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REGISTERED NUMBER: 02829190 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 September 2023

for

Grand Hotel (St. Annes) Limited

Grand Hotel (St. Annes) Limited (Registered number: 02829190)






Contents of the Consolidated Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


Grand Hotel (St. Annes) Limited

Company Information
for the Year Ended 30 September 2023







DIRECTORS: Mr R J Webb
Mrs A J Webb
Mr S Webb
Mr T Webb





SECRETARY: Mrs A J Webb





REGISTERED OFFICE: South Promenade
Lytham St Annes
Lancashire
FY8 1NB





REGISTERED NUMBER: 02829190 (England and Wales)





AUDITORS: Ashworth Treasure Limited
Statutory Auditors
17-19 Park Street
Lytham
Lancashire
FY8 5LU

Grand Hotel (St. Annes) Limited (Registered number: 02829190)

Group Strategic Report
for the Year Ended 30 September 2023

The directors present their strategic report of the company and the group for the year ended 30 September 2023.

REVIEW OF BUSINESS
The results for the year and financial position are shown in the annexed financial statements.

The group trades as exclusive hotels, restaurants and SPA in both St Annes and Grasmere.

The hotels have retained a healthy profitable position throughout 2024.The directors are now looking to maintain this with a careful strategy to maximise turnover and profits, while bearing in mind the difficult trading conditions with increased costs due to the general current economic environment.

This will in effect keep capital investment under control, limiting to necessary improvements only for the foreseeable future.

The group turnover for the year was £4,027,993 (2022 - £4,068,305). Profits before tax were £360,698 (2022 - £700,787).

The directors are happy with the group's current position and are confident that the quality reputation of their hotels will produce good results in the forthcoming years.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties are all coming from external sources, for example the Ukraine war and the negative outcomes on previous political decisions. Management feel as long as they keep tight control over risks they can influence, the hotels will continue to move forward catering for their customer needs providing the high levels of quality and value for money that they have come to expect.

ON BEHALF OF THE BOARD:





Mr R J Webb - Director


14 February 2024

Grand Hotel (St. Annes) Limited (Registered number: 02829190)

Report of the Directors
for the Year Ended 30 September 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2023.

DIVIDENDS
Total dividends paid in the year amounted to £252,000.

FUTURE DEVELOPMENTS
The results for 2023 were extremely positive in light of the current economic climate. The Management team are expecting cost increases in many areas due to the current economic climate and are planning with this in mind.

The directors are holding back on any excessive expenditure and driving to increase sales to manage this risk.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report.

Mr R J Webb
Mrs A J Webb
Mr S Webb
Mr T Webb

DISCLOSURE IN THE STRATEGIC REPORT
The strategic report on the preceding page provides information regarding the performance, developments, and risks
and uncertainties of the group.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Ashworth Treasure Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr R J Webb - Director


14 February 2024

Report of the Independent Auditors to the Members of
Grand Hotel (St. Annes) Limited

Opinion
We have audited the financial statements of Grand Hotel (St. Annes) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Grand Hotel (St. Annes) Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the business sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including legislation such as licensing laws, Companies Act, taxation legislation, environmental and health and safety legislation etc.
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team maintained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journals to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC etc

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Grand Hotel (St. Annes) Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Victoria Reynolds (Senior Statutory Auditor)
for and on behalf of Ashworth Treasure Limited
Statutory Auditors
17-19 Park Street
Lytham
Lancashire
FY8 5LU

14 February 2024

Grand Hotel (St. Annes) Limited (Registered number: 02829190)

Consolidated Income Statement
for the Year Ended 30 September 2023

2023 2022
Notes £    £   

TURNOVER 4,027,993 4,068,305

Cost of sales 601,071 552,258
GROSS PROFIT 3,426,922 3,516,047

Administrative expenses 2,735,822 2,683,148
691,100 832,899

Other operating income - 18,173
OPERATING PROFIT 5 691,100 851,072

Interest receivable and similar income 4,283 4,668
695,383 855,740

Interest payable and similar expenses 6 334,685 154,953
PROFIT BEFORE TAXATION 360,698 700,787

