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Registered number: 09927539













NO. 15 GREAT PULTENEY LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023


 
NO. 15 GREAT PULTENEY LTD
 

 
COMPANY INFORMATION


Directors
J R Guest 
T D Guest 
T R J Guest 




Registered number
09927539



Registered office
13-15 Great Pulteney Street

Bath

Somerset

BA2 4BS




Independent auditors
Warrener Stewart
Chartered Accountants

Harwood House

43 Harwood Road

London

United Kingdom

SW6 4QP






 
NO. 15 GREAT PULTENEY LTD
 


CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Statement of Comprehensive Income
 
8
Balance Sheet
 
9
Statement of Changes in Equity
 
10
Analysis of Net Debt
 
11
Notes to the Financial Statements
 
12 - 23



 
NO. 15 GREAT PULTENEY LTD
 

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
This report provides an overview of the current year performance, position and main issues that have been considered by the directors.

Business review
 
During the year the Company operated a luxury hotel, including a bar, restaurant and spa. The hotel has been fully operational throughout the year ended 31 March 2023 and generated turnover of £3,454,497 (2022: £3,371,565) with net losses of £81,317 (2022: profits of £237,000) resulting in a net liabilities position at the year end of £1,643,770 (2022: £1,562,453).  

Principal risks and uncertainties
 
Principal risks and uncertainties include those generally associated with the hospitality industry, the most important of which is the risk of reduced occupancy levels. This is particularly significant in the current economy with the cost of living crisis having an impact on the market.
Inflation, particularly food inflation, is a concern for the Company as it is currently at higher levels than can be passed on to customers. The Company is monitoring the situation and adjusting prices to remain competitive. 
Staff retention and staff shortages are always a risk in the hospitality industry. A fair wage structure and positive working environment is behind the Company's favourable staff retention levels. The active cross-training of skills and attractive culture is of a benefit to the Company and staff equally.

Financial key performance indicators
 
As an operating hotel, the Company monitors performance via a bespoke balanced scorecard which highlights over 40 KPIs within the Company. Any areas falling below expectations will quickly be identified. The balanced scorecard looks at four areas:

Performance for rooms, F&B and spa, including:
°Occupancy, revenues per room, average room rates;
°Covers, F&B margins, average spend; and
°Spa capture rate, therapist utilisation rate, repeat guests.
Brand, for example website hit rates, conversion percentages, database size and social media influence.
Product, for example customer reviews, scores and rankings from Net Promotor, Tripadvisor and Google.
People, for example staff turnover, cost per hire, absence days, revenue per employee.


This report was approved by the board and signed on its behalf.





T R J Guest
Director

Date: 21 November 2023

Page 1


 
NO. 15 GREAT PULTENEY LTD
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £81,317 (2022 - profit £237,000).

No dividends were paid in the 2023 or 2022 financial years.

Directors

The directors who served during the year were:

J R Guest 
T D Guest 
T R J Guest 

Future developments

The Company is continuously reviewing its business to stay aligned to the challenging hospitality market. Management is monitoring possible opportunities for future growth. On the basis of risk analysis and adequate operational processes, the directors have faith that the group will be able to tackle the challenges ahead and to stay on top of its operations.

Page 2


 
NO. 15 GREAT PULTENEY LTD
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsWarrener Stewartwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





T R J Guest
Director

Date: 21 November 2023

Page 3


 
NO. 15 GREAT PULTENEY LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NO. 15 GREAT PULTENEY LTD

Opinion


We have audited the financial statements of No. 15 Great Pulteney Ltd (the 'Company') for the year ended 31 March 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4


 
NO. 15 GREAT PULTENEY LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NO. 15 GREAT PULTENEY LTD (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5


 
NO. 15 GREAT PULTENEY LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NO. 15 GREAT PULTENEY LTD (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our assessment of the susceptibility of the entity's financial statements is considered to be low.  We reached this conclusion after consideration of the following:

A high level of review of the Company's environment of systems and controls;
A high level of review of key performance and similar indicators; and
There is a number of individuals which comprise "management" and therefore there is no single individual who is likely to be able to override controls to effect fraud

