REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2023 |
for |
THE HOTEL GROUP LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Other reserves |
Retained earnings |
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 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Long leasehold | - |
Fixtures and fittings | - |
Computer equipment | - |
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 |
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 |
AMORTISATION |
At 1 July 2022 |
and 30 June 2023 |
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 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
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 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
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 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/23 | 30/6/22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed by connected companies | 432,979 | 234,479 |
Taxation and social security |
Other creditors |
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 |
Deferred tax | 2,015,956 | 1,612,765 |
2,025,413 | 1,619,300 |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Provided during year |
Balance at 30 June 2023 |
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. |