Tax on profit 7 115,688 122,361
PROFIT FOR THE FINANCIAL YEAR 245,010 578,426
Profit attributable to:
Owners of the parent 245,010 578,426

Grand Hotel (St. Annes) Limited (Registered number: 02829190)

Consolidated Other Comprehensive Income
for the Year Ended 30 September 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 245,010 578,426


OTHER COMPREHENSIVE INCOME
Property revaluation - 1,246,852
Deferred tax on property revaluation (248,487 ) (236,902 )
Income tax relating to components of other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

(248,487

)

1,009,950
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(3,477

)

1,588,376

Total comprehensive income attributable to:
Owners of the parent (3,477 ) 1,588,376

Grand Hotel (St. Annes) Limited (Registered number: 02829190)

Consolidated Balance Sheet
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 12,261,684 12,323,987
Investments 12 - -
12,261,684 12,323,987

CURRENT ASSETS
Stocks 13 53,536 54,703
Debtors 14 233,174 301,989
Cash at bank and in hand 753,694 941,060
1,040,404 1,297,752
CREDITORS
Amounts falling due within one year 15 1,082,620 1,186,154
NET CURRENT (LIABILITIES)/ASSETS (42,216 ) 111,598
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,219,468

12,435,585

CREDITORS
Amounts falling due after more than one
year

16

(4,963,860

)

(5,217,451

)

PROVISIONS FOR LIABILITIES 19 (1,211,781 ) (918,830 )
NET ASSETS 6,043,827 6,299,304

CAPITAL AND RESERVES
Called up share capital 20 1,000 1,000
Revaluation reserve 21 3,106,069 3,354,556
Retained earnings 21 2,936,758 2,943,748
SHAREHOLDERS' FUNDS 6,043,827 6,299,304

The financial statements were approved by the Board of Directors and authorised for issue on 14 February 2024 and were signed on its behalf by:





Mr R J Webb - Director


Grand Hotel (St. Annes) Limited (Registered number: 02829190)

Company Balance Sheet
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 8,368,142 8,336,881
Investments 12 1,000 1,000
8,369,142 8,337,881

CURRENT ASSETS
Stocks 13 31,578 35,770
Debtors 14 2,177,846 2,128,559
Cash at bank and in hand 294,193 619,836
2,503,617 2,784,165
CREDITORS
Amounts falling due within one year 15 745,645 882,927
NET CURRENT ASSETS 1,757,972 1,901,238
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,127,114

10,239,119

CREDITORS
Amounts falling due after more than one
year

16

(3,243,940

)

(3,409,665

)

PROVISIONS FOR LIABILITIES 19 (958,034 ) (715,620 )
NET ASSETS 5,925,140 6,113,834

CAPITAL AND RESERVES
Called up share capital 20 1,000 1,000
Revaluation reserve 21 2,536,338 2,739,246
Retained earnings 21 3,387,802 3,373,588
SHAREHOLDERS' FUNDS 5,925,140 6,113,834

Company's profit for the financial year 266,214 556,423

The financial statements were approved by the Board of Directors and authorised for issue on 14 February 2024 and were signed on its behalf by:





Mr R J Webb - Director


Grand Hotel (St. Annes) Limited (Registered number: 02829190)

Consolidated Statement of Changes in Equity
for the Year Ended 30 September 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 October 2021 1,000 2,617,322 2,344,606 4,962,928

Changes in equity
Dividends - (252,000 ) - (252,000 )
Total comprehensive income - 578,426 1,009,950 1,588,376
Balance at 30 September 2022 1,000 2,943,748 3,354,556 6,299,304

Changes in equity
Dividends - (252,000 ) - (252,000 )
Total comprehensive income - 245,010 (248,487 ) (3,477 )
Balance at 30 September 2023 1,000 2,936,758 3,106,069 6,043,827

Grand Hotel (St. Annes) Limited (Registered number: 02829190)

Company Statement of Changes in Equity
for the Year Ended 30 September 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 October 2021 1,000 3,069,165 1,748,514 4,818,679

Changes in equity
Dividends - (252,000 ) - (252,000 )
Total comprehensive income - 556,423 990,732 1,547,155
Balance at 30 September 2022 1,000 3,373,588 2,739,246 6,113,834

