109 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 07816088 2022-04-01 2023-03-31 07816088 2023-03-31 07816088 2022-03-31 07816088 2021-04-01 2022-03-31 07816088 2022-03-31 07816088 core:LandBuildings core:LongLeaseholdAssets 2022-04-01 2023-03-31 07816088 bus:Director3 2022-04-01 2023-03-31 07816088 core:LandBuildings core:LongLeaseholdAssets 2022-03-31 07816088 core:PlantMachinery 2022-03-31 07816088 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 07816088 core:PlantMachinery 2023-03-31 07816088 core:PlantMachinery 2022-04-01 2023-03-31 07816088 core:WithinOneYear 2023-03-31 07816088 core:WithinOneYear 2022-03-31 07816088 core:ShareCapital 2023-03-31 07816088 core:ShareCapital 2022-03-31 07816088 core:RevaluationReserve 2023-03-31 07816088 core:RevaluationReserve 2022-03-31 07816088 core:RetainedEarningsAccumulatedLosses 2023-03-31 07816088 core:RetainedEarningsAccumulatedLosses 2022-03-31 07816088 core:BetweenOneFiveYears 2023-03-31 07816088 core:BetweenOneFiveYears 2022-03-31 07816088 core:PlantMachinery 2022-03-31 07816088 bus:SmallEntities 2022-04-01 2023-03-31 07816088 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07816088 bus:FullAccounts 2022-04-01 2023-03-31 07816088 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 07816088 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 07816088
BESPOKE HOTELS (COTSWOLDS) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
BESPOKE HOTELS (COTSWOLDS) LIMITED
FINANCIAL STATEMENTS
Year ended 31 March 2023
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
2
BESPOKE HOTELS (COTSWOLDS) LIMITED
BALANCE SHEET
31 March 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
5
85,023
34,723
CURRENT ASSETS
Stocks
56,040
59,352
Debtors
6
191,239
97,910
Cash at bank and in hand
526,700
743,266
---------
---------
773,979
900,528
CREDITORS: amounts falling due within one year
7
( 2,054,676)
( 2,197,551)
------------
------------
NET CURRENT LIABILITIES
( 1,280,697)
( 1,297,023)
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 1,195,674)
( 1,262,300)
------------
------------
NET LIABILITIES
( 1,195,674)
( 1,262,300)
------------
------------
CAPITAL AND RESERVES
Called up share capital
2
2
Revaluation reserve
50,414
50,414
Profit and loss account
( 1,246,090)
( 1,312,716)
------------
------------
SHAREHOLDERS FUNDS
( 1,195,674)
( 1,262,300)
------------
------------
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 profit and loss account has not been delivered.
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 were approved by the board of directors and authorised for issue on 21 February 2024 , and are signed on behalf of the board by:
Mr S L Littlefair
Director
Company registration number: 07816088
BESPOKE HOTELS (COTSWOLDS) 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 and Wales. The principal place of business is The square, Chipping Campden, Gloucestershire, United Kingdom.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going concern
The financial statements have been prepared on the going concern basis. The financial statements show that the company had net liabilities of £1,195,674 at the balance sheet date. The directors have therefore had to consider the appropriateness of the going concern basis. The company has been able to finance its operations largely because of the support from group and related companies. Were this support not available, the company may not be able to continue trading. The directors are satisfied that, with this continuing support, the company will be able to meet its liabilities as they fall due. They expect the company to generate profits in the short to medium term. On the basis of the above, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Turnover
The turnover shown in the profit and loss account is derived from ordinary activities and represents the income due, exclusive of Value Added Tax. Room income is recognised at the end of the financial day. Bar and restaurant takings are recognised at the point of sale.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Leasehold property
-
20% straight line
Fixtures, fittings & equipment
-
20%-33% on cost
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 109 (2022: 102 ).
5. TANGIBLE ASSETS
Leasehold property
Plant and machinery
Total
£
£
£
Cost or valuation
At 1 April 2022
73,372
738,813
812,185
Additions
71,027
71,027
Disposals
( 26,935)
( 26,935)
--------
---------
---------
At 31 March 2023
73,372
782,905
856,277
--------
---------
---------
Depreciation
At 1 April 2022
73,372
704,090
777,462
Charge for the year
20,565
20,565
Disposals
( 26,773)
( 26,773)
--------
---------
---------
At 31 March 2023
73,372
697,882
771,254
--------
---------
---------
Carrying amount
At 31 March 2023
85,023
85,023
--------
---------
---------
At 31 March 2022
34,723
34,723
--------
---------
---------
At 31 March 2013 certain fixtures, fittings and equipment were revalued on an open market basis by the directors Mr H H J Fentum & Mr R M P Sheppard. The directors believe that the book values of the tangible fixed assets are not materially different from their open market values.
6. DEBTORS
2023
2022
£
£
Trade debtors
44,719
46,475
Other debtors
146,520
51,435
---------
--------
191,239
97,910
---------
--------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
126,094
118,333
Corporation tax
95,301
Social security and other taxes
63,379
53,061
Other creditors
1,865,203
1,930,856
------------
------------
2,054,676
2,197,551
------------
------------
8. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
252,533
252,533
Later than 1 year and not later than 5 years
694,467
947,000
---------
------------
947,000
1,199,533
---------
------------
9. RELATED PARTY TRANSACTIONS
Included within other creditors are balances totalling £156,823 (2022 - £156,823) due to entities which are related by common control.