REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
PORCHESTER HOTEL LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
PORCHESTER HOTEL LIMITED |
PORCHESTER HOTEL LIMITED (REGISTERED NUMBER: 00201602) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PORCHESTER HOTEL LIMITED |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Dukes Court |
Duke Street |
Woking |
Surrey |
GU21 5BH |
PORCHESTER HOTEL LIMITED (REGISTERED NUMBER: 00201602) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Investments | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
PORCHESTER HOTEL LIMITED (REGISTERED NUMBER: 00201602) |
Balance Sheet - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PORCHESTER HOTEL LIMITED (REGISTERED NUMBER: 00201602) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Porchester Hotel Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Tangible fixed assets |
Fixtures and fittings | - |
Investment property |
The investment property is shown at fair value. The property is valued annually. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Deferred tax has been provided on the revaluation of the investment property. |
Investments |
Investments are recognised initially at fair value which is normally the transaction price excluding transaction cost. Subsequently they are measured at fair value with changes recognised in gains/(losses) on investments if the shares are publicly traded or their fair value can otherwise be measured reliably. |
PORCHESTER HOTEL LIMITED (REGISTERED NUMBER: 00201602) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | EMPLOYEES |
The average number of employees during the year was NIL (2022 - NIL). |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The directors have assessed the value as at 31 March 2023 and consider that there has been no material change from the valuation in 2021. |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2017 | 349,323 |
Valuation in 2021 | 683,333 |
Cost | 250,677 |
1,283,333 |
7. | CURRENT ASSET INVESTMENTS |
31.3.23 | 31.3.22 |
£ | £ |
Listed investments | 168,854 | 140,586 |
PORCHESTER HOTEL LIMITED (REGISTERED NUMBER: 00201602) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Other creditors |
9. | PROVISIONS FOR LIABILITIES |
31.3.23 | 31.3.22 |
£ | £ |
Deferred tax | 184,167 | 134,594 |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Provided during year |
Offset losses against gain |
Balance at 31 March 2023 |
Deferred tax relates to the capital gains tax that would arise on disposal of the investment property based on the valuation of the property at the balance sheet date. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary A | £1 | 839 | 839 |
Ordinary B | £1 | 250 | 250 |
Ordinary C | £1 | 137 | 137 |
Ordinary D | £1 | 250 | 250 |
137 | Ordinary E | £1 | 137 | 137 |
250 | Ordinary F | £1 | 250 | 250 |
137 | Ordinary G | £1 | 137 | 137 |
2,000 | 2,000 |
11. | RELATED PARTY DISCLOSURES |
At the year end the company owed the following balances to related parties; director M Hilton £106,578 (2022 - £81,156), director I Hilton £8,000 (2022 - £6,000), company secretary A Innes-Kerr £83,717 (2022 - £81,717) and shareholder R Hilton £42,000 (2022 - £40,000). The loans are interest free and repayable on demand, however the related parties have confirmed they will not withdraw their loans to the detriment of the company. |
12. | RESERVES |
Included within the total retained earnings reserve balance of £1,032,120 are non distributable reserves of £896,856 |