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REGISTERED NUMBER: 05003491 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2023

FOR

GREEN DRAGON HOTEL GROUP LIMITED

GREEN DRAGON HOTEL GROUP LIMITED (REGISTERED NUMBER: 05003491)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023










Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


GREEN DRAGON HOTEL GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







Directors: R Sheppard
Ms A C Moore
L O Johnson
M J T Edwards
J D Vaughan





Registered office: 44 - 46 Broad Street
Hereford
HR4 9BG





Registered number: 05003491 (England and Wales)

GREEN DRAGON HOTEL GROUP LIMITED (REGISTERED NUMBER: 05003491)

BALANCE SHEET
31ST MARCH 2023

31.3.23 31.3.22
Notes £ £ £ £
Fixed assets
Tangible assets 4 4,210,518 4,346,177

Current assets
Stocks 5 28,022 35,110
Debtors 6 42,816 43,010
Cash at bank and in hand 188,874 198,892
259,712 277,012
Creditors
Amounts falling due within one year 7 581,056 577,563
Net current liabilities (321,344 ) (300,551 )
Total assets less current liabilities 3,889,174 4,045,626

Creditors
Amounts falling due after more than one
year

8

2,419,349

2,580,937
Net assets 1,469,825 1,464,689

Capital and reserves
Called up share capital 12 1,226 1,226
Share premium 379,854 379,854
Revaluation reserve 13 942,863 942,863
Retained earnings 145,882 140,746
Shareholders' funds 1,469,825 1,464,689

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 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.

GREEN DRAGON HOTEL GROUP LIMITED (REGISTERED NUMBER: 05003491)

BALANCE SHEET - continued
31ST MARCH 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 27th October 2023 and were signed on its behalf by:





J D Vaughan - Director


GREEN DRAGON HOTEL GROUP LIMITED (REGISTERED NUMBER: 05003491)

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


1. Statutory information

Green Dragon 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.

2. Accounting policies

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost less depreciation.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life, or, if held under finance lease, over the lease term, whichever is the shorter.
Freehold property- 0% - 2% on reducing balance
Plant & machinery- 15% on reducing balance
Fixtures & fittings- 10% on reducing balance
Computer equipment- 33% on reducing balance

From 1st April 2022, the directors changed the basis for depreciation for Freehold property to reducing balance and reduced Fixtures & fittings to 10% from 15% to more accurately reflect the useful life of the assets.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

GREEN DRAGON HOTEL GROUP LIMITED (REGISTERED NUMBER: 05003491)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances,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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.





GREEN DRAGON HOTEL GROUP LIMITED (REGISTERED NUMBER: 05003491)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


2. Accounting policies - continued
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducing all of its liabilities.
Basic financial liabilities, including trade and other payables are measured at the transaction price.
Other financial liabilities, including bank loans and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

GREEN DRAGON HOTEL GROUP LIMITED (REGISTERED NUMBER: 05003491)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


2. Accounting policies - continued

Hire purchase & leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs & 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.

3. Employees (including officers)

The average number of employees during the year was 62 (2022 - 52 ) .

4. Tangible fixed assets
Freehold Plant & Fixtures & Computer
property machinery fittings equipment Totals
£ £ £ £ £
Cost or valuation
At 1st April 2022 3,823,403 90,390 1,428,937 16,127 5,358,857
Additions - 7,333 4,977 1,735 14,045
At 31st March 2023 3,823,403 97,723 1,433,914 17,862 5,372,902
Depreciation
At 1st April 2022 292,204 33,238 673,861 13,377 1,012,680
Charge for year 62,539 9,674 76,010 1,481 149,704
At 31st March 2023 354,743 42,912 749,871 14,858 1,162,384
Net book value
At 31st March 2023 3,468,660 54,811 684,043 3,004 4,210,518
At 31st March 2022 3,531,199 57,152 755,076 2,750 4,346,177

The freehold property was revalued as part of the acquisition of the business on 20 August 2018. The directors have not adopted a policy of annual revaluation. Unprovided deferred tax on its revaluation, at 25%, amounts to £235,716.

