Daffodil Hotel 2 Limited (formerly known as Fonab Opco Limited) 13789459 false 2021-12-08 2022-12-31 2022-12-31 The principal activity of the company is the holding of an interest in an unincorporated partnership known as the Daffodil Hotel and Spa Digita Accounts Production Advanced 6.30.9574.0 true false true 13789459 2021-12-08 2022-12-31 13789459 2022-12-31 13789459 core:RetainedEarningsAccumulatedLosses 2022-12-31 13789459 core:ShareCapital 2022-12-31 13789459 core:CurrentFinancialInstruments 2022-12-31 13789459 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 13789459 core:AdditionsToInvestments 2022-12-31 13789459 core:CostValuation 2022-12-31 13789459 core:RevaluationsIncreaseDecreaseInInvestments 2022-12-31 13789459 bus:SmallEntities 2021-12-08 2022-12-31 13789459 bus:Audited 2021-12-08 2022-12-31 13789459 bus:FullAccounts 2021-12-08 2022-12-31 13789459 bus:SmallCompaniesRegimeForAccounts 2021-12-08 2022-12-31 13789459 bus:RegisteredOffice 2021-12-08 2022-12-31 13789459 bus:Director1 2021-12-08 2022-12-31 13789459 bus:PrivateLimitedCompanyLtd 2021-12-08 2022-12-31 13789459 1 2021-12-08 2022-12-31 13789459 1 2021-12-08 2022-12-31 13789459 1 2021-12-08 2022-12-31 13789459 countries:EnglandWales 2021-12-08 2022-12-31 iso4217:GBP xbrli:pure

Daffodil Hotel 2 Limited (formerly known as Fonab Opco Limited)

Annual Report and Financial Statements
Period from 8 December 2021 to 31 December 2022

Registration number: 13789459

 

Daffodil Hotel 2 Limited (formerly known as Fonab Opco Limited)

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Daffodil Hotel 2 Limited (formerly known as Fonab Opco Limited)

Balance Sheet

31 December 2022

Note

2022
£

Fixed assets

 

Investments

4

4,412,776

Current assets

 

Debtors

5

227,270

Cash at bank and in hand

 

16

 

227,286

Creditors: Amounts falling due within one year

6

(4,533,544)

Net current liabilities

 

(4,306,258)

Net assets

 

106,518

Capital and reserves

 

Called up share capital

7

1

Profit and loss account

106,517

Shareholders' funds

 

106,518

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 November 2023 and signed on its behalf by:
 

.........................................
J J Bester
Director

Company Registration Number: 13789459

 

Daffodil Hotel 2 Limited (formerly known as Fonab Opco Limited)

Notes to the Financial Statements

Period from 8 December 2021 to 31 December 2022

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:
2nd Floor
10 Bridge Street
Bath
Somerset
BA2 4AS

The principal place of business is:
The Daffodil Hotel and Spa
By the Lake
Keswick Road
Grasmere
Ambleside
LA22 9PR

These financial statements were authorised for issue by the Board on 23 November 2023.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in pounds sterling which is the functional currency of the company.

Monetary amounts in these financial statements are rounded to the nearest pound.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The preparation of financial statements in conformity with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are outlined within this note.

 

Daffodil Hotel 2 Limited (formerly known as Fonab Opco Limited)

Notes to the Financial Statements

Period from 8 December 2021 to 31 December 2022

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 23 November 2023 was Thomas Roach BSc FCA, who signed for and on behalf of PKF Francis Clark.

Disclosure of long or short period

The company has prepared its first financial statements for the period to 31 December 2022. This year end was selected in order to be in line with that of the ultimate parent undertaking, Blantree Holdco Limited.

Going concern

At the balance sheet date the company has net current liabilities of £4,306,258, and net assets of £106,518.

The directors have considered a number of factors in respect of the appropriateness of the going concern assertion. In particular the Directors note that Included in creditors is amounts due to group undertakings of £4,495,376. The company is supported by its parent undertaking, Daffodil Hotel 1 Limited and the wider group under the control of Blantree Holdco Limited.

After due consideration of the factors outlined, the Directors continue to apply the going concern basis to the preparation of the financial statements.

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 corporation 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.

Investments

Investments in unincorporated entities, including partnership interests, are initially recognised at cost (being the capital invested in the partnership), plus attributable legal costs of acquisition. Subsequent measurement of this interest is in accordance with equity accounting principles with a share of the profit (or loss) being recognised within other operating income and either increasing or decreasing the carrying value of this investment.

