REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 January 2023 |
for |
CORNERHOUSE HOTEL LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 January 2023 |
for |
CORNERHOUSE HOTEL LIMITED |
CORNERHOUSE HOTEL LIMITED (Registered number: 03703208) |
Contents of the Financial Statements |
for the Year Ended 31 January 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CORNERHOUSE HOTEL LIMITED |
Company Information |
for the Year Ended 31 January 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
26-28 Headlands |
Kettering |
Northamptonshire |
NN15 7HP |
CORNERHOUSE HOTEL LIMITED (Registered number: 03703208) |
Balance Sheet |
31 January 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CORNERHOUSE HOTEL LIMITED (Registered number: 03703208) |
Balance Sheet - continued |
31 January 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 9 |
Retained earnings |
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. |
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 |
CORNERHOUSE HOTEL LIMITED (Registered number: 03703208) |
Notes to the Financial Statements |
for the Year Ended 31 January 2023 |
1. | STATUTORY INFORMATION |
CORNERHOUSE HOTEL LIMITED is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about CORNERHOUSE HOTEL LIMITED as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over it's estimated useful life. |
Fixtures & Fittings Between 5 to 15 years |
Freehold property is maintained to a high standard for trading purposes and the Directors consider the economic life of the property is thereby extended so as to make any provision for Depreciation immaterial |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
CORNERHOUSE HOTEL LIMITED (Registered number: 03703208) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
CORNERHOUSE HOTEL LIMITED (Registered number: 03703208) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 February 2022 |
Additions |
At 31 January 2023 |
DEPRECIATION |
At 1 February 2022 |
Charge for year |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
The historical cost of the Freehold property is £1,943,461( 2022 £1,943,461) |
Deferred tax is not provided on revalued property as the Directors have no intention of selling the property in the foreseeable future. |
5. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
CORNERHOUSE HOTEL LIMITED (Registered number: 03703208) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Finance leases |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 336,654 | 269,837 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Finance leases | - | 19,346 |
Bank Loans are secured by Fixed and Floating Charge over the assets of the Company |
9. | RESERVES |
Revaluation |
reserve |
£ |
At 1 February 2022 |
and 31 January 2023 |
CORNERHOUSE HOTEL LIMITED (Registered number: 03703208) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
10. | CONTINGENT LIABILITIES |
The Company has provided an unlimited guarantee on all monies due to Mrs VEA Hiscox from Hatton Properties Ltd. The Guarantee is secured on the Company's freehold premises |
11. | RELATED PARTY DISCLOSURES |
At 31st January 2023 the Company owed £602,402 (2022 £481,196) and was owed |
£320,511 (2022 £311,225 ) from related party companies. |
12. | ULTIMATE CONTROLLING PARTY |
On 1st February 2022 the Cornerhouse Hotel trade was transferred back to the Company. Comparatives have not been restated. |
Mrs VEA Hiscox is the controlling shareholder of the Company |