0 24 November 2023 false false false false false false false false false true false false false false false false No description of principal activity 2021-09-01 Sage Accounts Production Advanced 2021 - FRS102_2021 5,381,388 1,006,573 94,987 1,101,560 4,279,828 4,374,815 xbrli:pure xbrli:shares iso4217:GBP 10319681 2021-09-01 2022-08-31 10319681 2022-08-31 10319681 2021-08-31 10319681 2020-09-01 2021-08-31 10319681 2021-08-31 10319681 core:NetGoodwill 2021-09-01 2022-08-31 10319681 core:LandBuildings core:OwnedOrFreeholdAssets 2021-09-01 2022-08-31 10319681 bus:Director2 2021-09-01 2022-08-31 10319681 core:NetGoodwill 2021-08-31 10319681 core:NetGoodwill 2022-08-31 10319681 core:LandBuildings core:OwnedOrFreeholdAssets 2021-08-31 10319681 core:LandBuildings core:OwnedOrFreeholdAssets 2022-08-31 10319681 core:WithinOneYear 2022-08-31 10319681 core:WithinOneYear 2021-08-31 10319681 core:ShareCapital 2022-08-31 10319681 core:ShareCapital 2021-08-31 10319681 core:RetainedEarningsAccumulatedLosses 2022-08-31 10319681 core:RetainedEarningsAccumulatedLosses 2021-08-31 10319681 core:NetGoodwill 2021-08-31 10319681 core:LandBuildings core:OwnedOrFreeholdAssets 2021-08-31 10319681 bus:SmallEntities 2021-09-01 2022-08-31 10319681 bus:Audited 2021-09-01 2022-08-31 10319681 bus:FullAccounts 2021-09-01 2022-08-31 10319681 bus:SmallCompaniesRegimeForAccounts 2021-09-01 2022-08-31 10319681 bus:PrivateLimitedCompanyLtd 2021-09-01 2022-08-31
COMPANY REGISTRATION NUMBER: 10319681
HOTEL WHITE HORSE LIMITED
FILLETED FINANCIAL STATEMENTS
31 August 2022
HOTEL WHITE HORSE LIMITED
FINANCIAL STATEMENTS
Year ended 31 August 2022
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
2
HOTEL WHITE HORSE LIMITED
BALANCE SHEET
31 August 2022
2022
2021
Note
£
£
FIXED ASSETS
Intangible assets
5
1
12,401
Tangible assets
6
4,279,828
4,374,815
------------
------------
4,279,829
4,387,216
CREDITORS: amounts falling due within one year
7
( 6,630,808)
( 6,400,488)
------------
------------
NET CURRENT LIABILITIES
( 6,630,808)
( 6,400,488)
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 2,350,979)
( 2,013,272)
------------
------------
NET LIABILITIES
( 2,350,979)
( 2,013,272)
------------
------------
CAPITAL AND RESERVES
Called up share capital
2
2
Profit and loss account
( 2,350,981)
( 2,013,274)
------------
------------
SHAREHOLDERS FUNDS
( 2,350,979)
( 2,013,272)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 24 November 2023 , and are signed on behalf of the board by:
Mr S L Littlefair
Director
Company registration number: 10319681
HOTEL WHITE HORSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 August 2022
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 210 Cygnet Court, Centre Park, Warrington, WA1 1PP.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on the going concern basis. The accounts show that the company made a loss of £337,707 in the year, had current liabilities of £6,630,808 and net liabilities of £2,350,979 at the balance sheet date. The directors have therefore had to consider the appropriateness of the going concern basis. The company has been able to finance its operations largely because of the support from its shareholders. The directors have had confirmation that this support will continue so they are satisfied that, with this continuing support, the company will be able to meet its liabilities as they fall due. On the basis of the above, the directors consider it appropriate to prepare the accounts on a going concern basis.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to Nil (2021: 2 ).
5. INTANGIBLE ASSETS
Goodwill
Investments
Total
£
£
£
Cost
At 1 September 2021 and 31 August 2022
124,000
1
124,001
---------
----
---------
Amortisation
At 1 September 2021
111,600
111,600
Charge for the year
12,400
12,400
---------
----
---------
At 31 August 2022
124,000
124,000
---------
----
---------
Carrying amount
At 31 August 2022
1
1
---------
----
---------
At 31 August 2021
12,400
1
12,401
---------
----
---------
6. TANGIBLE ASSETS
Freehold property
£
Cost
At 1 September 2021 and 31 August 2022
5,381,388
------------
Depreciation
At 1 September 2021
1,006,573
Charge for the year
94,987
------------
At 31 August 2022
1,101,560
------------
Carrying amount
At 31 August 2022
4,279,828
------------
At 31 August 2021
4,374,815
------------
7. CREDITORS: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
2,226,436
2,363,290
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,664,215
2,304,101
Other creditors
1,740,157
1,733,097
------------
------------
6,630,808
6,400,488
------------
------------
Bank loans are secured against the asset to which they relate.
8. SUMMARY AUDIT OPINION
The auditor's report for the year dated 24 November 2023 was unqualified .
The senior statutory auditor was Simon Tee , for and on behalf of Kilsby & Williams LLP .
9. RELATED PARTY TRANSACTIONS
Included within other creditors is an amount of £1,439,833 (2021: - £1,451,773) due to The Talbot Hotel (Surrey) Limited, a company related through key management personnel. Included within other creditors is an amount of £nil (2021: - £60,524) due to Bespoke Hotels (ISIS) Limited, a company related trough key management personnel. Included within other creditors is an amount of £294,825 (2021: - £218,300) due to Hotel Gotham Limited, a company related through key management personnel. Included within group undertakings due within one year is a balance of £2,194,190 (2021: - £2,067,284) due to Three Wishes Limited, the ultimate parent company. Interest is being charged annually on this loan at a rate of 8% per annum. During the year this loan was re-assigned to this company from Mr M Shina, a shareholder of Three Wishes Limited. The company has taken advantage of the exemption provided by section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions between wholly owned members of the same group.
10. CONTROLLING PARTY
In the opinion of the directors the ultimate parent company is Three Wishes Limited, a company registered in Hong Kong, which owns 75% of the allotted share capital of the company.