GREEN DRAGON HOTEL GROUP LIMITED (REGISTERED NUMBER: 05003491)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


4. Tangible fixed assets - continued

Cost or valuation at 31st March 2023 is represented by:

Freehold Plant & Fixtures & Computer
property machinery fittings equipment Totals
£ £ £ £ £
Valuation in 2019 942,863 - - - 942,863
Cost 2,880,540 97,723 1,433,914 17,862 4,430,039
3,823,403 97,723 1,433,914 17,862 5,372,902

The net book value of tangible fixed assets includes £ 58,268 (2022 - £ 64,742 ) in respect of assets held under hire purchase contracts.

5. Stocks
31.3.23 31.3.22
£ £
Stocks 28,022 35,110

6. Debtors: amounts falling due within one year
31.3.23 31.3.22
£ £
Trade debtors 19,265 27,842
Other debtors 18,510 11,452
Directors' loan accounts 5,041 3,716
42,816 43,010

7. Creditors: amounts falling due within one year
31.3.23 31.3.22
£ £
Bank loans & overdrafts (see note 9) 137,076 134,040
Hire purchase contracts (see note 10) 21,084 21,084
Trade creditors 63,276 86,237
Social security & other tax 145,676 151,000
Other creditors 213,944 185,202
581,056 577,563

GREEN DRAGON HOTEL GROUP LIMITED (REGISTERED NUMBER: 05003491)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


8. Creditors: amounts falling due after more than one year
31.3.23 31.3.22
£ £
Bank loans (see note 9) 2,407,050 2,547,553
Hire purchase contracts (see note 10) 12,299 33,384
2,419,349 2,580,937

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than five years by
instalments

1,805,782

2,020,719

9. Loans

An analysis of the maturity of loans is given below:

31.3.23 31.3.22
£ £
Amounts falling due within one year or on demand:
Bank loans 137,076 134,040

Amounts falling due between one and two years:
Bank loans - one to two years 141,230 137,076

Amounts falling due between two and five years:
Bank loans - two to five years 460,038 389,758

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than five years by
instalments

1,805,782

2,020,719

GREEN DRAGON HOTEL GROUP LIMITED (REGISTERED NUMBER: 05003491)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


10. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.23 31.3.22
£ £
Net obligations repayable:
Within one year 21,084 21,084
Between one and five years 12,299 33,384
33,383 54,468

Non-cancellable
operating leases
31.3.23 31.3.22
£ £
Within one year 14,313 9,527
Between one and five years 2,621 3,487
16,934 13,014

11. Secured debts

The following secured debts are included within creditors:

31.3.23 31.3.22
£ £
Bank loans 2,544,126 2,681,593

The company has two registered charges with National Westminster Bank PLC dated 27 November 2018 - charge on property and 30 November 2018 - fixed and floating charge.

12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £ £
2,865,877 Ordinary £0.0004 1,146 1,146
198,344 VN £0.0004 80 80
1,226 1,226

On 16th June 2023, 39,668 of the VN shares were redesignated as 39,668 deferred shares with a variation of the rights.

GREEN DRAGON HOTEL GROUP LIMITED (REGISTERED NUMBER: 05003491)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


13. Reserves
Revaluation
reserve
£
At 1st April 2022
and 31st March 2023 942,863

14. Contingent liabilities

There were no contingent liabilities at 31st March 2023.

15. Directors' advances, credits and guarantees

During the year, the directors used a current account with the company to record amounts due to them and amounts drawn by them. Loans and advances totalling £4,405 and repayments totalling £3,080 were made during the year. The balance owed to the company at the end of the year was £5,041 (2022: £3,716), which was repaid in full in June 2023.

The loans and advances were made interest free and were repayable on demand.

16. Related party disclosures

During the year, transactions for consultancy with Bespoke Hotels Limited in which R Sheppard was a director, were paid amounting to £30,000 (2022 - £17,500).