Company registration number 07226588 (England and Wales)
The Riverside House Hotel Limited
Unaudited Financial Statements
For the year ended 31 August 2023
PAGES FOR FILING WITH REGISTRAR
The Riverside House Hotel Limited
Contents
Page
Company information
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
The Riverside House Hotel Limited
Balance sheet
For the year ended 31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,349,823
1,321,398
Current assets
Stocks
16,912
11,067
Debtors
4
422,001
281,478
Cash at bank and in hand
96,609
168,085
535,522
460,630
Creditors: amounts falling due within one year
5
(1,172,333)
(521,526)
Net current liabilities
(636,811)
(60,896)
Total assets less current liabilities
713,012
1,260,502
Creditors: amounts falling due after more than one year
6
-
0
(900,000)
Net assets
713,012
360,502
Capital and reserves
Called up share capital
2,000
2,000
Profit and loss reserves
711,012
358,502
Total equity
713,012
360,502

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 August 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.

The Riverside House Hotel Limited
Balance sheet (Continued)
For the year ended 31 August 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 April 2024 and are signed on its behalf by:
B A Keane
Director
Company registration number 07226588 (England and Wales)
The Riverside House Hotel Limited
Notes to the Financial Statements
For the year ended 31 August 2023
- 3 -
1
Accounting policies
Company information

The Riverside House Hotel Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Hertfordshire, AL1 1RJ.

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.

 

Hotel accommodation income is recognised for each night as it takes place at the room rate for that night. Food and beverage income is recognised on the day provided to the customer at the price for the items purchased.

1.3
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
2% straight line
Fixtures and fittings
25% reducing balance

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.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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).

1.5
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.

The Riverside House Hotel Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 and Section 12 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.

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price 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 fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

 

Basic financial liabilities

Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.

1.7
Retirement benefits

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

1.8
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.

2
Employees

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

2023
2022
Number
Number
Total
24
23
The Riverside House Hotel Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 September 2022
1,837,036
682,314
2,519,350
Additions
29,595
36,108
65,703
At 31 August 2023
1,866,631
718,422
2,585,053
Depreciation and impairment
At 1 September 2022
553,939
644,013
1,197,952
Depreciation charged in the year
23,277
14,001
37,278
At 31 August 2023
577,216
658,014
1,235,230
Carrying amount
At 31 August 2023
1,289,415
60,408
1,349,823
At 31 August 2022
1,283,097
38,301
1,321,398
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
343,246
260,252
Other debtors
78,755
21,226
422,001
281,478
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
44,101
137,584
Taxation and social security
99,777
95,099
Other creditors
1,028,455
288,843
1,172,333
521,526
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Debenture loans
-
0
900,000
The Riverside House Hotel Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
6
Creditors: amounts falling due after more than one year
(Continued)
- 6 -

The debenture loan (due within one year) of £450,000 (2022 - £900,000) is secured by way of a fixed and floating charge over the property and other assets of the company.

7
Related party transactions
Transactions with related parties

Included within other creditors due within one year are amounts due to companies under common control of £450,579 (2022: 169,029).

 

Also included within creditors due in more than one year is a debenture due to a previous shareholder of £450,000 (2022: £900,000). The debenture accrues interest at 4% per annum and is payable monthly. The balance on the loan is payable next year. Interest charged on this debenture during the year was £19,500 (2022: £19,500).

 

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