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Company No: 09350436 (England and Wales)

WT HOTELS LTD

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

WT HOTELS LTD

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

WT HOTELS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 October 2023
WT HOTELS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,512,711 2,601,944
2,512,711 2,601,944
Current assets
Stocks 11,835 9,085
Debtors 4 53,546 113,370
Cash at bank and in hand 41,532 27,750
106,913 150,205
Creditors: amounts falling due within one year 5 ( 1,864,759) ( 1,704,039)
Net current liabilities (1,757,846) (1,553,834)
Total assets less current liabilities 754,865 1,048,110
Creditors: amounts falling due after more than one year 6 ( 879,515) ( 910,637)
Net (liabilities)/assets ( 124,650) 137,473
Capital and reserves
Called-up share capital 7 200 200
Profit and loss account ( 124,850 ) 137,273
Total shareholders' (deficit)/funds ( 124,650) 137,473

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of WT Hotels LTD (registered number: 09350436) were approved and authorised for issue by the Director on 29 March 2024. They were signed on its behalf by:

S Whitehouse
Director
WT HOTELS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
WT HOTELS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

WT Hotels LTD (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Delta Place, 27 Bath Road, Cheltenham, GL53 7TH, United Kingdom.

The financial statements have been prepared under the historical cost convention, in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £124,650. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 3 - 10 years straight line
Fixtures and fittings 3 - 10 years straight line
Office equipment 3 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 40 41

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £ £ £
Cost
At 01 November 2022 2,976,129 18,504 149,287 10,939 8,036 3,162,895
Additions 0 1,935 3,547 0 0 5,482
At 31 October 2023 2,976,129 20,439 152,834 10,939 8,036 3,168,377
Accumulated depreciation
At 01 November 2022 442,380 16,573 84,906 10,939 6,153 560,951
Charge for the financial year 57,522 1,128 34,549 0 1,516 94,715
At 31 October 2023 499,902 17,701 119,455 10,939 7,669 655,666
Net book value
At 31 October 2023 2,476,227 2,738 33,379 0 367 2,512,711
At 31 October 2022 2,533,749 1,931 64,381 0 1,883 2,601,944

4. Debtors

2023 2022
£ £
Trade debtors 8,851 32,688
Prepayments 24,424 45,214
Other debtors 20,271 35,468
53,546 113,370

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 52,732 72,528
Amounts owed to directors 332,129 285,985
Other loans (secured £ 116,477) 1,104,997 1,034,998
Accruals and deferred income 326,847 260,663
Other taxation and social security 46,310 46,558
Other creditors 1,744 3,307
1,864,759 1,704,039

Within other loans there is a loan of £116,477 (2022 - £108,018) secured by a fixed charge over the freehold property and containing a negative pledge.

£1,327,203 (2022 - £1,242,760) of the loan balance and amounts owed to directors above requires that loan repayments be made based on cash profits in the company, however these balances remain classified as due in less than one year as the company does not have the unconditional right to defer settlement for 12 months from the end of the reporting period. There is no expectation that the company will need to settle the loan within 12 months from the reporting date.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Amounts owed to directors 879,515 910,637

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
200 Ordinary shares of £ 1.00 each 200 200

8. Related party transactions

Transactions with the entity's directors

At the balance sheet date loans of £1,211,644 (2022 - £1,196,622) were owed to the directors by the company, Interest is accruing at 6% / 8% and the loans are included in creditors.