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31/03/2023
2023-03-31
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No description of principal activities is disclosed
2022-04-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
10510767
2022-04-01
2023-03-31
10510767
2023-03-31
10510767
2022-03-31
10510767
2021-04-01
2022-03-31
10510767
2022-03-31
10510767
2021-03-31
10510767
core:PlantMachinery
2022-04-01
2023-03-31
10510767
core:FurnitureFittingsToolsEquipment
2022-04-01
2023-03-31
10510767
bus:RegisteredOffice
2022-04-01
2023-03-31
10510767
bus:OrdinaryShareClass1
2022-04-01
2023-03-31
10510767
bus:LeadAgentIfApplicable
2022-04-01
2023-03-31
10510767
bus:Director1
2022-04-01
2023-03-31
10510767
bus:Director2
2022-04-01
2023-03-31
10510767
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2022-04-01
2023-03-31
10510767
core:WithinOneYear
2023-03-31
10510767
core:WithinOneYear
2022-03-31
10510767
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-03-31
10510767
core:PlantMachinery
2022-03-31
10510767
core:FurnitureFittingsToolsEquipment
2022-03-31
10510767
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-03-31
10510767
core:RetainedEarningsAccumulatedLosses
2021-04-01
2022-03-31
10510767
core:RetainedEarningsAccumulatedLosses
2022-04-01
2023-03-31
10510767
core:UKTax
2022-04-01
2023-03-31
10510767
core:UKTax
2021-04-01
2022-03-31
10510767
core:ShareCapital
2023-03-31
10510767
core:ShareCapital
2022-03-31
10510767
core:RetainedEarningsAccumulatedLosses
2023-03-31
10510767
core:RetainedEarningsAccumulatedLosses
2022-03-31
10510767
core:ShareCapital
2021-03-31
10510767
core:RetainedEarningsAccumulatedLosses
2021-03-31
10510767
bus:OrdinaryShareClass1
core:ShareCapital
2023-03-31
10510767
bus:OrdinaryShareClass1
core:ShareCapital
2022-03-31
10510767
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-03-31
10510767
core:PlantMachinery
2022-03-31
10510767
core:FurnitureFittingsToolsEquipment
2022-03-31
10510767
bus:SmallEntities
2022-04-01
2023-03-31
10510767
bus:AuditExempt-NoAccountantsReport
2022-04-01
2023-03-31
10510767
bus:FullAccounts
2022-04-01
2023-03-31
10510767
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2022-04-01
2023-03-31
10510767
bus:PrivateLimitedCompanyLtd
2022-04-01
2023-03-31
10510767
core:AllJointVentures
2023-03-31
10510767
core:AllAssociates
2022-03-31
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.