Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-31true1618hotel proprietors2022-08-01falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01305524 2022-08-01 2023-07-31 01305524 2021-08-01 2022-07-31 01305524 2023-07-31 01305524 2022-07-31 01305524 2021-08-01 01305524 c:Director3 2022-08-01 2023-07-31 01305524 d:Buildings 2022-08-01 2023-07-31 01305524 d:Buildings 2023-07-31 01305524 d:Buildings 2022-07-31 01305524 d:Buildings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 01305524 d:FurnitureFittings 2022-08-01 2023-07-31 01305524 d:FurnitureFittings 2023-07-31 01305524 d:FurnitureFittings 2022-07-31 01305524 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 01305524 d:OfficeEquipment 2022-08-01 2023-07-31 01305524 d:OfficeEquipment 2023-07-31 01305524 d:OfficeEquipment 2022-07-31 01305524 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 01305524 d:OtherPropertyPlantEquipment 2022-08-01 2023-07-31 01305524 d:OtherPropertyPlantEquipment 2023-07-31 01305524 d:OtherPropertyPlantEquipment 2022-07-31 01305524 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 01305524 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 01305524 d:FreeholdInvestmentProperty 2023-07-31 01305524 d:FreeholdInvestmentProperty 2022-07-31 01305524 d:CurrentFinancialInstruments 2023-07-31 01305524 d:CurrentFinancialInstruments 2022-07-31 01305524 d:Non-currentFinancialInstruments 2023-07-31 01305524 d:Non-currentFinancialInstruments 2022-07-31 01305524 d:Non-currentFinancialInstruments 1 2023-07-31 01305524 d:Non-currentFinancialInstruments 1 2022-07-31 01305524 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 01305524 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 01305524 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 01305524 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 01305524 d:ShareCapital 2023-07-31 01305524 d:ShareCapital 2022-07-31 01305524 d:InvestmentPropertiesRevaluationReserve 2023-07-31 01305524 d:InvestmentPropertiesRevaluationReserve 2022-07-31 01305524 d:RetainedEarningsAccumulatedLosses 2023-07-31 01305524 d:RetainedEarningsAccumulatedLosses 2022-07-31 01305524 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 01305524 d:AcceleratedTaxDepreciationDeferredTax 2022-07-31 01305524 d:TaxLossesCarry-forwardsDeferredTax 2023-07-31 01305524 d:TaxLossesCarry-forwardsDeferredTax 2022-07-31 01305524 c:OrdinaryShareClass1 2022-08-01 2023-07-31 01305524 c:OrdinaryShareClass1 2023-07-31 01305524 c:PreferenceShareClass1 2022-08-01 2023-07-31 01305524 c:PreferenceShareClass1 2023-07-31 01305524 c:FRS102 2022-08-01 2023-07-31 01305524 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 01305524 c:FullAccounts 2022-08-01 2023-07-31 01305524 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 01305524









LENSFIELD HOTEL CO LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
LENSFIELD HOTEL CO LIMITED
REGISTERED NUMBER: 01305524

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
1,895,982
1,911,830

Investment property
 5 
1,600,000
1,600,000

  
3,495,982
3,511,830

CURRENT ASSETS
  

Stocks
  
1,701
1,631

Debtors: amounts falling due within one year
 6 
62,979
45,821

Cash at bank and in hand
 7 
72,948
152,108

  
137,628
199,560

Creditors: amounts falling due within one year
 8 
(320,195)
(304,051)

NET CURRENT LIABILITIES
  
 
 
(182,567)
 
 
(104,491)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
3,313,415
3,407,339

Creditors: amounts falling due after more than one year
 9 
(1,414,820)
(1,534,244)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 10 
(154,716)
(154,716)

  
 
 
(154,716)
 
 
(154,716)

NET ASSETS
  
1,743,879
1,718,379


CAPITAL AND RESERVES
  

Called up share capital 
 11 
100
100

Investment property reserve
  
1,003,634
1,003,634

Profit and loss account
  
740,145
714,645

  
1,743,879
1,718,379

Page 1

 
LENSFIELD HOTEL CO LIMITED
REGISTERED NUMBER: 01305524
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S Papson
Director

Date: 9 November 2023

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
LENSFIELD HOTEL CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


GENERAL INFORMATION

Lensfield Hotel Co. Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 53 Lensfield Road, Cambridge, CB2 1EN.
The Company's funtional and presentational currency is GBP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover comprises revenue recognised by the company in respect of hotel accommodation, spa income and other sundry complimentary products during the year, exclusive of Value Added Tax. Revenue is recognised as the fair value of the consideration received or receivable and is recognised over the period of the guest's stay.

