Period from 8 December 2021 to
Registration number:
Daffodil Hotel 2 Limited (formerly known as Fonab Opco Limited)
Contents
Balance Sheet |
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Notes to the Financial Statements |
Daffodil Hotel 2 Limited (formerly known as Fonab Opco Limited)
Balance Sheet
31 December 2022
Note |
2022 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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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
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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
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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
Disclosure of long or short period
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
• 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
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
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Investments |
2022 |
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Investments in partnerships |
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Partnerships |
£ |
Cost |
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Additions |
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Profit share |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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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.
Debtors |
Current |
2022 |
Amounts owed by related parties |
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Other debtors |
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Daffodil Hotel 2 Limited (formerly known as Fonab Opco Limited)
Notes to the Financial Statements
Period from 8 December 2021 to 31 December 2022
Creditors |
Creditors: amounts falling due within one year
2022 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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Accruals and deferred income |
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Share capital |
Allotted, called up and fully paid shares
2022 |
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No. |
£ |
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Ordinary of £1 each |
1 |
1 |
During the period 1 ordinary share was issued on incorporation at par value.
Non adjusting events after the financial period |
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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 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.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is