 

Daffodil Hotel 2 Limited (formerly known as Fonab Opco Limited)

Notes to the Financial Statements

Period from 8 December 2021 to 31 December 2022

Financial instruments

Classification
The company holds the following financial instruments:

• Short term other debtors and creditors;
• Amounts due to group undertakings
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

Critical judgements and estimation uncertainty

In applying the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In the opinon of the Directors the following are key judgement areas incorporated in the financial statements of the company:

Investments in unincorporated partnership (note 4)
During the period the company obtained a partnership interest in the Daffodil Hotel and Spa. The Directors have considered the performance of the partnership, and whether this supports the carrying value of this investment (which equates to capital introduced plus profit share, adjusted for attributable legal costs). In the opinion of the Directors no impairment is required to be recognised in the financial statements.

At the balance sheet date the carrying value of this investment was £4,412,776.

 

Daffodil Hotel 2 Limited (formerly known as Fonab Opco Limited)

Notes to the Financial Statements

Period from 8 December 2021 to 31 December 2022

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

4

Investments

2022
£

Investments in partnerships

4,412,776

Partnerships

£

Cost

Additions

4,269,583

Profit share

143,193

At 31 December 2022

4,412,776

Carrying amount

At 31 December 2022

4,412,776

The investments in partnerships represents the company investment in the Daffodil Hotel and Spa unincorporated partnership, which was acquired in July 2022. The principal place of trade for the unincorporated partnership is The Daffodil Hotel and Spa, By the Lake, Keswick Road, Grasmere, Ambleside, LA22 9PR.

The company as a member of a qualifying partnership has claimed exemption from the requirements of the Qualifying Partnerships Regulations relating to the preparation, delivery and publication of the partnership accounts as they are dealt with on a consolidated basis in the financial statements of Blantree Holdco Limited.

5

Debtors

Current

2022
£

Amounts owed by related parties

226,693

Other debtors

577

 

227,270

 

Daffodil Hotel 2 Limited (formerly known as Fonab Opco Limited)

Notes to the Financial Statements

Period from 8 December 2021 to 31 December 2022

6

Creditors

Creditors: amounts falling due within one year

2022
£

Due within one year

Trade creditors

9,033

Amounts owed to group undertakings

4,495,376

Other creditors

25,985

Accruals and deferred income

3,150

4,533,544

7

Share capital

Allotted, called up and fully paid shares

 

2022

 

No.

£

Ordinary of £1 each

1

1

     

During the period 1 ordinary share was issued on incorporation at par value.

8

Non adjusting events after the financial period

In January 2023 the company acquired the trade and assets known as the Daffodil Hotel and Spa from the partnership in which it holds an interest. At the same time its parent undertaking, Daffodil Hotel 1 Limited (formerly known as Fonab Propco Limited) took on the property from which the company trades. Daffodil Hotel 1 Limited and Daffodil Hotel 2 Limited were the only 2 partners of the Daffodil Hotel and Spa partnership which is unincorporated.

As part of this transaction Daffodil Hotel 1 Limited also entered into a loan facility of £8m with its bankers. Daffodil Hotel 2 Limited is subect to charge in favour of its bankers in respect of this loan facility.

Further details of this transaction will be disclosed in the financial statements for the year ended 31 December 2023.

 

Daffodil Hotel 2 Limited (formerly known as Fonab Opco Limited)

Notes to the Financial Statements

Period from 8 December 2021 to 31 December 2022

9

Audit report

The financial statements for the period ended 31 December 2022 were audited by:

PKF Francis Clark, statutory auditor
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

The senior statutory auditor was Thomas Roach BSc FCA.

An unqualified and unmodified auditors' report on the financial statements for the period ended 31 December 2022 has been issued.

10

Parent and ultimate parent undertaking

The company's immediate parent is Daffodil Hotel 1 Limited, incorporated in England and Wales. The registered office of the company is 2nd Floor, 10 Bridge Street, Bath, BA2 4AS.

 The ultimate parent is Blantree Holdco Limited, incorporated in England and Wales. Its registered office is 2nd Floor, 10 Bridge Street, Bath, BA2 4AS.

 The most senior parent entity producing publicly available financial statements is Blantree Holdco Limited. These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