Registered number
12486365
The Hostelrie Ltd
Filleted Accounts
28 February 2023
The Hostelrie Ltd
Registered number: 12486365
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 99,798 107,208
Tangible assets 4 154,407 139,704
254,205 246,912
Current assets
Stocks 12,517 9,831
Debtors 5 6,474 6,943
Cash at bank and in hand 35,506 30,140
54,497 46,914
Creditors: amounts falling due within one year 6 (77,240) (52,087)
Net current liabilities (22,743) (5,173)
Total assets less current liabilities 231,462 241,739
Creditors: amounts falling due after more than one year 7 (223,796) (261,878)
Net assets/(liabilities) 7,666 (20,139)
Capital and reserves
Called up share capital 100 100
Profit and loss account 7,566 (20,239)
Shareholders' funds 7,666 (20,139)
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.
David J Sherriff
Director
Approved by the board on 25 October 2023
The Hostelrie Ltd
Notes to the Accounts
for the year ended 28 February 2023
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.
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:
Freehold buildings over 50 years
Leasehold land and buildings over 10 years
Plant and machinery over 10 years
Fixtures, fittings, tools and equipment over 10 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 2023 2022
Number Number
Average number of persons employed by the company 18 18
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 114,001
At 28 February 2023 114,001
Amortisation
At 1 March 2022 6,793
Provided during the year 7,410
At 28 February 2023 14,203
Net book value
At 28 February 2023 99,798
At 28 February 2022 107,208
Goodwill is being written off in equal annual instalments over its estimated economic life of 15 years.
4 Tangible fixed assets
Leasehold Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 March 2022 10,000 139,867 149,867
Additions 9,512 20,178 29,690
At 28 February 2023 19,512 160,045 179,557
Depreciation
At 1 March 2022 916 9,247 10,163
Charge for the year 1,000 13,987 14,987
At 28 February 2023 1,916 23,234 25,150
Net book value
At 28 February 2023 17,596 136,811 154,407
At 28 February 2022 9,084 130,620 139,704
5 Debtors 2023 2022
£ £
Trade debtors 6,474 5,112
Prepayments - 1,831
6,474 6,943
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 36,498 9,653
Directors Loans 9,189 18,574
Income in Advance - 1,919
Taxation and social security costs 31,553 21,941
77,240 52,087
7 Creditors: amounts falling due after one year 2023 2022
£ £
Loans from Directors 136,618 146,618
Loans from Brynmeini Pension Fund 87,178 115,260
223,796 261,878
The Loan from the Brynmeini Pension Fund is repayable in 22 quarterly instalments and bears interest of 4% per annum. The Directors Loans are repayable as cash flow permits and bears interest at 4% per annum based on the balance at the year end.
8 Other information
The Hostelrie Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The Garden House, Stonewalls
Victoria Road
Cirencester
Gloucestershire
GL7 1EU
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