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Registration number: 08871646

Glen Rothay Hotel Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Glen Rothay Hotel Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Glen Rothay Hotel Ltd

(Registration number: 08871646)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

360,776

366,242

Current assets

 

Stocks

5

12,743

12,483

Debtors

6

56,161

30,170

Cash at bank and in hand

 

4,748

85,007

 

73,652

127,660

Creditors: Amounts falling due within one year

7

(243,860)

(232,673)

Net current liabilities

 

(170,208)

(105,013)

Total assets less current liabilities

 

190,568

261,229

Creditors: Amounts falling due after more than one year

7

(127,880)

(157,418)

Provisions for liabilities

(2,739)

(15,748)

Net assets

 

59,949

88,063

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

59,849

87,963

Shareholders' funds

 

59,949

88,063

 

Glen Rothay Hotel Ltd

(Registration number: 08871646)
Balance Sheet as at 30 April 2023

For the financial year ending 30 April 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 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.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 31 January 2024 and signed on its behalf by:
 

.........................................
Mr Paul Mitchell Knowles
Director

 

Glen Rothay Hotel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Glen Rothay Hotel
Rydal
Cumbria
LA22 9LR

These financial statements were authorised for issue by the Board on 31 January 2024.

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

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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 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.

 

Glen Rothay Hotel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold

Fixtures and fittings

15% straight line

Plant & machinery

15% straight line

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.

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.

 

Glen Rothay Hotel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Glen Rothay Hotel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2022 - 23).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2022

340,520

174,930

108,693

624,143

Additions

12,809

574

4,737

18,120

At 30 April 2023

353,329

175,504

113,430

642,263

Depreciation

At 1 May 2022

63,306

120,846

73,749

257,901

Charge for the year

-

13,665

9,921

23,586

At 30 April 2023

63,306

134,511

83,670

281,487

Carrying amount

At 30 April 2023

290,023

40,993

29,760

360,776

At 30 April 2022

277,214

54,084

34,944

366,242

Included within the net book value of land and buildings above is £290,022 (2022 - £277,213) in respect of long leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

12,743

12,483

6

Debtors

Current

2023
£

2022
£

Prepayments

-

5,375

Other debtors

56,161

24,795

 

Glen Rothay Hotel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

95,035

80,247

trade creditors

 

68,500

53,973

Taxation and social security

 

39,051

29,478

Other creditors

 

41,274

68,975

 

243,860

232,673

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

127,880

157,418

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

73,307

102,845

Other borrowings

54,573

54,573

127,880

157,418

 

Glen Rothay Hotel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

29,538

29,539

Bank overdrafts

14,788

-

Other borrowings

50,709

50,708

95,035

80,247

Bank borrowings

Bank Loan is denominated in Sterling with a nominal interest rate of 4.4%, and the final instalment is due on 15 March 2027. The carrying amount at year end is £Nil (2022 - £91,293).

Security is mortgage over directors private property

Bounce back loan is denominated in sterling with a nominal interest rate of 2.5%, and the final instalment is due on 12 May 2026. The carrying amount at year end is £Nil (2022 - £40,188).

Other borrowings

Investor loans is denominated in sterling with a nominal interest rate of 4%, and the final instalment is due on 30 April 2024. The carrying amount at year end is £Nil (2022 - £100,000).

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

43,000

43,000

Later than one year and not later than five years

157,666

172,000

Later than five years

-

28,666

200,666

243,666

The amount of non-cancellable operating lease payments recognised as an expense during the year was £43,000 (2022 - £43,000).

 

Glen Rothay Hotel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

11

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £20,000.00 (2022 - £40,000.00) per ordinary share

 

40,000

 

40,000

         
   

2023

 

2022

   

£

 

£

Interim dividend of £20,000 (2022 - £40,000) per ordinary share

 

40,000

 

40,000