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REGISTERED NUMBER: 03801629 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 June 2023

for

THE HOTEL GROUP LIMITED

THE HOTEL GROUP LIMITED (REGISTERED NUMBER: 03801629)






Contents of the Financial Statements
for the year ended 30 JUNE 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


THE HOTEL GROUP LIMITED

Company Information
for the year ended 30 JUNE 2023







DIRECTORS: A.A. Michaelides
A Michaelides
M.M. Michaelides





SECRETARY: J.M. O'Keefe





REGISTERED OFFICE: Global House
303 Ballards Lane
London
N12 8NP





REGISTERED NUMBER: 03801629 (England and Wales)





ACCOUNTANTS: K J Pittalis and Partners LLP
Chartered Certified Accountants
Global House
303 Ballards Lane
London
N12 8NP

THE HOTEL GROUP LIMITED (REGISTERED NUMBER: 03801629)

Statement of Financial Position
30 JUNE 2023

30/6/23 30/6/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 603,008 613,604
Investments 7 8,500,000 8,500,000
9,103,008 9,113,604

CURRENT ASSETS
Debtors 8 69,545 40,128
Cash at bank 1,003,956 606,482
1,073,501 646,610
CREDITORS
Amounts falling due within one year 9 636,194 428,602
NET CURRENT ASSETS 437,307 218,008
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,540,315

9,331,612

PROVISIONS FOR LIABILITIES 10 2,025,413 1,619,300
NET ASSETS 7,514,902 7,712,312

CAPITAL AND RESERVES
Called up share capital 400,000 400,000
Share premium 36,176 36,176
Other reserves 6,047,868 6,451,059
Retained earnings 1,030,858 825,077
7,514,902 7,712,312

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

THE HOTEL GROUP LIMITED (REGISTERED NUMBER: 03801629)

Statement of Financial Position - continued
30 JUNE 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 10 November 2023 and were signed on its behalf by:





A Michaelides - Director


THE HOTEL GROUP LIMITED (REGISTERED NUMBER: 03801629)

Notes to the Financial Statements
for the year ended 30 JUNE 2023

1. STATUTORY INFORMATION

The Hotel Group 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about The Hotel Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Revenue recognition
Revenue is measured at the fair value of services provided net of VAT. Revenue for the provision of services is recognised when the services are provided to the customer.

Goodwill
Goodwill was amortised evenly over its estimated useful life of 20 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

THE HOTEL GROUP LIMITED (REGISTERED NUMBER: 03801629)

Notes to the Financial Statements - continued
for the year ended 30 JUNE 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - Straight line over 50 years
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on reducing balance

Land and building held and used in the Company's own activities for production and supply of goods or for administration purposes are stated in the statement of financial position at their revalued amounts. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position.

Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve.

Depreciation on cost of buildings is charged to profit and loss. Depreciation on the revaluation amount on buildings is charged to the revaluation reserve, so as to write off their value less residual value, over their estimated useful life, using the straight line method.

Once the property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at fair value.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 10 ) .

THE HOTEL GROUP LIMITED (REGISTERED NUMBER: 03801629)

Notes to the Financial Statements - continued
for the year ended 30 JUNE 2023

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 74,999
AMORTISATION
At 1 July 2022
and 30 June 2023 74,999
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

Goodwill relates to the acquisition of the hotels from the subsidiary companies and was written off over 20 years which at the time represented the expected life of the assets.

The business continues to operate from those premises.

6. TANGIBLE FIXED ASSETS
Fixtures
Long and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1 July 2022 592,210 234,458 17,361 844,029
Additions - 8,847 1,034 9,881
At 30 June 2023 592,210 243,305 18,395 853,910
DEPRECIATION
At 1 July 2022 15,391 200,312 14,722 230,425
Charge for year 13,110 6,449 918 20,477
At 30 June 2023 28,501 206,761 15,640 250,902
NET BOOK VALUE
At 30 June 2023 563,709 36,544 2,755 603,008
At 30 June 2022 576,819 34,146 2,639 613,604

The amounts included for long leasehold represents improvements carried out on the hotel premises, owned by the subsidiary companies.

THE HOTEL GROUP LIMITED (REGISTERED NUMBER: 03801629)

Notes to the Financial Statements - continued
for the year ended 30 JUNE 2023

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakin
£   
COST OR VALUATION
At 1 July 2022
and 30 June 2023 8,500,000
NET BOOK VALUE
At 30 June 2023 8,500,000
At 30 June 2022 8,500,000

Cost or valuation at 30 June 2023 is represented by:

Shares in
group
undertakin
£   
Valuation in 2016 1,300,000
Valuation in 2012 6,763,824
Cost 436,176
8,500,000

The company owns 100% of the share capital of A. A. Michaelides Limited and Margariets Limited. These are both dormant subsidiary companies which own some of the freehold properties from which the company trades.

As at the balance sheet date the directors believe the value freehold properties are an accurate representation of the current market value. The valuation was based on a comparison with other hotel properties in the area and has been based on the lower end of market values.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/23 30/6/22
£    £   
Amounts owed by connected companies 32,036 14,480
Other debtors 37,509 25,648
69,545 40,128

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/23 30/6/22
£    £   
Bank loans and overdrafts - 2,388
Trade creditors 25,604 58,303
Amounts owed by connected companies 432,979 234,479
Taxation and social security 117,669 61,303
Other creditors 59,942 72,129
636,194 428,602

THE HOTEL GROUP LIMITED (REGISTERED NUMBER: 03801629)

Notes to the Financial Statements - continued
for the year ended 30 JUNE 2023

10. PROVISIONS FOR LIABILITIES
30/6/23 30/6/22
£    £   
Deferred tax
Accelerated capital allowances 9,457 6,535
Deferred tax 2,015,956 1,612,765
2,025,413 1,619,300

Deferred
tax
£   
Balance at 1 July 2022 1,619,300
Provided during year 406,113
Balance at 30 June 2023 2,025,413

The deferred tax provision, as shown above, relates to the potential future tax due should the investments held by the company be sold. The provision has been calculated based on the difference between the historic cost of the investments and the market value of those investments as at the Balance Sheet date at the future applicable corporation tax rates. The increase in the provision for the year reflects the change in corporation tax rates from 19% to 25%, as required by FRS 102 S1A.

11. RELATED PARTY DISCLOSURES

Creditors includes an amount of £432,979 (2022: £234,479 owed to A. A. Michaelides (Brook Green) Limited, a company under common control of the shareholders,

Debtors includes an amount of £16,920 (2022 - £16,920) due from M&J Limited, £13,194 (2022 - £8,728) from Juan Limited. £31,504 (2022 - £14,480) from Hotel Boutique, companies that share common directorships although under the different control by virtue of shareholding.

12. FUND HELD ON BEHALF OF THE COMPANY

In light of the financial uncertainty surrounding the bank where the company's cash funds are held, the director has taken steps to protect the company's assets. A portion of the company's cash is now securely maintained by the director in a dedicated bank account. These funds are reserved exclusively for the company's operational needs until a more stable banking solution can be established or the uncertainty surrounding the current bank is resolved.