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Company Registration number: 10800440

Greenhill Hotel Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 30 June 2023

 

Greenhill Hotel Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 8

 

Greenhill Hotel Limited

Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

5,781

6,923

Tangible assets

5

177,126

169,859

 

182,907

176,782

Current assets

 

Stocks

6

24,344

20,149

Debtors

7

69,123

61,195

Cash at bank and in hand

 

42,583

133,454

 

136,050

214,798

Creditors: Amounts falling due within one year

8

(278,326)

(322,505)

Net current liabilities

 

(142,276)

(107,707)

Total assets less current liabilities

 

40,631

69,075

Creditors: Amounts falling due after more than one year

8

(24,575)

(29,943)

Provisions for liabilities

(13,834)

(18,716)

Net assets

 

2,222

20,416

Capital and reserves

 

Called up share capital

2

2

Retained earnings

2,220

20,414

Shareholders' funds

 

2,222

20,416

 

Greenhill Hotel Limited

Balance Sheet as at 30 June 2023 (continued)

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 Profit and Loss Account.

Company registration number: 10800440

Approved and authorised by the Board on 25 January 2024 and signed on its behalf by:
 

.........................................
Mr G W Jackson
Director

 

Greenhill 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:

Greenhill Hotel
Red Dial
Wigton
CA7 8LS
 

These financial statements were authorised for issue by the Board on 25 January 2024.

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. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

 

Greenhill Hotel Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

2

ACCOUNTING POLICIES (continued)

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. Actual results may differ from these estimates.

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 sales/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.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

25% reducing balance

Leasehold property improvements

10% reducing balance

Fixtures & fittings

25% straight line

Motor vehicles

25% reducing balance

 

Greenhill Hotel Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

10% straight line

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 profit and loss account 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.

Hire purchase and finance leases

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant 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.

 

Greenhill Hotel Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 40 (2022 - 36).

4

INTANGIBLE ASSETS

Goodwill
 £

Website
 £

Total
£

Cost or valuation

At 1 July 2022

4,000

7,415

11,415

At 30 June 2023

4,000

7,415

11,415

Amortisation

At 1 July 2022

2,267

2,225

4,492

Amortisation charge

400

742

1,142

At 30 June 2023

2,667

2,967

5,634

Carrying amount

At 30 June 2023

1,333

4,448

5,781

At 30 June 2022

1,733

5,190

6,923

 

Greenhill Hotel Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

5

TANGIBLE ASSETS

Leasehold property improvements
£

Fixtures and fittings
£

Motor vehicles
 £

Plant and Machinery
£

Total
£

Cost or valuation

At 1 July 2022

107,360

62,586

24,774

153,375

348,095

Additions

-

8,670

32,995

20,222

61,887

Disposals

-

-

(24,774)

(1,999)

(26,773)

At 30 June 2023

107,360

71,256

32,995

171,598

383,209

Depreciation

At 1 July 2022

33,924

48,290

9,484

86,539

178,237

Charge for the year

7,344

8,124

3,437

18,550

37,455

Eliminated on disposal

-

-

(9,484)

(125)

(9,609)

At 30 June 2023

41,268

56,414

3,437

104,964

206,083

Carrying amount

At 30 June 2023

66,092

14,842

29,558

66,634

177,126

At 30 June 2022

73,436

14,296

15,290

66,837

169,859

 

Greenhill Hotel Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

6

STOCKS

2023
£

2022
£

Stocks

24,344

20,149

7

DEBTORS

Current

2023
£

2022
£

Trade debtors

32,857

29,027

Prepayments

25,988

17,373

Other debtors

10,278

14,795

 

69,123

61,195

8

CREDITORS

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

16,395

13,801

Trade creditors

42,220

47,732

Taxation and social security

51,119

35,886

Accruals and deferred income

2,550

2,784

Other creditors

166,042

222,302

278,326

322,505


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £6,616 (2022 - £4,054).

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

24,575

29,943

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £4,411 (2022 - £Nil).