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Registration number: 11735787

St Enodoc Hotel Limited

Filleted Financial Statements

for the Year Ended 30 June 2023

 

St Enodoc Hotel Limited

Contents

Statement of Financial Position

1

Notes to the Financial Statements

2 to 12

 

St Enodoc Hotel Limited

(Registration number: 11735787)
Statement of Financial Position as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,649

3,299

Tangible assets

5

289,836

455,857

 

291,485

459,156

Current assets

 

Stocks

6

10,342

16,593

Debtors

7

21,082

39,146

Cash at bank and in hand

 

161,660

213,787

 

193,084

269,526

Creditors: Amounts falling due within one year

8

(550,236)

(499,320)

Net current liabilities

 

(357,152)

(229,794)

Total assets less current liabilities

 

(65,667)

229,362

Creditors: Amounts falling due after more than one year

8

(120,000)

(189,612)

Net (liabilities)/assets

 

(185,667)

39,750

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(185,767)

39,650

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 Board on 16 February 2024 and signed on its behalf by:
 


Robert Barkwell
Director


Mrs Carol Barkwell
Director

 

St Enodoc Hotel Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
Barowe House
Beardown Road
Exeter Road Industrial Estate
Okehampton
Devon
EX20 1UA

Principal activity

The principal activity of the company is the operation of a hotel.

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.

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

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 16 February 2024 was David Wright FCA, who signed for and on behalf of Westcotts (SW) LLP.

.........................................

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
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

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)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 49 (2022 - 45).

4

Intangible assets

Other intangible assets
£

Total
£

Cost or valuation

At 1 July 2022

8,249

8,249

At 30 June 2023

8,249

8,249

Amortisation

At 1 July 2022

4,950

4,950

Amortisation charge

1,650

1,650

At 30 June 2023

6,600

6,600

Carrying amount

At 30 June 2023

1,649

1,649

At 30 June 2022

3,299

3,299

 

St Enodoc Hotel Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

5

Tangible assets

Short leasehold property improvements
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

64,308

679,873

1,331

12,155

85,208

842,875

Additions

-

3,994

-

-

-

3,994

Disposals

-

-

-

-

(72,602)

(72,602)

At 30 June 2023

64,308

683,867

1,331

12,155

12,606

774,267

Depreciation

At 1 July 2022

30,971

318,986

699

10,981

25,381

387,018

Charge for the year

12,862

102,578

158

1,174

14,957

131,729

Eliminated on disposal

-

-

-

-

(34,316)

(34,316)

At 30 June 2023

43,833

421,564

857

12,155

6,022

484,431

Carrying amount

At 30 June 2023

20,475

262,303

474

-

6,584

289,836

At 30 June 2022

33,337

360,887

632

1,174

59,827

455,857

 

St Enodoc Hotel Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

10,342

16,593

7

Debtors

2023
£

2022
£

Trade debtors

694

1,791

Other debtors

20,388

30,000

Prepayments

-

7,355

21,082

39,146

 

St Enodoc Hotel Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

60,000

71,534

Trade creditors

 

78,615

64,501

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

77,713

104,015

Taxation and social security

 

98,906

112,147

Accruals and deferred income

 

185,002

141,399

Other creditors

 

50,000

5,724

 

550,236

499,320

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
£

Due after one year

 

Loans and borrowings

10

120,000

189,612

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.

9

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)

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

120,000

180,000

Hire purchase contracts

-

9,612

120,000

189,612

2023
£

2022
£

Current loans and borrowings

Bank borrowings

60,000

60,000

Hire purchase contracts

-

11,534

60,000

71,534

11

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

87,191

150,000

Later than one year and not later than five years

-

87,191

87,191

237,191

The amount of non-cancellable operating lease payments recognised as an expense during the year was £150,000 (2022 - £150,000).

 

St Enodoc Hotel Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

12

Related party transactions

Transactions with directors

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

-

71,302

(71,302)

-

         
       

 

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

(237,517)

318,402

(80,885)

-

         
       

 

13

Parent and ultimate parent undertaking

The company's immediate parent is Barkwell Properties Limited, incorporated in England.

 

The parent of the largest group in which these financial statements are consolidated is Barkwell Properties Limited, incorporated in England.

The address of Barkwell Properties Limited is:
Barowe House
Beardown Road
Exeter Road Industrial Estate
Okehampton
Devon
EX20 1UA