Changes in equity
Dividends - (252,000 ) - (252,000 )
Total comprehensive income - 266,214 (202,908 ) 63,306
Balance at 30 September 2023 1,000 3,387,802 2,536,338 5,925,140

Grand Hotel (St. Annes) Limited (Registered number: 02829190)

Consolidated Cash Flow Statement
for the Year Ended 30 September 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,001,343 1,133,403
Interest paid (334,685 ) (154,953 )
Tax paid (123,481 ) (288,896 )
Net cash from operating activities 543,177 689,554

Cash flows from investing activities
Purchase of tangible fixed assets (229,618 ) (645,669 )
Interest received 4,283 4,668
Net cash from investing activities (225,335 ) (641,001 )

Cash flows from financing activities
New loans in year - 5,700,000
Loan repayments in year (253,591 ) (5,632,675 )
Amount introduced by directors 252,000 252,000
Amount withdrawn by directors (251,617 ) (208,628 )
Equity dividends paid (252,000 ) (252,000 )
Net cash from financing activities (505,208 ) (141,303 )

Decrease in cash and cash equivalents (187,366 ) (92,750 )
Cash and cash equivalents at beginning
of year

2

941,060

1,033,810

Cash and cash equivalents at end of year 2 753,694 941,060

Grand Hotel (St. Annes) Limited (Registered number: 02829190)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 September 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 360,698 700,787
Depreciation charges 291,921 288,692
Finance costs 334,685 154,953
Finance income (4,283 ) (4,668 )
983,021 1,139,764
Decrease in stocks 1,167 -
Decrease/(increase) in trade and other debtors 91,140 (30,054 )
(Decrease)/increase in trade and other creditors (73,985 ) 23,693
Cash generated from operations 1,001,343 1,133,403

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 753,694 941,060
Year ended 30 September 2022
30.9.22 1.10.21
£    £   
Cash and cash equivalents 941,060 1,033,810


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.10.22 Cash flow At 30.9.23
£    £    £   
Net cash
Cash at bank and in hand 941,060 (187,366 ) 753,694
941,060 (187,366 ) 753,694
Debt
Debts falling due within 1 year (380,000 ) - (380,000 )
Debts falling due after 1 year (5,217,451 ) 253,591 (4,963,860 )
(5,597,451 ) 253,591 (5,343,860 )
Total (4,656,391 ) 66,225 (4,590,166 )

Grand Hotel (St. Annes) Limited (Registered number: 02829190)

Notes to the Consolidated Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Grand Hotel (St. Annes) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The group accounts consolidate the accounts of Grand Hotel (St. Annes) Limited and its subsidiary undertaking The Grand @ Grasmere Limited.

Unless otherwise stated, the acquisition method of accounting has been adopted. Under this method, the results of subsidiary undertakings acquired or disposed of in the year are included in the consolidated profit and loss account from the date on which control passed.

Significant judgements and estimates
In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily available from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both.

The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

Estimated useful lives and residual values of fixed assets
Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during current and prior accounting periods.

Impairment of non-financial assets
Non-financial assets include goodwill, investments and tangible fixed assets. The group assesses at each reporting date whether there is an indication that the carrying amount of an asset may not be recoverable. If there is such an indication then the group estimates the recoverable amount of the asset using the information available at that date. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. If the recoverable amount is less than the carrying amount, the carrying amount of an asset is impaired and it is reduced to its recoverable amount through an impairment in the statement of comprehensive income.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, was amortised evenly over its estimated useful life of five years. Goodwill has been fully amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Grand Hotel (St. Annes) Limited (Registered number: 02829190)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance and 10% on cost

Freehold land and buildings in the parent company are initially stated at cost and subsequently at valuation. Fixtures and fittings are stated at cost less depreciation. Cost represents purchase price together with any incidental costs of acquisition.

Assets that have been revalued are subject to subsequent revaluations performed with sufficient regularity such that the carrying amount does not differ materially from the fair value at the balance sheet date. The valuations are performed by a qualified external valuer.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The following assets and liabilities are classified as financial instruments - investments in subsidiaries, trade debtors, trade creditors, bank loans, other loans and inter-group balances.

