REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 November 2021 to 31 December 2022 |
for |
Crest Hotels (Shropshire) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 November 2021 to 31 December 2022 |
for |
Crest Hotels (Shropshire) Limited |
Crest Hotels (Shropshire) Limited (Registered number: 13714907) |
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 (Shropshire) Limited |
Company Information |
for the Period 1 November 2021 to 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Crest Hotels (Shropshire) Limited (Registered number: 13714907) |
Balance Sheet |
31 December 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
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 (Shropshire) Limited (Registered number: 13714907) |
Notes to the Financial Statements |
for the Period 1 November 2021 to 31 December 2022 |
1. | STATUTORY INFORMATION |
Crest Hotels (Shropshire) 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 |
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. |
Turnover represents the total invoice value, excluding value added tax, of rental income from an operating lease received during the year. |
Turnover is recognised on a straight-line basis over the term of the operating lease (Net of any incentives given to the lesees). |
Turnover for the company comprises solely of rent receivable from Crest Shifnal Ltd (a fellow subsidiary) which it recognises on an accruals basis. |
Crest Hotels (Shropshire) Limited (Registered number: 13714907) |
Notes to the Financial Statements - continued |
for the Period 1 November 2021 to 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Included within the property cost is land at £500,000 which is not depreciated. |
The company has a policy of revaluation for its freehold property in accordance with FRS 102 section 17. |
Freehold Property is stated in the balance sheet at its revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the balance sheet. |
All fixed assets are initially recorded at cost. Expenditures incurred after the fixed assets have been put into operation, such as repairs and maintenance and overhaul costs, are normally charged to the profit and loss account in the period in which the costs are incurred. In situations where it can be clearly demonstrated that the expenditures have resulted in an increase in the future economic benefits expected to be obtained from the use of the item of property and equipment beyond its originally assessed standard of performance, the expenditures are capitalised as an additional cost of property and equipment. |
Subsequent additions and major components |
Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably. |
The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset when they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life. |
Derecognition |
Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss. |
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. |
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 NIL. |
Crest Hotels (Shropshire) Limited (Registered number: 13714907) |
Notes to the Financial Statements - continued |
for the Period 1 November 2021 to 31 December 2022 |
4. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST |
Additions |
At 31 December 2022 |
DEPRECIATION |
Charge for period |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
Included within the property cost is land of £500,000 which is not depreciated. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Amounts owed by group undertakings |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other loans |
VAT | 8,477 |
Accrued expenses |
Included within other loans is a loan due to a related party as shown in note 8 to the accounts. |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
£ |
Other loan | 1,800,000 |
The £1.8M loan is secured on the freehold property. |
8. | RELATED PARTY DISCLOSURES |
The ultimate controlling parties are Mr G Singh and Mr P Singh. |
Included within creditors is a loan of £598,436 to a company under the common control of the directors. |