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REGISTERED NUMBER: 09908160 (England and Wales)











Unaudited Financial Statements

for the Year Ended 30 September 2023

for

The Falcon Hotel (Cornwall) Ltd

The Falcon Hotel (Cornwall) Ltd (Registered number: 09908160)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Falcon Hotel (Cornwall) Ltd

Company Information
for the Year Ended 30 September 2023







DIRECTORS: R T R Brendon
Ms C E Coleman
Ms S F R Brendon
C G R Cary-Elwes
Miss C T Cary-Elwes
Ms L J Cary-Elwes
U Ackermann





SECRETARY: Ms C E Coleman





REGISTERED OFFICE: Falcon Terrace
Bude
Cornwall
EX23 8SD





REGISTERED NUMBER: 09908160 (England and Wales)





ACCOUNTANTS: Metherell Gard Ltd
Chartered Accountants
Burn View
Bude
Cornwall
EX23 8BX

The Falcon Hotel (Cornwall) Ltd (Registered number: 09908160)

Balance Sheet
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 37,500 52,500
Tangible assets 5 2,188,689 2,218,641
2,226,189 2,271,141

CURRENT ASSETS
Stocks 28,317 34,681
Debtors 6 102,518 107,349
Cash at bank and in hand 921,908 734,321
1,052,743 876,351
CREDITORS
Amounts falling due within one year 7 550,816 508,349
NET CURRENT ASSETS 501,927 368,002
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,728,116

2,639,143

CREDITORS
Amounts falling due after more than one
year

8

(390,000

)

(390,000

)

PROVISIONS FOR LIABILITIES (57,500 ) (61,300 )
NET ASSETS 2,280,616 2,187,843

CAPITAL AND RESERVES
Called up share capital 10 1,960,000 1,960,000
Retained earnings 320,616 227,843
SHAREHOLDERS' FUNDS 2,280,616 2,187,843

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The Falcon Hotel (Cornwall) Ltd (Registered number: 09908160)

Balance Sheet - continued
30 September 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2024 and were signed on its behalf by:





R T R Brendon - Director


The Falcon Hotel (Cornwall) Ltd (Registered number: 09908160)

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


1. STATUTORY INFORMATION

The Falcon Hotel (Cornwall) Ltd 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 Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Revenue is recognised for the sale of goods when the vendor has transferred the significant risks and rewards of ownership, it is probable that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured.

Rendering of services
Revenue for provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and costs can be reliably measured. For continuing services, revenue is recognised when the stage of completion can be reliably measured using a percentage of completion method.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. 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, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Land and buildings - 2% on cost (excluding land)
Plant and machinery etc - 10% - 20% on reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.


The Falcon Hotel (Cornwall) Ltd (Registered number: 09908160)

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


2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

Financial instruments
All financial instruments are recognised initially at transaction price excluding transaction costs and subsequently at amortised cost. These include cash at bank, trade and other debtors and trade and other creditors.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Employee Benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 70 (2022 - 81 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2022
and 30 September 2023 150,000
AMORTISATION
At 1 October 2022 97,500
Charge for year 15,000
At 30 September 2023 112,500
NET BOOK VALUE
At 30 September 2023 37,500
At 30 September 2022 52,500

The Falcon Hotel (Cornwall) Ltd (Registered number: 09908160)

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


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 October 2022 2,041,917 528,931 2,570,848
Additions 12,904 27,459 40,363
At 30 September 2023 2,054,821 556,390 2,611,211
DEPRECIATION
At 1 October 2022 146,075 206,132 352,207
Charge for year 23,096 47,219 70,315
At 30 September 2023 169,171 253,351 422,522
NET BOOK VALUE
At 30 September 2023 1,885,650 303,039 2,188,689
At 30 September 2022 1,895,842 322,799 2,218,641

Included in cost of land and buildings is freehold land of £ 900,000 (2022 - £ 900,000 ) which is not depreciated.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 77,529 91,268
Other debtors 24,989 16,081
102,518 107,349

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 187,160 166,944
Taxation and social security 187,811 155,419
Other creditors 175,845 185,986
550,816 508,349

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 390,000 390,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Shareholder loan notes over 5
years 240,000 240,000
240,000 240,000

The Falcon Hotel (Cornwall) Ltd (Registered number: 09908160)

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


9. FINANCIAL INSTRUMENTS

1% loan notes were issued at par, these are repayable in 2026


Associated
company

Shareholders
Cost 20,000 230,000
Repaid 8,000 92,000
Balance @ 30 September 2022 12,000 138,000
1% loan notes were issued at par, these are repayable in 2030


Associated
company

Shareholders
Cost - 240,000
Balance @ 30 September 2022 - 240,000

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,960,000 Ordinary 1 1,960,000 1,960,000