Investments in subsidiary undertakings are measured at cost less impairment.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Inter-group balances (being repayable on demand), trade debtors, trade creditors and other loans are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets are assessed at the end of each reporting period for objective evidence of impairment and if applicable recognised as appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Grand Hotel (St. Annes) Limited (Registered number: 02829190)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2023

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,248,946 1,174,421
Social security costs 92,970 87,257
Other pension costs 26,544 31,743
1,368,460 1,293,421

The average number of employees during the year was as follows:
2023 2022

Management 7 7
Departmental staff 55 59
62 66

2023 2022
£    £   
Directors' remuneration 99,396 95,379

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 291,921 288,692
Auditors' remuneration 9,000 9,000
Auditors' remuneration for non audit work 2,325 1,800
Government grants - (18,173 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 334,685 154,953

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 71,224 126,179

Deferred tax 44,464 (3,818 )
Tax on profit 115,688 122,361

Grand Hotel (St. Annes) Limited (Registered number: 02829190)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2023

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 360,698 700,787
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

90,175

133,150

Effects of:
Expenses not deductible for tax purposes 184 7
Capital allowances superdeduction (8,331 ) (10,796 )
Effect of rate change 33,660 -
Total tax charge 115,688 122,361

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Property revaluation
Deferred tax on property revaluation (248,487 ) - (248,487 )
(248,487 ) - (248,487 )

2022
Gross Tax Net
£    £    £   
Property revaluation 1,246,852 - 1,246,852
Deferred tax on property revaluation (236,902 ) - (236,902 )
1,009,950 - 1,009,950

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2023 2022
£    £   
Ordinary 'A' shares of £1 each
Interim 192,000 225,000
Ordinary 'B' shares of £1 each
Interim 25,000 25,000
Ordinary 'C' shares of £1 each
Interim 35,000 2,000
252,000 252,000

Grand Hotel (St. Annes) Limited (Registered number: 02829190)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2023

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 October 2022
and 30 September 2023 200,000
AMORTISATION
At 1 October 2022
and 30 September 2023 200,000
NET BOOK VALUE
At 30 September 2023 -
At 30 September 2022 -

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST OR VALUATION
At 1 October 2022 11,268,646 4,557,852 15,826,498
Additions - 229,618 229,618
At 30 September 2023 11,268,646 4,787,470 16,056,116
DEPRECIATION
At 1 October 2022 - 3,502,511 3,502,511
Charge for year - 291,921 291,921
At 30 September 2023 - 3,794,432 3,794,432
NET BOOK VALUE
At 30 September 2023 11,268,646 993,038 12,261,684
At 30 September 2022 11,268,646 1,055,341 12,323,987


Company
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST OR VALUATION
At 1 October 2022 7,760,873 3,027,815 10,788,688
Additions - 214,906 214,906
At 30 September 2023 7,760,873 3,242,721 11,003,594
DEPRECIATION
At 1 October 2022 - 2,451,807 2,451,807
Charge for year - 183,645 183,645
At 30 September 2023 - 2,635,452 2,635,452
NET BOOK VALUE
At 30 September 2023 7,760,873 607,269 8,368,142
At 30 September 2022 7,760,873 576,008 8,336,881

Grand Hotel (St. Annes) Limited (Registered number: 02829190)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2023

11. TANGIBLE FIXED ASSETS - continued

Company

Cost or valuation at 30 September 2023 is represented by:

Fixtures
Freehold and
property fittings Totals
£    £    £   
Valuation in 2006 2,609,042 - 2,609,042
Valuation in 2013 49,006 - 49,006
Valuation in 2017 460,744 - 460,744
Valuation in 2020 (960,133 ) - (960,133 )
Valuation in 2022 1,223,126 - 1,223,126
Cost 4,379,088 3,242,721 7,621,809
7,760,873 3,242,721 11,003,594

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 4,379,088 4,379,088

Freehold land and buildings were valued on an open market basis on 10 March 2022 by Fleurets .

