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Registration number: 07475633

Smiths Court Hotel Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

Smiths Court Hotel Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account and Statement of Retained Earnings

4

Balance Sheet

5 to 6

Notes to the Unaudited Financial Statements

7 to 14

 

Smiths Court Hotel Limited

Company Information

Directors

Mr A Burton

Mrs A Burton

Registered office

Smiths Court Hotel
21-27 Eastern Esplanade
Cliftonville
Margate
Kent
CT9 2HL

Accountants

Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

Smiths Court Hotel Limited

Directors' Report for the Year Ended 31 January 2023

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

Directors of the company

The directors who held office during the year were as follows:

Mr A Burton

Mrs A Burton

Principal activity

The principal activity of the company is that of a hotel accomodation. The company ceased trading on 31 May 2022.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 29 November 2023 and signed on its behalf by:

.........................................
Mr A Burton
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Smiths Court Hotel Limited
for the Year Ended 31 January 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Smiths Court Hotel Limited for the year ended 31 January 2023 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/
standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Smiths Court Hotel Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Smiths Court Hotel Limited and state those matters that we have agreed to state to the Board of Directors of Smiths Court Hotel Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en
/technical-activities/technical-resources-search/2009/october/factsheet-163-audit-exempt-companies.html.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Smiths Court Hotel Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Smiths Court Hotel Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Smiths Court Hotel Limited. You consider that Smiths Court Hotel Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Smiths Court Hotel Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

29 November 2023

 

Smiths Court Hotel Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 January 2023

Note

2023
£

2022
£

Turnover

 

43,459

373,716

Cost of sales

 

(32,505)

(246,515)

Gross profit

 

10,954

127,201

Administrative expenses

 

(121,621)

(229,723)

Other operating income

 

-

99,679

Operating loss

 

(110,667)

(2,843)

Other interest receivable and similar income

 

350

300

Interest payable and similar charges

 

(4,058)

(212)

 

(3,708)

88

Loss before tax

(114,375)

(2,755)

Loss for the financial year

 

(114,375)

(2,755)

Retained earnings brought forward

 

(327,438)

(324,683)

Retained earnings carried forward

 

(441,813)

(327,438)

 

Smiths Court Hotel Limited

(Registration number: 07475633)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

-

180,657

Current assets

 

Stocks

6

-

1,000

Debtors

7

40,118

14,685

Cash at bank and in hand

 

10,076

2,416

 

50,194

18,101

Creditors: Amounts falling due within one year

8

(491,907)

(484,429)

Net current liabilities

 

(441,713)

(466,328)

Total assets less current liabilities

 

(441,713)

(285,671)

Creditors: Amounts falling due after more than one year

8

-

(41,667)

Net liabilities

 

(441,713)

(327,338)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(441,813)

(327,438)

Shareholders' deficit

 

(441,713)

(327,338)

 

Smiths Court Hotel Limited

(Registration number: 07475633)
Balance Sheet as at 31 January 2023 (continued)

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised by the Board on 29 November 2023 and signed on its behalf by:
 

.........................................
Mr A Burton
Director

   
     
 

Smiths Court Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

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:
Smiths Court Hotel
21-27 Eastern Esplanade
Cliftonville
Margate
Kent
CT9 2HL

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

The financial statements are prepared using the historical cost convention.

The financial statements have been are presented in sterling which is the functional currency of the Company and rounded to the nearest pound.

Going concern

The hotel ceased to trade from 31 May 2022. The assets were sold during the remaining period. On this basis the accounts have not been prepared on a going concern basis and the company will look to be dissolved in due course.

 

Smiths Court Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

2

Accounting policies (continued)

Judgements

No judgements have been made in the process of applying the accounting policies that have had a significant effect on the amounts recognised in the financial statements.

No key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been made.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activites. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Government grants

Grants are accounted for under the accruals model permitted by FRS102. Grants relating to expenditure on tangible assets are credited to the profit and 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 profit and loss account in the same period as the related expenditure.

Finance income and costs policy

Interest income is recognised in the profit and loss account using the effective interest method.

Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Tax

The current income 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.

 

Smiths Court Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long-term leasehold property

10% Straight Line

Motor vehicles

25% Reducing Balance

Fixtures and fittings

25% Reducing Balance

Office equipment

25% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

fully amortised

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Smiths Court Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Smiths Court Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 13).

 

Smiths Court Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2022

21,000

21,000

Disposals

(21,000)

(21,000)

At 31 January 2023

-

-

Amortisation

At 1 February 2022

21,000

21,000

Amortisation eliminated on disposals

(21,000)

(21,000)

At 31 January 2023

-

-

Carrying amount

At 31 January 2023

-

-

5

Tangible assets

Improvements to property
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2022

205,785

130,938

4,106

660

341,489

Disposals

(205,785)

(130,938)

(4,106)

(660)

(341,489)

At 31 January 2023

-

-

-

-

-

Depreciation

At 1 February 2022

72,689

83,842

3,669

632

160,832

Eliminated on disposal

(72,689)

(83,842)

(3,669)

(632)

(160,832)

At 31 January 2023

-

-

-

-

-

Carrying amount

At 31 January 2023

-

-

-

-

-

At 31 January 2022

133,096

47,096

437

28

180,657

 

Smiths Court Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

6

Stocks

2023
£

2022
£

Stock

-

1,000

7

Debtors

Current

2023
£

2022
£

Other debtors

40,118

14,685

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

143,981

234,141

Trade creditors

 

-

46,246

Taxation and social security

 

-

51,324

Accruals and deferred income

 

2,606

5,060

Other creditors

 

345,320

147,658

 

491,907

484,429

9

Loans and borrowings

2023
£

2022
£

Creditors falling due after more than one year

Bank borrowings

-

41,667

The company received an unsecured loan under the UK Government Bounce Back Loan Scheme, which has the financial backing of the Secretary of State for Business, Energy and Industrial Strategy. Repayments did not commence until late 2022. Interest charged for the first twelve months of the year were covered by the UK Government.

The BBLS loan has been recognised at its present value.

 

Smiths Court Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

9

Loans and borrowings (continued)

2023
£

2022
£

Current loans and borrowings

Bank borrowings

43,665

8,333

Bank overdrafts

-

15,313

Directors current account

100,316

210,495

143,981

234,141