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Company registration number: 10510767
BRIGHT (HOTELS) LIMITED
Unaudited filleted financial statements
31 March 2023
BRIGHT (HOTELS) LIMITED
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
BRIGHT (HOTELS) LIMITED
Directors and other information
Directors I S Johal (Resigned 31 December 2022)
A S Johal
V P S Johal
Company number 10510767
Registered office Unit D, Forest Business Park
Walker Road
Bardon
Coalville
LE67 1TU
Business address Unit D, Forest Business Park
Walker Road
Bardon
Coalville
LE67 1TU
Accountants MKD (UK) LIMITED
33 Cleeve
Abbotsgate
Tamworth
Staffordshire
B77 2QD
Bankers National Westminister Bank Plc
1 Granby Street
Leicester
Leicestershire
LE1 6EJ
Solicitors Equitas Law Ltd
Shakespeare House
17 Wellington Street
Leicester
LE1 6HU
BRIGHT (HOTELS) LIMITED
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 7 3,829,218 4,008,715
_______ _______
3,829,218 4,008,715
Current assets
Debtors 8 36,834 72,100
Cash at bank 27,884 18,422
_______ _______
64,718 90,522
Creditors: amounts falling due
within one year 9 ( 3,376,245) ( 3,624,041)
_______ _______
Net current liabilities ( 3,311,527) ( 3,533,519)
_______ _______
Total assets less current liabilities 517,691 475,196
_______ _______
Net assets 517,691 475,196
_______ _______
Capital and reserves
Called up share capital 10 100 100
Profit and loss account 517,591 475,096
_______ _______
Shareholders funds 517,691 475,196
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 December 2023 , and are signed on behalf of the board by:
VPS Johal
Director
Company registration number: 10510767
BRIGHT (HOTELS) LIMITED
Statement of changes in equity
Year ended 31 March 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2021 100 392,998 393,098
Profit for the year 82,098 82,098
_______ _______ _______
Total comprehensive income for the year - 82,098 82,098
_______ _______ _______
At 31 March 2022 and 1 April 2022 100 475,096 475,196
Profit for the year 42,495 42,495
_______ _______ _______
Total comprehensive income for the year - 42,495 42,495
_______ _______ _______
At 31 March 2023 100 517,591 517,691
_______ _______ _______
BRIGHT (HOTELS) LIMITED
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit D, Forest Business Park, Walker Road, Bardon, Coalville, LE67 1TU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 15 % straight line
Fittings fixtures and equipment - 15 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: Nil).
6. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 8,327 34,676
Adjustments in respect of previous periods - 547
_______ _______
Tax on profit 8,327 35,223
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is lower than (2022: higher than) the standard rate of corporation tax in the UK of 19.00 % (2022: 19.00%).
2023 2022
£ £
Profit before taxation 50,822 117,321
_______ _______
Profit multiplied by rate of tax 9,656 22,291
Adjustments in respect of prior periods - 547
Effect of expenses not deductible for tax purposes 1,368 -
Effect of capital allowances and depreciation ( 2,697) 12,385
_______ _______
Tax on profit 8,327 35,223
_______ _______
7. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 April 2022 3,829,218 310,000 407,997 4,547,215
Disposals - ( 310,000) ( 407,997) ( 717,997)
_______ _______ _______ _______
At 31 March 2023 3,829,218 - - 3,829,218
_______ _______ _______ _______
Depreciation
At 1 April 2022 - 232,500 306,000 538,500
Disposals - ( 232,500) ( 306,000) ( 538,500)
_______ _______ _______ _______
At 31 March 2023 - - - -
_______ _______ _______ _______
Carrying amount
At 31 March 2023 3,829,218 - - 3,829,218
_______ _______ _______ _______
At 31 March 2022 3,829,218 77,500 101,997 4,008,715
_______ _______ _______ _______
8. Debtors
2023 2022
£ £
Trade debtors 7,667 72,000
Prepayments and accrued income 29,167 100
_______ _______
36,834 72,100
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 2,749 22,659
Amounts owed to related undertaking 3,355,000 3,550,000
Accruals and deferred income 2,602 7,320
Corporation tax 8,327 34,676
Social security and other taxes 7,567 9,386
_______ _______
3,376,245 3,624,041
_______ _______
10. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
11. Capital commitments
There are no capital commitments as at 31 March 2023 (2022: £0).
12. Contingent assets and liabilities
There are no contingent assets and liabilities as at 31 March 2023 (2022: £0).
13. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
Year Year Year Year
ended ended ended ended
2023 2022 2023 2022
£ £ £ £
Johal Holdings Limited ( 3,355,000) ( 3,550,000) ( 3,355,000) ( 3,550,000)
_______ _______ _______ _______
During the year £195,000 (2022 - £500,000) was repaid back to Johal Holdings Limited.
The total balance outstanding to Johal Holdings Limited at 31 March 2023 is £3,355,000 (2022 - £3, 550,000).
14. Controlling party
The company and ultimate controlling party of Bright (Hotels) Limited is Johal Holdings Limited, a private company registered in Gibraltar.