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 October 2022
and 30 September 2023 1,000
NET BOOK VALUE
At 30 September 2023 1,000
At 30 September 2022 1,000

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

The Grand @ Grasmere Limited
Registered office: South Promenade, Lytham St. Annes, Lancashire, FY8 1NB
Nature of business: Hotelier
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 119,686 186,469
(Loss)/profit for the year (21,204 ) 22,003


Grand Hotel (St. Annes) Limited (Registered number: 02829190)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2023

13. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Stocks 53,536 54,703 31,578 35,770

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts owed by group undertakings - - 1,950,465 1,846,946
Other debtors 18,988 110,128 13,195 89,752
Directors' loan accounts 214,186 191,861 214,186 191,861
233,174 301,989 2,177,846 2,128,559

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 17) 380,000 380,000 248,333 248,333
Trade creditors 224,450 347,900 150,034 271,093
Tax 73,976 126,233 62,497 126,377
Social security and other taxes 251,389 217,310 172,556 151,396
Other creditors 129,995 114,609 89,415 85,626
Directors' loan accounts 22,810 102 22,810 102
1,082,620 1,186,154 745,645 882,927

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 17) 4,963,860 5,217,451 3,243,940 3,409,665

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 380,000 380,000 248,333 248,333
Amounts falling due between one and two years:
Bank loans 380,000 380,000 248,333 248,333
Amounts falling due between two and five years:
Bank loans 1,140,000 1,140,000 745,000 745,000
Amounts falling due in more than five years:
Repayable by instalments
Bank loans 3,443,860 3,697,451 2,250,607 2,416,332

Grand Hotel (St. Annes) Limited (Registered number: 02829190)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2023

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans 5,343,860 5,597,451 3,492,273 3,657,998

The bank loans and overdraft are secured by a legal charge over land and buildings, together with a debenture and cross guarantee between the parent company and its' subsidiary.

19. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 1,211,781 918,830 958,034 715,620

Group
Deferred
tax
£   
Balance at 1 October 2022 918,830
Accelerated allowances 44,464
Property revaluation 248,487
Balance at 30 September 2023 1,211,781

Company
Deferred
tax
£   
Balance at 1 October 2022 715,620
Accelerated allowances 39,506
Property revaluation 202,908
Balance at 30 September 2023 958,034

The deferred tax balance originates from capital allowances in excess of depreciation.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
900 Ordinary 'A' £1 900 900
50 Ordinary 'B' £1 50 50
50 Ordinary 'C' £1 50 50
1,000 1,000

Grand Hotel (St. Annes) Limited (Registered number: 02829190)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2023

21. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 October 2022 2,943,748 3,354,556 6,298,304
Profit for the year 245,010 245,010
Dividends (252,000 ) (252,000 )
Effect of tax rate change - (248,487 ) (248,487 )
At 30 September 2023 2,936,758 3,106,069 6,042,827

Company
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 October 2022 3,373,588 2,739,246 6,112,834
Profit for the year 266,214 266,214
Dividends (252,000 ) (252,000 )
Effect of tax rate change - (202,908 ) (202,908 )
At 30 September 2023 3,387,802 2,536,338 5,924,140


22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2023 and 30 September 2022:

2023 2022
£    £   
Mr R J Webb and Mrs A J Webb
Balance outstanding at start of year 191,466 224,611
Amounts advanced 214,721 191,855
Amounts repaid (192,000 ) (225,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 214,187 191,466

Mr S Webb
Balance outstanding at start of year 393 16,249
Amounts advanced 20,901 9,144
Amounts repaid (25,000 ) (25,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (3,706 ) 393

Mr T Webb
Balance outstanding at start of year (102 ) (5,729 )
Amounts advanced 15,998 7,627
Amounts repaid (35,000 ) (2,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (19,104 ) (102 )

23. RELATED PARTY DISCLOSURES

During the year, The Grand @ Grasmere Limited paid £nil (2022: £15,806) in respect of rent to the trustees of the Grand Hotel (St. Annes) Limited pension scheme.

Grand Hotel (St. Annes) Limited (Registered number: 02829190)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2023

24. ULTIMATE CONTROLLING PARTY

The ultimate controlling party throughout the year was R J Webb.