Registered number
03664280
Comfort Lodge Reading Limited
Filleted Accounts
31 March 2023
Comfort Lodge Reading Limited
Registered number: 03664280
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 23,750 28,500
Tangible assets 4 19,692,419 19,476,639
Investments 5 16 16
19,716,185 19,505,155
Current assets
Debtors 6 650,671 678,820
Cash at bank and in hand 149,569 178,326
800,240 857,146
Creditors: amounts falling due within one year 7 (509,586) (596,082)
Net current assets 290,654 261,064
Total assets less current liabilities 20,006,839 19,766,219
Creditors: amounts falling due after more than one year 8 (8,182,333) (8,354,372)
Net assets 11,824,506 11,411,847
Capital and reserves
Called up share capital 1,002 1,002
Share premium 10,621,855 10,621,855
Revaluation reserve 9 124,732 124,732
Profit and loss account 1,076,917 664,258
Shareholders' funds 11,824,506 11,411,847
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.
Mr M S Gill
Director
Approved by the board on 15 August 2023
Comfort Lodge Reading Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and 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
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:
Leasehold land and buildings over the lease term
Motor Vehicle 25% on reducing balance
Plant and machinery 15% on reducing balance
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 95,000
At 31 March 2023 95,000
Amortisation
At 1 April 2022 66,500
Provided during the year 4,750
At 31 March 2023 71,250
Net book value
At 31 March 2023 23,750
At 31 March 2022 28,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 19,448,483 188,042 7,200 19,643,725
Additions 220,409 - - 220,409
At 31 March 2023 19,668,892 188,042 7,200 19,864,134
Depreciation
At 1 April 2022 - 163,936 3,150 167,086
Charge for the year - 3,616 1,013 4,629
At 31 March 2023 - 167,552 4,163 171,715
Net book value
At 31 March 2023 19,668,892 20,490 3,037 19,692,419
At 31 March 2022 19,448,483 24,106 4,050 19,476,639
5 Investments
Other
investments
£
Cost
At 1 April 2022 16
At 31 March 2023 16
6 Debtors 2023 2022
£ £
Inter company loans 569,872 569,872
Other debtors 80,799 108,948
650,671 678,820
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 14,290 -
Director current account 51,812 162,114
Inter company loans 130,912 159,716
Taxation and social security costs 108,966 114,604
Other creditors 203,606 159,648
509,586 596,082
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 8,182,333 8,354,372
9 Revaluation reserve 2023 2022
£ £
At 1 April 2022 124,732 124,732
At 31 March 2023 124,732 124,732
10 Other information
Comfort Lodge Reading Limited is a private company limited by shares and incorporated in England. Its registered office is:
82-86 London Road
Reading
Berkshire
RG1 5AU
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