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Company registration number: NI661643
Chestnut Hill Inns Ltd
Unaudited filleted financial statements
31 May 2023
Chestnut Hill Inns Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Chestnut Hill Inns Ltd
Directors and other information
Director Mr Eugene Kielt
Company number NI661643
Registered office 9 Upper Crescent
Belfast
Antrim
BT7 1NT
Business address 6 Chestnut Hill Road
Moira
BT67 0LW
Accountant SWM Accountancy Services
9 Upper Crescent
Belfast
Antrim
BT7 1NT
Bankers Bank of Ireland
22 Market Square
Lisburn
BT28 1AG
Solicitors Johns Elliot Solicitors
40 Linenhall Street
Belfast
Antrim
BT2 8BA
Chestnut Hill Inns Ltd
Statement of financial position
31 May 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 39,925 64,199
Tangible assets 6 660,568 667,298
_______ _______
700,493 731,497
Current assets
Stocks 12,875 13,885
Debtors 7 12,669 22,177
Cash at bank and in hand 61,646 138,962
_______ _______
87,190 175,024
Creditors: amounts falling due
within one year 8 ( 880,725) ( 249,760)
_______ _______
Net current liabilities ( 793,535) ( 74,736)
_______ _______
Total assets less current liabilities ( 93,042) 656,761
Creditors: amounts falling due
after more than one year 9 - ( 589,729)
_______ _______
Net (liabilities)/assets ( 93,042) 67,032
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 93,142) 66,932
_______ _______
Shareholder (deficit)/funds ( 93,042) 67,032
_______ _______
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 February 2024 , and are signed on behalf of the board by:
Mr Eugene Kielt
Director
Company registration number: NI661643
Chestnut Hill Inns Ltd
Notes to the financial statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 9 Upper Crescent, Belfast, Antrim, BT7 1NT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Due to losses sustained, the company had net liabilities of £93,042 as at 31st May 2023. The company ceased to trade on 09th July 2023. The company has substantial assets which are being marketed for sale. The director believes crystallisation of the company's assets should generate sufficient cash to satisfy the company's liabilities. On this basis, the director considers that it is appropriate to prepare the financial statements on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 % straight line
Liquor licence - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % straight line
Fittings fixtures and equipment - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured 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 the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 33 (2022: 36 ).
5. Intangible assets
Goodwill Liquor licence Total
£ £ £
Cost
At 1 June 2022 and 31 May 2023 35,399 85,969 121,368
_______ _______ _______
Amortisation
At 1 June 2022 16,674 40,495 57,169
Charge for the year 7,080 17,194 24,274
_______ _______ _______
At 31 May 2023 23,754 57,689 81,443
_______ _______ _______
Carrying amount
At 31 May 2023 11,645 28,280 39,925
_______ _______ _______
At 31 May 2022 18,725 45,474 64,199
_______ _______ _______
6. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 June 2022 632,166 57,550 689,716
Additions - 1,495 1,495
_______ _______ _______
At 31 May 2023 632,166 59,045 691,211
_______ _______ _______
Depreciation
At 1 June 2022 4,491 17,927 22,418
Charge for the year - 8,225 8,225
_______ _______ _______
At 31 May 2023 4,491 26,152 30,643
_______ _______ _______
Carrying amount
At 31 May 2023 627,675 32,893 660,568
_______ _______ _______
At 31 May 2022 627,675 39,623 667,298
_______ _______ _______
7. Debtors
2023 2022
£ £
Other debtors 12,669 22,177
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 592,196 46,644
Trade creditors 92,787 72,171
Corporation tax 7,037 10,512
Social security and other taxes 113,847 26,940
Other creditors 74,858 93,493
_______ _______
880,725 249,760
_______ _______
Debt due to the bank within 1 year of £409,500 is secured by way of a first legal charge over the property to which the loan relates, and a first legal charge over deposits in the amount of £50,000 held in the name of the company. The bank also has a debenture over the assets and undertakings of the company. Debt due to another external lender within 1 year of £151,200 is secured by way of a second legal charge over the property to which the loan relates and a debenture over the assets and undertakings of the company.
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts - 438,529
Other creditors - 151,200
_______ _______
- 589,729
_______ _______
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Eugene Kielt ( 55,408) 29,423 ( 25,985)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Eugene Kielt ( 112,654) 57,246 ( 55,408)
_______ _______ _______
The director has provided a personal guarantee to the company's bank in the sum of £150,000. In addition, the director has provided a personal guarantee to the company's other external lender in the sum of £151,200.