We designed our audit procedures to respond to identified risks, including non-compliance with laws and regulations (irregularities) that are material to the financial statements. Some of the specific procedures performed to detect irregularities, including fraud, are detailed below:

The review of control accounts and journal entries for large, unusual or unauthorised entries;
The analytical review of the detailed profit and loss account for unexpected variances or items that fell outside our understanding of the business; and
Obtaining and reviewing a list of connected persons and entities and reviewing ledgers for undisclosed related party transactions.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to material misstatement in the financial statements or non-compliance with regulation. This risk increases the more the compliance with a law or regulation is removed from the events and transactions reflected in the financial statements as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring because of fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 6


 
NO. 15 GREAT PULTENEY LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NO. 15 GREAT PULTENEY LTD (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Alex Eagle (Senior Statutory Auditor)
  
for and on behalf of
Warrener Stewart
 
Chartered Accountants
  
Harwood House
43 Harwood Road
London
United Kingdom
SW6 4QP

21 November 2023
Page 7


 
NO. 15 GREAT PULTENEY LTD
 

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
3,454,497
3,371,565

Cost of sales
  
(2,056,528)
(1,873,561)

Gross profit
  
1,397,969
1,498,004

Administrative expenses
  
(1,304,413)
(1,980,406)

Other operating income
 5 
-
103,236

Operating profit/(loss)
  
93,556
(379,166)

Interest payable and similar expenses
 8 
(193,347)
(2,624)

Loss before tax
  
(99,791)
(381,790)

Tax on loss
 9 
18,474
618,790

(Loss)/profit for the financial year
  
(81,317)
237,000

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022£NIL).

The notes on pages 12 to 23 form part of these financial statements.

Page 8


 
NO. 15 GREAT PULTENEY LTD
REGISTERED NUMBER:09927539


BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 10 
2,040
4,020

Tangible assets
 11 
6,115,764
6,339,879

  
6,117,804
6,343,899

Current assets
  

Stocks
 12 
22,118
24,499

Debtors: amounts falling due within one year
 13 
797,702
694,934

Cash at bank and in hand
 14 
368,788
190,320

  
1,188,608
909,753

Creditors: amounts falling due within one year
 15 
(4,738,644)
(8,541,939)

Net current liabilities
  
 
 
(3,550,036)
 
 
(7,632,186)

Total assets less current liabilities
  
2,567,768
(1,288,287)

Creditors: amounts falling due after more than one year
 16 
(4,211,538)
(274,166)

  

Net liabilities
  
(1,643,770)
(1,562,453)


Capital and reserves
  

Called up share capital 
 19 
114
114

Share premium account
  
299,986
299,986

Profit and loss account
  
(1,943,870)
(1,862,553)

  
(1,643,770)
(1,562,453)


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




T R J Guest
Director

Date: 21 November 2023

The notes on pages 12 to 23 form part of these financial statements.

Page 9


 
NO. 15 GREAT PULTENEY LTD
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
114
299,986
(2,099,553)
(1,799,453)


Comprehensive income for the year

Profit for the year
-
-
237,000
237,000



At 1 April 2022
114
299,986
(1,862,553)
(1,562,453)


Comprehensive income for the year

Loss for the year
-
-
(81,317)
(81,317)


At 31 March 2023
114
299,986
(1,943,870)
(1,643,770)


The notes on pages 12 to 23 form part of these financial statements.

Page 10


 
NO. 15 GREAT PULTENEY LTD
 


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023




At 1 April 2022
Cash flows
At 31 March 2023
£

£

£

Cash at bank and in hand

190,320

178,468

368,788

Bank loans due after 1 year

(274,166)

(3,937,372)

(4,211,538)

Bank loans due within 1 year

(156,667)

(74,102)

(230,769)


(240,513)
(3,833,006)
(4,073,519)

The notes on pages 12 to 23 form part of these financial statements.

Page 11


 
NO. 15 GREAT PULTENEY LTD
 

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

1.


General information

No.15 Great Pulteney Limited is a private company, limited by shares, incorporated in England and Wales, United Kingdom. The registered office address is 13-15 Great Pulteney Street, Bath, Somerset BA2 4BS.
The principal activity of the Company is the operation of a luxury hotel.

