 31 January 2023
PAGES FOR FILING WITH REGISTRAR
Hotel Harrogate Ltd
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
Notes to the financial statements
3 - 6
Hotel Harrogate Ltd
Statement of financial position
as at 31 January 2023
- 1 -
31 January 2023
30 November 2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
5,228
6,819
Tangible assets
5
462,026
560,032
Investment property
6
9,000,000
9,000,000
9,467,254
9,566,851
Current assets
Debtors
7
548,849
1,277,165
Cash at bank and in hand
7,105
323,357
555,954
1,600,522
Creditors: amounts falling due within one year
8
(4,408,898)
(5,824,360)
Net current liabilities
(3,852,944)
(4,223,838)
Total assets less current liabilities
5,614,310
5,343,013
Provisions for liabilities
(1,012,467)
(1,014,319)
Net assets
4,601,843
4,328,694
Capital and reserves
Called up share capital
100
100
Revaluation reserve
4,332,688
4,332,688
Profit and loss reserves
269,055
(4,094)
Total equity
4,601,843
4,328,694
Hotel Harrogate Ltd
Statement of financial position (continued)
as at 31 January 2023
- 2 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial period ended 31 January 2023 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 member has not required the company to obtain an audit of its financial statements for the period 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 13 October 2023 and are signed on its behalf by:
P Barker
Director
Company registration number 11056347 (England and Wales)
Hotel Harrogate Ltd
Notes to the financial statements
for the period ended 31 January 2023
- 3 -
1
Accounting policies
Reporting period
The annual financial statements are presented for a period longer than one year. This means the year end is now co-terminous with its parent company. The comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the fair value of the consideration receivable for services provided in the normal course of business and is shown net of VAT.
Turnover is recognised on a rent receivable basis.
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer software
20% reducing balance basis
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% reducing balance basis
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.
Hotel Harrogate Ltd
Notes to the financial statements (continued)
for the period ended 31 January 2023
1
Accounting policies
(continued)
- 4 -
Investment property
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 at the reporting end date. Changes in fair value are recognised in profit or loss.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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 income statement, 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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2021
Number
Number
Total
Hotel Harrogate Ltd
Notes to the financial statements (continued)
for the period ended 31 January 2023
- 5 -
4
Intangible fixed assets
Computer software
£
Cost
At 1 December 2021 and 31 January 2023
15,762
Amortisation and impairment
At 1 December 2021
8,943
Amortisation charged for the period
1,591
At 31 January 2023
10,534
Carrying amount
At 31 January 2023
5,228
At 30 November 2021
6,819
5
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 December 2021 and 31 January 2023
967,739
Depreciation and impairment
At 1 December 2021
407,707
Depreciation charged in the period
98,006
At 31 January 2023
505,713
Carrying amount
At 31 January 2023
462,026
At 30 November 2021
560,032
6
Investment property
2023
£
Fair value
At 1 December 2021 and 31 January 2023
9,000,000
7
Debtors
2023
2021
Amounts falling due within one year:
£
£
Other debtors
548,849
1,277,165
Hotel Harrogate Ltd
Notes to the financial statements (continued)
for the period ended 31 January 2023
- 6 -
8
Creditors: amounts falling due within one year
2023
2021
£
£
Trade creditors
5,519
5,519
Corporation tax
48,300
Other taxation and social security
35,933
45,212
Other creditors
4,319,146
5,773,629
4,408,898
5,824,360
9
Parent company
The company's ultimate parent company is Adtech Holdings Limited, a company registered in the British Virgin Islands.
10
Company information
Hotel Harrogate Ltd is a private company limited by shares incorporated in England and Wales. The registered office is West House, King Cross Road, Halifax, West Yorkshire, HX1 1EB.