Company No:
Contents
DIRECTORS | Charlotte Carew Pole |
Tremayne Carew Pole |
SECRETARY | Tremayne Carew Pole |
REGISTERED OFFICE | Centenary House Peninsula Park |
Rydon Lane | |
Exeter | |
EX2 7XE | |
United Kingdom |
BUSINESS ADDRESS | Antony Estate Office |
Antony | |
Torpoint | |
Conrwall | |
PL11 3AB |
COMPANY NUMBER | 09959797 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Centenary House | |
Peninsula Park | |
Rydon Lane | |
Exeter | |
Devon EX2 7XE |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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Investment property | 5 |
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345,441 | 383,704 | |||
Current assets | ||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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67,312 | 54,727 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (904,344) | (720,267) | ||
Total assets less current liabilities | (558,903) | (336,563) | ||
Creditors: amounts falling due after more than one year | 8 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account | (
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Total shareholder's deficit | (
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Directors' responsibilities:
The financial statements of Antony Hospitality Holdings Limited (registered number:
Tremayne Carew Pole
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Antony Hospitality Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom. The principal place of business is Antony Estate Office, Antony, Torpoint, Conrwall, PL11 3AB.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The company continues to rely on the ongoing financial support of the directors. The directors of the company have confirmed their intentions to provide ongoing support to ensure continued operation of the company. Therefore the accounts have been prepared on a going concern basis.
Turnover represents sales of food and drink and the provision of bed and breakfast at the premises, made net of VAT, returns, rebates and discounts. Revenue is recognised as sales made which, given the nature of the business, is usually when the cash is received. Monies received as deposits for advance bookings are treated as deferred income and recognised in turnover at the time of the event, or on forfeiture.
Carew Arms (From July 2020):
Turnover represents the 15 year lease of Carew Arms, as well as the letting of short term holiday lets up to 31 January 2023, net of VAT. Monies received in advance are treated as deferred income and recognised over the period that they relate to.
Whitsand Bay:
Turnover represents membership and green fees as well as shop and bar sales made net of VAT, returns, rebates and discounts. Annual membership fees are spread over the period of membership on a straight line basis. Green fees and golf shop sales are recognised as sales are made which, given the nature of the business, is usually when the cash is received.
Other intangible assets |
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Land and buildings |
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Plant and machinery |
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Fixtures and fittings |
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Office equipment |
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The company has both finance leases and operating leases.
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases.
Payable Leases:
Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
For finance leases we recognise the leased asset within tangible fixed assets and the liabilities within loans and borrowings within creditors. Payments made under finance leases reduce the liability.
The Company as lessor
Receivable Leases:
Receipts received from operating leases are recognised in revenue on a straight-line basis over the period of the lease.
A lease premium was received at the start of the lease. This has been included within the straight-line basis calculation, with the advance element recognised as deferred income.
A lease reduction was allowed to the tenant in light of the Covid-19 restrictions and the element that related to the 2022 year end was reduced accordingly from the profit and loss in the 2022 year end accounts, the same treatment was applied in the 2021 accounts.
The initial valuation is based on a third party valuation of £250,000 from February 2020. Its carrying amount within freehold property at the start of this period was £250,000 (2022: £254,000), so it was not revalued in the year (2022: downwards by £4,000, with an impairment expense of £4,000 recognised within administrative expenses, then transferred to investment property at its market value).
The directors assessed the value of the property at January 2023 and January 2022 by reviewing the factors behind the February 2020 valuation and also using current market data for comparable real estate based on observable market prices, adjusted where necessary for differences in nature, location or condition. They determined that the value of the property remains £250,000. For this reason no change in market value has been recognised since the transfer.
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
In 2023 and 2022 Antony Hospitality Holdings received grant income from Cornwall Council and English Golf Union, to aide with the Covid restrictions placed on the hospitality sector. As there were no future conditions for these grants the full amount was recognised within other income in the year.
In the 2022 year end accounts a Coronavirus Business Interruption Loan Scheme (CBILS) loan of £45,000 was received. The 12 months interest free period has now passed, so interest has been charged as an expense in the period.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 01 February 2022 |
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At 31 January 2023 |
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Accumulated amortisation | |||
At 01 February 2022 |
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Charge for the financial year |
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At 31 January 2023 |
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Net book value | |||
At 31 January 2023 |
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At 31 January 2022 |
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Land and buildings | Plant and machinery | Fixtures and fittings | Office equipment | Total | |||||
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Cost | |||||||||
At 01 February 2022 |
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Additions |
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At 31 January 2023 |
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Accumulated depreciation | |||||||||
At 01 February 2022 |
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Charge for the financial year |
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At 31 January 2023 |
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Net book value | |||||||||
At 31 January 2023 |
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At 31 January 2022 |
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Investment property | |
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Valuation | |
As at 01 February 2022 |
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As at 31 January 2023 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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2023 | 2022 | ||
£ | £ | ||
Bank loans and overdrafts |
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Trade creditors |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Commitments
Capital commitments are as follows:
2023 | 2022 | ||
£ | £ | ||
Contracted for but not provided for: | |||
tangible fixed assets |
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In addition Antony Hospitality Holdings Ltd entered into rental agreements for Whitsand Bay Golf Course and the Wilcove Inn. These are viewed as open ended lease agreements and as such no disclosure regarding the period of commitment is given.
2023 | 2022 | ||
£ | £ | ||
Total future minimum lease payments under non-cancellable operating lease |
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During the year a director and entities controlled by a director (including a company and trusts of which they have authority to act as an agent on the trustee's behalf) made loans to Antony Hospitality Holdings Ltd. The loans are interest free and repayable on demand. At the year end the outstanding balance, as included in other creditors, on these loans was £780,845 (2022: £719,621).
Of this, the total amount owed to the director is £522,621 (2022: £454,410). Of this balance £150,534 (2022: £172,481) is due over one year.
A partnership, (of which one of the directors is a partner) is the landlord of Whitsand Bay Golf Club and Wilcove Inn, both of which are rented to Antony Hospitality Holdings Ltd on third party commercial terms. As at 31 January 2023 Antony Hospitality Holdings Limited owed the partnership £34,716 (2022: £11,758) for rental payments.