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Wembley Empire Hotel Limited
Registered Number:04216210
For the year ended 31 May 2023
England and Wales
Unaudited Financial Statements
2
For the year ended 31 May 2023
Wembley Empire Hotel Limited
Contents Page
1
Statement of Financial Position
2 to 6
Notes to the Financial Statements
3
Registered Number :
04216210
As at 31 May 2023
Wembley Empire Hotel Limited
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Property, plant and equipment
24,513
32,685
2
24,513
32,685
Current assets
Inventories
12,075
6,118
3
Trade and other receivables
473,216
276,817
4
812,743
Cash and cash equivalents
1,202,143
1,485,078
1,298,034
Trade and other payables: amounts falling due within one
year
(1,086,790)
(1,094,651)
5
211,244
390,427
Net current assets
Total assets less current liabilities
414,940
243,929
Trade and other payables: amounts falling due after more
than one year
(650,000)
(450,000)
6
(6,128)
(6,210)
Provisions for liabilities
(41,188)
Net liabilities
(412,281)
Capital and reserves
Called up share capital
5,600
5,600
Retained earnings
(46,788)
(417,881)
(41,188)
(412,281)
Shareholders' funds
For the year ended 31 May 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section
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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
N Rahimi Director
These financial statements were approved and authorised for issue by the Board on 16 February 2024 and were signed by:
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4
Registered Number :
04216210
For the year ended 31 May 2023
Wembley Empire Hotel Limited
Statement of Financial Position Continued
The notes form part of these financial statements
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5
For the year ended 31 May 2023
Wembley Empire Hotel Limited
Notes to the Financial Statements
Statutory Information
Wembley Empire Hotel Limited is a private limited company, limited by shares, domiciled in England and Wales,
registration number 04216210.
Registered address:
Wembley International Hotel
Empire Way
Wembley
HA9 0NH
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and buildings
20% Straight line
Plant and machinery
25% Reducing balance
25% Reducing balance
Motor vehicles
25% Reducing balance
Fixtures and fittings
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate at the date of transaction. Exchange rate differences are taken into account in arriving at the operating result.
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its directors/and employees. Contributions payable are charged to the profit and loss account in the period in which they are payable.
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6
For the year ended 31 May 2023
Wembley Empire Hotel Limited
Notes to the Financial Statements Continued
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.
Basic financial liabilities
Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financial
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.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received. Dividends payable on equity
instruments are recognised as liabilities once they are no longer at the discretion of the company.
2. Property, plant and equipment
Total
Fixtures and
fittings
Motor vehicles
Plant and
machinery
£
£
£
£
Cost or
valuation
At 01 June 2022
358,460
286,071
13,000
59,389
At 31 May 2023
59,389
13,000
286,071
358,460
Provision for depreciation and impairment
At 01 June 2022
325,775
266,851
3,250
55,674
Charge for year
8,172
4,805
2,438
929
At 31 May 2023
333,947
271,656
5,688
56,603
At 31 May 2023
Net book value
2,786
7,312
14,415
24,513
At 31 May 2022
3,715
9,750
19,220
32,685
3. Inventories
2022
2023
£
£
Stocks
6,118
12,075
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7
For the year ended 31 May 2023
Wembley Empire Hotel Limited
Notes to the Financial Statements Continued
4. Trade and other receivables
2022
2023
£
£
Trade debtors
162,971
181,854
Prepayments and accrued income
46,114
143,673
Taxation and social security
-
59,779
Other debtors
67,732
87,910
473,216
276,817
The debtors above include the following amounts falling due after more than one year:
Other debtors
45,440
65,000
5. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Bank loans and overdraft
200,000
200,000
Trade creditors
300,621
418,072
Taxation and social security
230,062
76,991
Accruals and deferred income
356,480
373,132
Directors' loan accounts
-
404
Other creditors
7,488
18,191
1,094,651
1,086,790
6. Trade and other payables: amounts falling due after more than one year
2022
2023
£
£
Bank loans and overdraft
450,000
650,000
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For the year ended 31 May 2023
Wembley Empire Hotel Limited
Notes to the Financial Statements Continued
7. Guarantees and other financial commitments
Lease commitments
At 31 May 2023 the company had annual commitments under non-cancellable operating leases as set out below:
2023
£
Operating leases which expire:
250,000
Within 2 to 5 years
250,000
The £250,000 is a minimum rent up to a gross turnover of £1,500,000. Any additional gross turnover incurs
additional rent.
Other financial commitments
There are two charges over the company's lease and intangible assets in respect of a mortgage on the property from
which the company trades. The mortgage is owed and is being paid by Wembley Empire Hotel Limited's landlord. At
31 May 2023 the amount outstanding was £5,419,404.
8. Average number of persons employed
During the year the average number of employees was 30 (2022 : 28)
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