Registration number:
Hotel Invest Limited
for the Year Ended 28 February 2023
Hotel Invest Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Hotel Invest Limited
Company Information
Director |
Mr Alan Forsyth |
Registered office |
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Hotel Invest Limited
(Registration number: 08046078)
Balance Sheet as at 28 February 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
- |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Share premium reserve |
108,369 |
108,369 |
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Other reserves |
89,646 |
89,646 |
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Retained earnings |
12,359 |
5,656 |
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Shareholders' funds |
211,374 |
204,671 |
For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Hotel Invest Limited
(Registration number: 08046078)
Balance Sheet as at 28 February 2023
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 director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Hotel Invest Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
Royal Hotel
Anchor Road
Barrow-in-Furness
Cumbria
LA14 2QW
England
These financial statements were authorised for issue by the
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.
Going concern
The financial statements have been prepared on a going concern basis.
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.
Hotel Invest Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
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 |
Fixtures and fittings |
20% straight line |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Hotel Invest Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 March 2022 |
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At 28 February 2023 |
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Depreciation |
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At 1 March 2022 |
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At 28 February 2023 |
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Carrying amount |
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At 28 February 2023 |
- |
- |
At 28 February 2022 |
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Hotel Invest Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Investment properties |
2023 |
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At 1 March |
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At 28 February |
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The company’s investment property is shown at fair value as at 28 February 2021.
This valuation have been carried out by the director using his knowledge of the market and data available relating to property transactions in the surrounding area and professional contacts in specialist property markets.
Debtors |
Current |
Note |
2023 |
2022 |
Amounts owed by related parties |
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Other debtors |
- |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
- |
( |
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Taxation and social security |
- |
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Accruals and deferred income |
- |
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Other creditors |
- |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Hotel Invest Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Other borrowings |
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Bank borrowings
Natwest Bank PLC have provided a bounce back loan to assist the company in dealing with the COVID-19 pandemic. There are no repayments or interest for the initial 12 month period at which point the company intends to opt for the pay as your grow option and extend the repayment terms to 10 years, meaning £1,111 per annum plus interest will be repayable. |
Other borrowings
Private secured loan is denominated in pound sterling (£) with a nominal interest rate of 12%, and the final instalment is due on 12 November 2023. The carrying amount at year end is £150,000 (2022 - £150,000). Don Investments Limited have provided the company with a private secured loan. This loan is for the benefit of the parent company Fast Property Sale Limited, who will be meeting all costs in relation to this facility. This facility is secured via a first charge against the property known as Royal Hotel, Anchor Road, Barrow-in-Furness, LA14 2QW (title number CU133955). The maximum term of this facility is 36 months from 12 November 2021. |
Hotel Invest Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Related party transactions |
Summary of transactions with parent
£5,819 (2022: £17,920) was receivable from Fast Property Sale Limited at 28 February 2023, which is included in 'amounts owed by group undertakings').
Since 12 November 2019 there has been a £150,000 loan secured against the investment property, Royal Hotel, Anchor Road, Barrow-In-Furness, LA14 2QW. This loan facility is for the benefit of the parent company Fast Property Sale Limited on the understanding that all costs and interest commitments associated with this loan are recharged in full.
Parent and ultimate parent undertaking |
The company's immediate parent is