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

Going concern

For the purposes of assessing whether 'going concern' is an appropriate basis for preparing the financial statements, the directors have reviewed projections for the next 12 months using assumptions which the directors consider to be appropriate to the current financial position of the Company with regards to revenue, cost of sales, borrowing and debt repayment plans.
During the year ended 31 March 2023 the Company suffered a loss after tax of £81,317 resulting in a balance sheet deficit of £1,643,770 at the year end. Within the Company liabilities is a balance of £3,850,000 owed to group companies. The directors have confirmed that the group will continue to provide such financial support as is required whilst the Company strengthens its own financial position.
During the year the Company continued to invest in the refurbishment of the hotel. Management has prepared projections that, over the coming year, demonstrate that the company should achieve positive earnings before interest, depreciation and tax with a net contribution to group cash.
In light of the above and, after taking into account all information that could reasonably be expected to be available, the directors are confident that the Company will continue in operation for the foreseeable future and that the going concern basis is therefore appropriate for the preparation of the Company's accounts.

 
2.3

Revenue

Revenue, which excludes value added tax, comprises the Company's income from the operation of its hotel and is wholly earned in the United Kingdom. This arises primarily from the letting of bedroom and suite accomodation, providing conference and events facilities, spa services and the service of food and beverage. Revenue is recognised on the occupation of accomodation and once a service has been rendered.

Page 12


 
NO. 15 GREAT PULTENEY LTD
 

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

2.Accounting policies (continued)

 
2.4

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 Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

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.

 
2.7

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.

Page 13


 
NO. 15 GREAT PULTENEY LTD
 

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

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Freehold property
-
50
years
Plant and machinery
-
5
years
Fixtures and fittings
-
5
years
Computer equipment
-
3
years

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.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 14


 
NO. 15 GREAT PULTENEY LTD
 

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

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance Sheet date as well as revenues and expenses reported during the year.
Management have made the following significant judgement in applying the Company's accounting policies within the financial statements for the current year:
Depreciation
Management, using experience and following best-practice guidance, have set a Group accounting policy for depreciation, estimating the useful lives of assets held within the group. This includes, in particular, freehold property of significant value, which is depreciated over the estimated useful life of 50 years, thus resulting in the recognition of similarly significant depreciation charges. Management continue to review the depreciation policies for their appropriateness.

Page 15


 
NO. 15 GREAT PULTENEY LTD
 

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

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Accomodation
2,220,164
2,313,861

Food and beverage
706,533
679,313

Spa
443,040
338,308

Other
84,760
40,083

3,454,497
3,371,565


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Government grants receivable
-
103,236



6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
12,500
11,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 16


 
NO. 15 GREAT PULTENEY LTD
 

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

7.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
1,339,030
1,249,051

Social security costs
122,600
102,680

Cost of defined contribution scheme
22,125
20,260

1,483,755
1,371,991


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Average number of employees
64
62


8.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
193,347
2,624


9.


Taxation


2023
2022
£
£



Current tax on profits for the year
-
(9,685)

Adjustments in respect of previous periods
9,685
-


Total current tax
9,685
(9,685)

Deferred tax


Origination and reversal of timing differences
(28,159)
(609,105)

Total deferred tax
(28,159)
(609,105)


Tax on loss
(18,474)
(618,790)
Page 17


 
NO. 15 GREAT PULTENEY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of19% (2022 -19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(99,791)
(381,790)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
(18,960)
(72,540)

Effects of:


Capital allowances for year in excess of depreciation
(2,003)
72,540

Remeasurement of deferred tax for changes in tax rates
(6,621)
-

Adjustments to tax charge in respect of prior periods
9,685
-

Other timing differences leading to an increase (decrease) in taxation
-
(618,790)

Movement in deferred tax not recognised
(575)
-

Total tax charge for the year
(18,474)
(618,790)


Factors that may affect future tax charges

An intention to increase the UK corporation tax rate to 25% on profits over £250,000 from 1 April 2023 was announced in the UK budget in March 2021. These changes were substantively enacted in May 2021. The closing net deferred tax liability has been calculated at the rate substantively enacted at the balance sheet date.