 
2.3

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.4

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
LENSFIELD HOTEL CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.4
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following bases:.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Fixtures and fittings
-
17% straight line
Tenants improvements
-
over the period of the lease
Other fixed assets
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

STOCKS

Stocks are valued at the lower of cost and net realisable value after making due allowances for obsolete and slow moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

 
2.7

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
LENSFIELD HOTEL CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.10

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 18 (2022 - 16).

Page 5

 
LENSFIELD HOTEL CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


TANGIBLE FIXED ASSETS





Freehold property
Fixtures and fittings
Tenant Improvements
Other fixed assets
Total

£
£
£
£
£



COST OR VALUATION


At 1 August 2022
2,327,322
444,180
317,386
2,600
3,091,488


Additions
-
1,773
28,000
-
29,773



At 31 July 2023

2,327,322
445,953
345,386
2,600
3,121,261



DEPRECIATION


At 1 August 2022
421,790
437,882
317,386
2,600
1,179,658


Charge for the year on owned assets
42,350
2,549
722
-
45,621



At 31 July 2023

464,140
440,431
318,108
2,600
1,225,279



NET BOOK VALUE



At 31 July 2023
1,863,182
5,522
27,278
-
1,895,982



At 31 July 2022
1,905,532
6,298
-
-
1,911,830


5.


INVESTMENT PROPERTY


Freehold investment property

£



VALUATION


At 1 August 2022
1,600,000



AT 31 JULY 2023
1,600,000





Page 6

 
LENSFIELD HOTEL CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

6.


DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£


Trade debtors
46,910
24,536

Prepayments and accrued income
16,069
21,285

62,979
45,821



7.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
72,948
152,108

Less: bank overdrafts
(94,914)
(65,596)

(21,966)
86,512


Page 7

 
LENSFIELD HOTEL CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

8.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank overdrafts
94,914
65,596

Bank loans
60,813
62,131

Trade creditors
22,142
53,587

Corporation tax
14,345
5,556

Other taxation and social security
51,733
42,326

Other creditors
31,347
31,046

Accruals and deferred income
44,901
43,809

320,195
304,051


Other creditors include contributions of £1,347 (2022 - £1,046) payable to the Company's defined contribution pension scheme at the balance sheet date.
Included within bank loans are the following:
- A facility repayable on a quarterly basis. The current interest rate is 8.9%. These loans are secured against the freehold properties owned by the company.
- A Government backed 'bounce back' loan which was drawn down in May 2020. This loan is 100% guaranteed by the Government and there were no fees or interest payable in the first 12 months. Now this period has passed, interest is charged at 2.5% per annum. The first instalment was made in June 2021.

Page 8

 
LENSFIELD HOTEL CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
659,064
708,356

Other creditors
305,756
525,888

Share capital treated as debt
450,000
300,000

1,414,820
1,534,244


Share capital treated as debt represents 450,000 non-cumulative redeemable preference shares of £1 each. They are entitled to annual interest of 3%, subject to sufficient distributable reserves, before any dividends can be declared on the ordinary shares. 150,000 preference shares were allotted on 22 December 2022. 
Included within bank loans are the following:
- A facility repayable on a quarterly basis. The current interest rate is 8.9%. These loans are secured against the freehold properties owned by the company.
- A Government backed 'bounce back' loan which was drawn down in May 2020. This loan is 100% guaranteed by the Government and there were no fees or interest payable in the first 12 months. Now this period has passed, interest is charged at 2.5% per annum. The first instalment was made in June 2021.


10.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
154,716
58,000


Charged to profit or loss
-
96,716



AT END OF YEAR
154,716
154,716

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
58,000
58,000

Investment property unrealised gains
96,716
96,716

154,716
154,716

Page 9

 
LENSFIELD HOTEL CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

11.


SHARE CAPITAL

2023
2022
£
£
SHARES CLASSIFIED AS EQUITY

ALLOTTED, CALLED UP AND FULLY PAID



100 Ordinary shares of £1 each
100
100

2023
2022
£
£
SHARES CLASSIFIED AS DEBT

ALLOTTED, CALLED UP AND FULLY PAID



450,000 Preference shares of £1 each
450,000
300,000


On 22 December 2022, the Company allotted 150,000 Preference shares of £1 each. 


12.OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies that are not included on the balance sheet amount to £188,630 (2022 - £NIL). 
 
Page 10