Company registration number 06434643 (England and Wales)
BRATHAY LODGE (AMBLESIDE) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
BRATHAY LODGE (AMBLESIDE) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
BRATHAY LODGE (AMBLESIDE) LTD
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
937,039
932,198
Current assets
Stocks
1,334
1,630
Debtors
6
813
1,206
Cash at bank and in hand
266,141
363,204
268,288
366,040
Creditors: amounts falling due within one year
7
(121,645)
(147,105)
Net current assets
146,643
218,935
Total assets less current liabilities
1,083,682
1,151,133
Creditors: amounts falling due after more than one year
8
(833,093)
(896,226)
Provisions for liabilities
(5,107)
(4,187)
Net assets
245,482
250,720
Capital and reserves
Called up share capital
104
104
Profit and loss reserves
245,378
250,616
Total equity
245,482
250,720

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

BRATHAY LODGE (AMBLESIDE) LTD
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 April 2024 and are signed on its behalf by:
Mrs J Johnson
Director
Company registration number 06434643 (England and Wales)
BRATHAY LODGE (AMBLESIDE) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

Brathay Lodge (Ambleside) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Rothay Road, Ambleside, Cumbria, LA22 0EE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, the charge is 7.5% straight line.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
No depreciation
Fixtures and fittings and equipment
25% reducing balance
BRATHAY LODGE (AMBLESIDE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
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 current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

BRATHAY LODGE (AMBLESIDE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

BRATHAY LODGE (AMBLESIDE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
10
10
4
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
811,667
Amortisation and impairment
At 1 November 2022 and 31 October 2023
811,667
Carrying amount
At 31 October 2023
-
0
At 31 October 2022
-
0
BRATHAY LODGE (AMBLESIDE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
5
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings and equipment
Total
£
£
£
Cost
At 1 November 2022
910,160
59,745
969,905
Additions
-
0
13,802
13,802
At 31 October 2023
910,160
73,547
983,707
Depreciation and impairment
At 1 November 2022
-
0
37,707
37,707
Depreciation charged in the year
-
0
8,961
8,961
At 31 October 2023
-
0
46,668
46,668
Carrying amount
At 31 October 2023
910,160
26,879
937,039
At 31 October 2022
910,160
22,038
932,198
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
813
1,206
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
61,761
59,945
Trade creditors
1,143
1,571
Corporation tax
3,247
16,544
Other taxation and social security
18,934
21,125
Other creditors
36,560
47,920
121,645
147,105
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
833,093
896,226
BRATHAY LODGE (AMBLESIDE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
9
Related party transactions

Directors Mr & Mrs Johnson & shareholders Mr & Mrs MacPake charged rent to the company totalling £0 (2022: £0).

 

In the prior year the directors Mr & Mrs Johnson & shareholders Mr & Mrs MacPake sold the hotel building to the company for market value as determined by independent valuers.

 

No transactions with related parties were undertaken, other than disclosed in the notes, such as are required to be disclosed under the FRS102 Section 1A.

10
Directors' transactions

Mr D & Mrs J Johnson owed the company £0 (2022: £473) at the year end. During the year the loan account was overdrawn and the maximum balance outstanding was £8,848 (2022: £69,975).

 

Beneficial loan interest has been calculated on the overdrawn loan account at the official rate of interest. The beneficial loan interest credited to the profit and loss account in the year was £18 (2022: £640).

2023-10-312022-11-01false10 April 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr D W JohnsonMrs J JohnsonMrs V  Jenkinsonfalsefalse064346432022-11-012023-10-31064346432023-10-31064346432022-10-3106434643core:LandBuildingscore:OwnedOrFreeholdAssets2023-10-3106434643core:FurnitureFittings2023-10-3106434643core:LandBuildingscore:OwnedOrFreeholdAssets2022-10-3106434643core:FurnitureFittings2022-10-3106434643core:CurrentFinancialInstrumentscore:WithinOneYear2023-10-3106434643core:CurrentFinancialInstrumentscore:WithinOneYear2022-10-3106434643core:Non-currentFinancialInstrumentscore:AfterOneYear2023-10-3106434643core:Non-currentFinancialInstrumentscore:AfterOneYear2022-10-3106434643core:CurrentFinancialInstruments2023-10-3106434643core:CurrentFinancialInstruments2022-10-3106434643core:ShareCapital2023-10-3106434643core:ShareCapital2022-10-3106434643core:RetainedEarningsAccumulatedLosses2023-10-3106434643core:RetainedEarningsAccumulatedLosses2022-10-3106434643bus:Director22022-11-012023-10-3106434643core:Goodwill2022-11-012023-10-3106434643core:LandBuildingscore:OwnedOrFreeholdAssets2022-11-012023-10-3106434643core:FurnitureFittings2022-11-012023-10-31064346432021-11-012022-10-3106434643core:NetGoodwill2022-10-3106434643core:NetGoodwill2023-10-3106434643core:NetGoodwill2022-10-3106434643core:LandBuildingscore:OwnedOrFreeholdAssets2022-10-3106434643core:FurnitureFittings2022-10-31064346432022-10-3106434643core:WithinOneYear2023-10-3106434643core:WithinOneYear2022-10-3106434643core:Non-currentFinancialInstruments2023-10-3106434643core:Non-currentFinancialInstruments2022-10-3106434643bus:PrivateLimitedCompanyLtd2022-11-012023-10-3106434643bus:SmallCompaniesRegimeForAccounts2022-11-012023-10-3106434643bus:FRS1022022-11-012023-10-3106434643bus:AuditExemptWithAccountantsReport2022-11-012023-10-3106434643bus:Director12022-11-012023-10-3106434643bus:CompanySecretary12022-11-012023-10-3106434643bus:FullAccounts2022-11-012023-10-31xbrli:purexbrli:sharesiso4217:GBP