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Registration number: 11722236

The Langstone Cliff Hotel Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2023

 

The Langstone Cliff Hotel Limited
(Registration number: 11722236)

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

The Langstone Cliff Hotel Limited
(Registration number: 11722236)

Company Information

Directors

Mr G R Rogers

Mrs G M A Rogers

Mr M R Rogers

Registered office

1 Colleton Crescent
Exeter
Devon
EX2 4DG

Bankers

National Westminster Bank plc

Accountants

Thompson Jenner LLP
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

The Langstone Cliff Hotel Limited
(Registration number: 11722236)

Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,063,805

2,897,726

Current assets

 

Stocks

5

41,139

41,139

Debtors

6

61,136

69,881

Cash at bank and in hand

 

335,662

795,824

 

437,937

906,844

Creditors: Amounts falling due within one year

7

(842,102)

(1,009,860)

Net current liabilities

 

(404,165)

(103,016)

Total assets less current liabilities

 

2,659,640

2,794,710

Creditors: Amounts falling due after more than one year

7

(874,314)

(945,429)

Provisions for liabilities

(18,822)

(41,558)

Net assets

 

1,766,504

1,807,723

Capital and reserves

 

Called up share capital

1,500,000

1,500,000

Profit and loss account

266,504

307,723

Total equity

 

1,766,504

1,807,723

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 12 November 2023 and signed on its behalf by:
 

.........................................
Mr M R Rogers
Director

 

The Langstone Cliff Hotel Limited
(Registration number: 11722236)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Colleton Crescent
Exeter
Devon
EX2 4DG

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

The Coronavirus Job Retention Scheme and local council Covid grants have been recognised under the accrual model and are credited to income over the periods in which the compensated costs have been recognised.

Tax

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

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

 

The Langstone Cliff Hotel Limited
(Registration number: 11722236)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Straight line over 50 years

Furniture, fittings and equipment

25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

The Langstone Cliff Hotel Limited
(Registration number: 11722236)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

The Langstone Cliff Hotel Limited
(Registration number: 11722236)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 82 (2022 - 78).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

2,850,000

368,885

3,218,885

Additions

-

359,974

359,974

At 31 March 2023

2,850,000

728,859

3,578,859

Depreciation

At 1 April 2022

171,000

150,159

321,159

Charge for the year

57,000

136,895

193,895

At 31 March 2023

228,000

287,054

515,054

Carrying amount

At 31 March 2023

2,622,000

441,805

3,063,805

At 31 March 2022

2,679,000

218,726

2,897,726

Included within the net book value of land and buildings above is £2,622,000 (2022 - £2,679,000) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other stocks

41,139

41,139

 

The Langstone Cliff Hotel Limited
(Registration number: 11722236)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

2023
£

2022
£

Trade debtors

25,359

41,161

Other debtors

12,962

-

Prepayments and accrued income

22,815

28,720

Total current trade and other debtors

61,136

69,881

 

The Langstone Cliff Hotel Limited
(Registration number: 11722236)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

71,118

77,894

Trade creditors

 

115,881

110,247

Taxation and social security

 

150,799

187,868

Other creditors

 

483,190

615,279

Accrued expenses

 

21,114

18,572

 

842,102

1,009,860

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

874,314

945,429

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

58,099

56,377

Hire purchase contracts

13,019

21,517

71,118

77,894

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

852,396

910,495

Hire purchase contracts

21,918

34,934

874,314

945,429

The bank borrowings are secured by fixed and floating charges over the freehold property of the company.

 

The Langstone Cliff Hotel Limited
(Registration number: 11722236)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of guarantees not included in the balance sheet is £22,000 (2022 - £64,000). The company has provided a guarantee to the bank for the Coronavirus Business Interruption Loan, secured of the freehold property of the company.