Page 18


 
NO. 15 GREAT PULTENEY LTD
 

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

10.


Intangible assets




Computer software

£



Cost


At 1 April 2022
6,000



At 31 March 2023

6,000



Amortisation


At 1 April 2022
1,980


Charge for the year on owned assets
1,980



At 31 March 2023

3,960



Net book value



At 31 March 2023
2,040



At 31 March 2022
4,020



Page 19


 
NO. 15 GREAT PULTENEY LTD
 

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

11.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
6,494,463
1,308,244
2,283,146
71,211
10,157,064


Additions
24,704
9,969
44,183
15,413
94,269


Disposals
-
(306)
(1,678,567)
(41,913)
(1,720,786)



At 31 March 2023

6,519,167
1,317,907
648,762
44,711
8,530,547



Depreciation


At 1 April 2022
579,732
1,240,461
1,945,554
51,438
3,817,185


Charge for the year on owned assets
130,156
51,759
125,053
11,416
318,384


Disposals
-
(306)
(1,678,567)
(41,913)
(1,720,786)



At 31 March 2023

709,888
1,291,914
392,040
20,941
2,414,783



Net book value



At 31 March 2023
5,809,279
25,993
256,722
23,770
6,115,764



At 31 March 2022
5,914,731
67,783
337,592
19,773
6,339,879


12.


Stocks

2023
2022
£
£

Finished goods and goods for resale
22,118
24,499


Page 20


 
NO. 15 GREAT PULTENEY LTD
 

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

13.


Debtors: amounts falling due within one year

2023
2022
£
£


Trade debtors
8,974
9,237

Amounts owed by group undertakings
7,173
-

Other debtors
30,200
25,467

Prepayments and accrued income
114,091
51,125

Deferred taxation
637,264
609,105

797,702
694,934



14.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
368,788
190,320



15.


Creditors: amounts falling due within one year

2023
2022
£
£

Bank loans
230,769
156,667

Trade creditors
166,119
296,988

Amounts owed to group undertakings
3,850,000
7,826,402

Corporation tax
9,685
-

Other taxation and social security
155,407
39,437

Other creditors
326,664
222,445

4,738,644
8,541,939



16.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Bank loans
4,211,538
274,166


Page 21


 
NO. 15 GREAT PULTENEY LTD
 

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

17.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Amounts falling due within one year
230,769
156,667

Amounts falling due 1-2 years
230,769
274,166

Amounts falling due 2-5 years
3,980,769
-


4,442,307
430,833


Loan secuity in favour of the bank includes:
 
A Debenture granted by the Company;
A Cross Guarantee between the Company and other members of the Guesthouse Group; and
A first legal charge over the freehold of the property owned by the Company.


18.


Deferred taxation




2023


£






At beginning of year
609,105


Credited to profit or loss
28,159



At end of year
637,264

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
204,328
194,818

Tax losses carried forward
432,936
414,287

637,264
609,105

Page 22


 
NO. 15 GREAT PULTENEY LTD
 

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

19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) A Ordinary shares shares of £1 each
100
100
11 (2022 - 11) B Ordinary shares shares of £1 each
11
11
3 (2022 - 3) C Ordinary shares shares of £1 each
3
3

114

114



20.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £22,125 (2022: £20,260). Contributions totalling £nil (2022: £nil) were payable to the fund at the balance sheet date.


21.


Related party transactions

The Company has taken advantage of the intra-group trading exemption contained in FRS 102 para 33.1A and has therefore not disclosed transactions or balances with entities that form part of the group headed by Guest Holdings Ltd.


22.


Ultimate parent undertaking and controlling parties

The Company is a subsidiary of Guest Holdings Ltd, a company registered in England and Wales, United Kingdom. The directors regards Guest Holdings Ltd as the Company's controlling party and ultimate parent undertaking. The results of the Company are included in the consolidated financial statements of Guest Holdings Ltd, the only group which consolidates the Company. The registered office address of Guest Holdings Ltd is 31 Ruvigny Gardens, London SW15 1JR.
The ultimate controlling parties are James Guest, Thomas Guest and Tristan Guest by virtue of their equal shareholdings in Guest Holdings Ltd. 

 
Page 23