Registration number:
St Enodoc Hotel Limited
for the Year Ended 30 June 2023
St Enodoc Hotel Limited
Contents
Statement of Financial Position |
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Notes to the Financial Statements |
St Enodoc Hotel Limited
(Registration number: 11735787)
Statement of Financial Position as at 30 June 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
(185,767) |
39,650 |
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Shareholders' (deficit)/funds |
(185,667) |
39,750 |
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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.
Approved and authorised by the
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St Enodoc Hotel Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is the operation of a hotel.
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.
The financial statements are prepared in sterling which is the functional currency of the entity.
Whilst the company has made trading losses in the period the business is broadly cash neutral. This is due to the non-cash impact of depreciation and property rental charges from its parent company. The directors have considered the company's funding for the next 12 months and beyond by preparing profit and cashflow forecasts which show that adequate funding is in place. The directors have thus continued to adopt the going concern basis of accounting in preparing the annual financial statements.
St Enodoc Hotel Limited
Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)
2 |
Accounting policies (continued) |
Audit report
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Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
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 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.
St Enodoc Hotel Limited
Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)
2 |
Accounting policies (continued) |
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
Short leasehold property |
5 years straight line over lease |
Plant and machinery |
25% reducing balance |
Fittings, fixtures and equipment |
15% straight line |
Office equipment |
25% straight line |
Motor vehicles |
25% reducing balance |
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
St Enodoc Hotel Limited
Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)
2 |
Accounting policies (continued) |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website |
5 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .
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.
St Enodoc Hotel Limited
Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)
2 |
Accounting policies (continued) |
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 statement of comprehensive income 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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.
Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
St Enodoc Hotel Limited
Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 July 2022 |
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At 30 June 2023 |
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Amortisation |
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At 1 July 2022 |
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Amortisation charge |
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At 30 June 2023 |
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Carrying amount |
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At 30 June 2023 |
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At 30 June 2022 |
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St Enodoc Hotel Limited
Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)
Tangible assets |
Short leasehold property improvements |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 July 2022 |
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Additions |
- |
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- |
- |
- |
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Disposals |
- |
- |
- |
- |
( |
( |
At 30 June 2023 |
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Depreciation |
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At 1 July 2022 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
- |
- |
( |
( |
At 30 June 2023 |
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Carrying amount |
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At 30 June 2023 |
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- |
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At 30 June 2022 |
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St Enodoc Hotel Limited
Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)
Stocks |
2023 |
2022 |
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Finished goods and goods for resale |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Other debtors |
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Prepayments |
- |
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St Enodoc Hotel Limited
Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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The bank loan is secured by way of a fixed and floating charge over the assets of the company.
The bank loan has been repaid since 30 June 2023.
The hire purchase liability of £Nil (2022: £11,534) was secured on the asset to which it related.
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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The bank loan is secured by way of a fixed and floating charge over the assets of the company.
The bank loan has been repaid since 30 June 2023.
The hire purchase liability of £Nil (2022: £9,612) was secured on the asset to which it related.
Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
St Enodoc Hotel Limited
Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
- |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
- |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Not later than one year |
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Later than one year and not later than five years |
- |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
St Enodoc Hotel Limited
Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)
Related party transactions |
Transactions with directors |
2023 |
At 1 July 2022 |
Advances to director |
Repayments by director |
At 30 June 2023 |
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- |
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( |
- |
2022 |
At 1 July 2021 |
Advances to director |
Repayments by director |
At 30 June 2022 |
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( |
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( |
- |
Parent and ultimate parent undertaking |
The company's immediate parent is
The parent of the largest group in which these financial statements are consolidated is
The address of Barkwell Properties Limited is:
Beardown Road
Exeter Road Industrial Estate
Okehampton
Devon
EX20 1UA