REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 November 2021 to 31 December 2022 |
for |
Crest Hotels (Shifnal) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 November 2021 to 31 December 2022 |
for |
Crest Hotels (Shifnal) Limited |
Crest Hotels (Shifnal) Limited (Registered number: 13715199) |
Contents of the Financial Statements |
for the Period 1 November 2021 to 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Crest Hotels (Shifnal) Limited |
Company Information |
for the Period 1 November 2021 to 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Crest Hotels (Shifnal) Limited (Registered number: 13715199) |
Balance Sheet |
31 December 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
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 |
Crest Hotels (Shifnal) Limited (Registered number: 13715199) |
Notes to the Financial Statements |
for the Period 1 November 2021 to 31 December 2022 |
1. | STATUTORY INFORMATION |
Crest Hotels (Shifnal) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The company's main place of buisness is the Park House Hotel, Park Street, Shifnal, Shropshire TF11 9BA. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The company has net current liabilities. The company operates a hotel business in a hotel property which is leased from a fellow trading subsidiary Crest Hotels (Shropshire) Limited which is profitable. The company is being financially supported by the Group and its directors when required. As a consequence, the directors have a reasonable expectation that the company is well placed to manage its business risks successfully and accordingly adopts the going concern basis in preparing the annual report and accounts. |
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 recognised when the significant risks and rewards of the goods and services provided are transferred to the buyer, the amount of turnover can be measured reliably and it is probably that the economic benefits associated with the rendering transaction will flow to the company. |
Turnover represents the total invoice value, excluding value added tax, of sales made during the year. |
Turnover for the company comprises of the following streams: |
1) Sale of goods - Turnover from the sale of food and beverages is recognised at the point of sale. |
2) Rendering of services - Turnover from room sales and other guest services is recognised when rooms are occupied and as services are provided. |
Goodwill |
The company has recognised goodwill upon acqusition of the business of £1 which has not been amortised. |
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 |
Fixtures and fittings | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Crest Hotels (Shifnal) Limited (Registered number: 13715199) |
Notes to the Financial Statements - continued |
for the Period 1 November 2021 to 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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 period 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. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
Additions |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
Crest Hotels (Shifnal) Limited (Registered number: 13715199) |
Notes to the Financial Statements - continued |
for the Period 1 November 2021 to 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
Additions |
At 31 December 2022 |
DEPRECIATION |
Charge for period |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
Amounts owed by group undertakings |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 40,926 |
Other creditors |
Accrued expenses |
8. | RELATED PARTY DISCLOSURES |
The company's ultimate parent is Crest Hotels 1 Ltd which holds 100% of the company. The ultimate controlling party is Mr G Singh and Mr P Singh. |
At the year end, there is a creditor balance due to a company under common control of £56,000 which is interest free and is repayable on demand. During the year management fees of £30,000 were charged. |