Registered number
00706937
G.W.Earle Hotels Limited
Unaudited Filleted Accounts
31 January 2023
G.W.Earle Hotels Limited
Registered number: 00706937
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 3,563,813 8,050,348
Investments 5 736,014 2,000,000
4,299,827 10,050,348
Current assets
Debtors 6 1,141,761 23,920
Cash at bank and in hand 21,695 95,387
1,163,456 119,307
Creditors: amounts falling due within one year 7 (382,276) (632,422)
Net current assets/(liabilities) 781,180 (513,115)
Total assets less current liabilities 5,081,007 9,537,233
Creditors: amounts falling due after more than one year 8 (685,255) (580,393)
Provisions for liabilities (488,654) (1,459,327)
Net assets 3,907,098 7,497,513
Capital and reserves
Called up share capital 76 76
Share premium 24 24
Revaluation reserve 10 1,421,788 5,147,159
Profit and loss account 2,485,210 2,350,254
Shareholders' funds 3,907,098 7,497,513
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.
J.C.J.Earle
Director
Approved by the board on 26 October 2023
G.W.Earle Hotels Limited
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
Apart from freehold land and property which are valued at market value (see below), the accounts have been prepared under the historical cost convention. The accounts have in any case been prepared 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.
Tangible fixed assets
The alternative accounting rules in the Companies Act 2006 have been adopted for freehold land and property. The assets are carried out at valuation as permitted by section 17 of FRS 102.
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:
Plant and machinery 20% reducing balance
Motor vehicles 25% reducing balance
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.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Exceptional items 2023 2022
£ £
Profit on the disposal of freehold properties 886,829 429,726
(Loss)/gain on revaluation of investments -1,263,996 500,000
(377,167) 929,726
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 6
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost/Valuation
At 1 February 2022 8,024,491 61,941 13,390 8,099,822
Additions 405,943 2,501 - 408,444
Deficit on revaluation (3,551,841) - - (3,551,841)
Disposals (1,337,379) - - (1,337,379)
At 31 January 2023 3,541,214 64,442 13,390 3,619,046
Depreciation
At 1 February 2022 - 37,835 11,639 49,474
Charge for the year - 5,321 438 5,759
At 31 January 2023 - 43,156 12,077 55,233
Net book value
At 31 January 2023 3,541,214 21,286 1,313 3,563,813
At 31 January 2022 8,024,491 24,106 1,751 8,050,348
Freehold land and buildings: 2023 2022
£ £
Historical cost 1,621,106 1,657,631
Cumulative depreciation based on historical cost 65,067 77,115
1,556,039 1,580,516
All freehold property is revalued each year by the directors' at open market value.
5 Investments
Investments in
subsidiary Investment
undertakings properties Total
£ £ £
Fair value
At 1 February 2022 - 2,000,000 2,000,000
Additions 10 - 10
Revaluation - (1,263,996) (1,263,996)
At 31 January 2023 10 736,004 736,014
Historical cost
At 1 February 2022 - 699,709
At 31 January 2023 10 699,709
The aggregate fair value of investment properties at 31 January 2023 and 31 January 2022, has been estimated by the directors based on open market value.
6 Debtors 2023 2022
£ £
Trade debtors - 12,413
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,128,660 -
Other debtors 13,101 11,507
1,141,761 23,920
Amounts due after more than one year included above 1,000,000 -
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,000 6,500
Trade creditors 61,017 16,338
Taxation and social security costs 59,509 42,993
Other creditors 255,750 566,591
382,276 632,422
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 612,692 19,500
Other creditors 72,563 560,893
685,255 580,393
9 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 598,692 -
Secured bank loans 598,692 -
The bank loan is secured by a fixed charge over 3 of the company's properties and a floating charge over all of the company's assets.
10 Revaluation reserve 2023 2022
£ £
At 1 February 2022 5,147,159 5,146,938
Realisation of gain on sale of revalued property (1,102,655) (429,726)
(Loss)/gain on revaluation of land and buildings (3,496,954) 430,000
Deferred taxation arising on the revaluation of land and buildings 874,238 (53)
At 31 January 2023 1,421,788 5,147,159
11 Controlling party
J.C.J Earle, one of the company's directors, is the controlling party by virtue of his shareholding in the company.
12 Other information
G.W.Earle Hotels Limited is a private company limited by shares and incorporated in England. Its registered office is:
Trecorme
Quethiock
Liskeard
Cornwall
PL14 3SH
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