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REGISTERED NUMBER: 03122173 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

HEATHDEAL LIMITED
T/A
HOLIDAY INN EXPRESS

HEATHDEAL LIMITED (REGISTERED NUMBER: 03122173)
T/A HOLIDAY INN EXPRESS

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HEATHDEAL LIMITED
T/A HOLIDAY INN EXPRESS

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: K Bhimji
Z Bhimji
H Bhimji
S Jetha





REGISTERED OFFICE: 87 South Lambeth Road
Vauxhall
London
SW8 1RN





REGISTERED NUMBER: 03122173 (England and Wales)





ACCOUNTANTS: Galloways Accounting
Atlas Chambers
33 West Street
Brighton
East Sussex
BN1 2RE

HEATHDEAL LIMITED (REGISTERED NUMBER: 03122173)
T/A HOLIDAY INN EXPRESS

BALANCE SHEET
31 MARCH 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 55,000 110,000
Tangible assets 5 36,066,781 36,077,540
36,121,781 36,187,540

CURRENT ASSETS
Stocks 859 -
Debtors 6 7,951,948 10,980,978
Cash at bank and in hand 5,717,031 2,136,121
13,669,838 13,117,099
CREDITORS
Amounts falling due within one year 7 1,472,886 911,087
NET CURRENT ASSETS 12,196,952 12,206,012
TOTAL ASSETS LESS CURRENT
LIABILITIES

48,318,733

48,393,552

CREDITORS
Amounts falling due after more than one
year

8

(4,800,000

)

(7,000,000

)

PROVISIONS FOR LIABILITIES 9 (5,281,417 ) (5,281,417 )
NET ASSETS 38,237,316 36,112,135

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 21,313,654 21,313,654
Retained earnings 16,923,562 14,798,381
SHAREHOLDERS' FUNDS 38,237,316 36,112,135

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

HEATHDEAL LIMITED (REGISTERED NUMBER: 03122173)
T/A HOLIDAY INN EXPRESS

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 26 October 2023 and were signed on its behalf by:





K Bhimji - Director


HEATHDEAL LIMITED (REGISTERED NUMBER: 03122173)
T/A HOLIDAY INN EXPRESS

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Heathdeal Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is recognised when satisfying performance obligations of hotel services, and when control is transferred in respect of goods connected to hotel services.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 17% on reducing balance
Fixtures and fittings - 17% on reducing balance

With the exception of freehold property, tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Freehold property is carried at revalued amount, being fair value at the date of valuation. Revaluations are performed with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period.

Any revaluation increase in the carrying amount of freehold property is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously expended. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against revaluation reserve in equity; decreases exceeding the balance in revaluation reserve relating to an asset are recognised in profit or loss.

Freehold property is not depreciated as the residual value is deemed to be materially the same as the current valuation.

Improvements to property has been combined with freehold property as part of this initial revaluation. The use of a policy of revaluation provides more relevant and reliable information about the value of the property owned by the company.

Government grants
The company has made use of the government's Coronavirus Job Retention Scheme (CJRS), put in place to assist companies during the Covid-19 outbreak. Under the accrual model, government grants relating to revenue expenditure are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. This means that the grant is recognised on a straight-line basis over the period of furlough.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

HEATHDEAL LIMITED (REGISTERED NUMBER: 03122173)
T/A HOLIDAY INN EXPRESS

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Taxation
Taxation for the year 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 year 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.

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.

3. EMPLOYEES

The average number of employees during the year was 11 (2022 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 1,100,000
AMORTISATION
At 1 April 2022 990,000
Charge for year 55,000
At 31 March 2023 1,045,000
NET BOOK VALUE
At 31 March 2023 55,000
At 31 March 2022 110,000

HEATHDEAL LIMITED (REGISTERED NUMBER: 03122173)
T/A HOLIDAY INN EXPRESS

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 April 2022 36,000,000 446,969 291,366 36,738,335
Additions - - 2,746 2,746
At 31 March 2023 36,000,000 446,969 294,112 36,741,081
DEPRECIATION
At 1 April 2022 - 426,818 233,977 660,795
Charge for year - 3,426 10,079 13,505
At 31 March 2023 - 430,244 244,056 674,300
NET BOOK VALUE
At 31 March 2023 36,000,000 16,725 50,056 36,066,781
At 31 March 2022 36,000,000 20,151 57,389 36,077,540

Cost or valuation at 31 March 2023 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
Valuation in 2019 25,306,400 - - 25,306,400
Cost 10,693,600 446,969 294,112 11,434,681
36,000,000 446,969 294,112 36,741,081

If freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
as restated
£    £   
Cost 10,693,600 10,693,600

Freehold property was valued on an open market basis on 31 March 2023 by the directors .

6. DEBTORS
2023 2022
as restated
£    £   
Amounts falling due within one year:
Amounts owed by group undertakings 1,382,846 -
Other debtors 4,560 3,434,723
Tax - 43,309
Prepayments and accrued income 169,542 207,946
1,556,948 3,685,978

HEATHDEAL LIMITED (REGISTERED NUMBER: 03122173)
T/A HOLIDAY INN EXPRESS

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. DEBTORS - continued
2023 2022
as restated
£    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings 6,395,000 -
Other debtors - 7,295,000
6,395,000 7,295,000

Aggregate amounts 7,951,948 10,980,978

Following a group restructure on 8 November 2022, amounts due from companies under common control at 31 March 2022 that were included in other debtors (£3,434,723), prepayments and accrued income (£189,289) and other debtors due after more than one year (£7,295,000) have no comparative at 31 March 2023. At 31 March 2023, balances with those companies are now shown as amounts due from group undertakings.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade creditors 194,418 98,967
Amounts owed to group undertakings 100,000 -
Tax 539,019 283,447
Social security and other taxes 17,186 17,569
VAT 224,107 37,750
Other creditors 31,184 30,232
Accruals and deferred income 366,972 443,122
1,472,886 911,087

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
as restated
£    £   
Bank loans - 2-5 years 4,800,000 7,000,000

The bank loan is secured by a legal charge over the company's freehold property and by fixed and floating charge over current and future property and assets of the company.

9. PROVISIONS FOR LIABILITIES
2023 2022
as restated
£    £   
Deferred tax 5,281,417 5,281,417

Deferred
tax
£   
Balance at 1 April 2022 5,281,417
Balance at 31 March 2023 5,281,417

HEATHDEAL LIMITED (REGISTERED NUMBER: 03122173)
T/A HOLIDAY INN EXPRESS

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


10. CONTINGENT LIABILITIES

The company received funds from the IHG franchisor towards capital expenditure connected with hotel refurbishment required to meet IHG standards. This would be repayable, on a reducing balance basis, if the company were to breach its agreement with IHG in relation to the way in which the funds are spent. The total funds received amounted to £200,000. The amortised contingent liability as at 31 March 2023 stands at £60,000.