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Registered number: 04272221










LESTER HOTELS (FINCHLEY) LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
LESTER HOTELS (FINCHLEY) LIMITED
REGISTERED NUMBER:04272221

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
-
2,005,200

  
-
2,005,200

Current assets
  

Debtors: amounts falling due within one year
 5 
879,909
2,157,631

Cash at bank and in hand
 6 
10,930
10,020

  
890,839
2,167,651

Creditors: amounts falling due within one year
 7 
(489,019)
(3,883,352)

Net current assets/(liabilities)
  
 
 
401,820
 
 
(1,715,701)

Total assets less current liabilities
  
401,820
289,499

  

Net assets
  
401,820
289,499


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
401,819
289,498

  
401,820
289,499


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
S Lester
Director

Date: 9 February 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
LESTER HOTELS (FINCHLEY) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Lester Hotels (Finchley) Limited is a private limited company incorporated in England and Wales. Its company registration number is 04272221 and registered office address is St John House, The Walk, Potters Bar, Hertfordshire, EN6 1QQ. Its principal place of business is Leisure Way, London, N12 0QZ.
The principal activity of the company is to finance the activities of fellow group undertakings within the Lester Hotel Group.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

In preparing the finacial statements, the Directors have made the assessment of the entity's ability to
continue as a going concern.
The Company is now dormant and the Directors are planning to strike off this entity in due course. For this reason, the Directors have concluded that the Company is no longer a going concern and these financial statements have been prepared on this basis.

  
2.3

Turnover

Turnover comprises revenue recognised by the company, exclusive of Value Added Tax, in respect of management fees.

  
2.4

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

  
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are
remeasured to market value at each reporting date. Gains and losses on remeasurement are
recognised in the Statement of Comprehensive Income for the period. Where market value cannot
be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each reporting date. Gains
and losses on remeasurement are recognised in profit or loss for the period.
 

Page 2

 
LESTER HOTELS (FINCHLEY) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is wholly made up of interest recharged from Giftdale Limited in relation to the recharge of interest on the purchase of an investment property, transferred to Giftdale Limited and amortisation costs capitalised relating to the loan. 

 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

  
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment.

  
2.9

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

  
2.10

Creditors

Short-term creditors are measured at the transaction price.


3.


Employees

2023
2022
£
£

Wages and salaries
-
37

-
37


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







2
2

Page 3

 
LESTER HOTELS (FINCHLEY) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Fixed asset investments





Debt treated as investments

£





At 1 October 2022
2,005,200


Repayment of debt
(2,005,200)



At 30 September 2023
-




The balance owed from Lester Hotels Gibraltar of £2,005,200, was disposed of within the year-ended 30 September 2023. The debt was utilised to acquire land and obtain planning permission to develop a hotel, and was classified as debt treated as investments due to the siginificant influence over management decisions the directors have over Lester Hotels Gibraltar Ltd.


5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
879,908
2,126,814

Other debtors
1
30,817

879,909
2,157,631


Amounts owed by group undertakings are interest free and repayable on demand. 


6.


Cash

2023
2022
£
£

Cash at bank and in hand
10,930
10,020

10,930
10,020


Page 4

 
LESTER HOTELS (FINCHLEY) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
2,877,535

Trade creditors
-
10,992

Amounts owed to group undertakings
489,019
809,912

Other creditors
-
153,490

Accruals
-
31,423

489,019
3,883,352


Amounts owed to group undertakings are interest free and repayable on demand. 


8.


Related party transactions

As permitted by FRS102 paragraphs 1.12e and 33.1a, the company has taken advantage of the exemption from disclosing the transactions entered into between two or more members of a group as all subsidiary undertakings are wholly-owned by a member of that group.
Included within fixed asset investments is a balance of £Nil (2022: £2,005,200) owed from Lester Hotels Gibraltar Ltd, a company with common directors.


9.


Controlling party

The smallest and largest group in which the results of this Company are consolidated is that headed up by Lester Hotels Group Limited, incorporated in England and Wales. No other group financial statements include the results of the Company. The consolidated financial statements of this group are available to the public and may be obtained from Companies House.
The ultimate controlling party is S Lester.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2023 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to note 2.2 of the financial statements. This explains that the Directors are planning to strike off the Company in due course. For the reason, the Directors have concluded that the Company is no longer a going concern and therefore these financial statements have been prepared on a basis other than going concern as described in note 2.2. Our opinion is not modified in respect of this matter.

The audit report was signed on 9 February 2024 by Andrew Ball (Senior Statutory Auditor) on behalf of Haysmacintyre LLP.

Page 5