Registration number:
AJL Hotel Holdings Limited
for the Year Ended 28 February 2023
AJL Hotel Holdings Limited
Contents
Company Information |
|
Strategic Report |
|
Director's Report |
|
Statement of Director's Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Statement of Comprehensive Income |
|
Consolidated Balance Sheet |
|
Balance Sheet |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Notes to the Financial Statements |
AJL Hotel Holdings Limited
Company Information
Director |
A J Lavin |
Registered office |
|
Auditors |
|
AJL Hotel Holdings Limited
Strategic Report for the Year Ended 28 February 2023
The director presents his strategic report for the year ended 28 February 2023.
Principal activity
The principal activity of the group is is that of a holding company to a group operating hotels with bars, restaurants and health spa open to non residents
Fair review of the business
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our and is written in the context of the risks and uncertainties we face.
The director considers the profit achieved on ordinary activities before taxation to be satisfactory taking into consideration the competition in the local market and the current economic climate. Gross profit percentage has been maintained at 36%.
Adequate finance has been obtained to take advantage of business opportunities, and the director consider the state of affairs to be satisfactory.
Principal risks and uncertainties
In order to manage the company successfully, the strategic and operational risks facing the company are regularly reviewed and the group's risk management procedures are updated to reflect the process.
Approved and authorised by the
......................................... |
AJL Hotel Holdings Limited
Director's Report for the Year Ended 28 February 2023
The director presents his report and the for the year ended 28 February 2023.
Director of the group
The director who held office during the year was as follows:
Financial instruments
The group is exposed to interest rate risk from borrowings with the bank. The group operates the bank account in credit at all times and maintains sufficient funds to meet all the business needs including bank loan and interest payments.
The bank is currently satisfied with the group's performance and the director is of the opinion that all risks are well managed.
Disclosure of information to the auditor
The director of the company who held office at the date of the approval of this Annual Report, as set out above, confirms that:
• so far as he are aware, there is no relevant audit information (information needed by the company's auditors in connection with preparing their report) of which the company's auditors are unaware, and
• he has taken all the steps that they ought to have taken as director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Reappointment of auditors
The auditors Hawsons Chartered Accountants are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved and authorised by the
......................................... |
AJL Hotel Holdings Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
AJL Hotel Holdings Limited
Independent Auditor's Report to the Members of AJL Hotel Holdings Limited
Opinion
We have audited the financial statements of AJL Hotel Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Balance Sheet, the Consolidated Statement of Changes in Equity, the Statement of Changes in Equity, the Consolidated Statement of Cash Flows, and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 28 February 2023 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
AJL Hotel Holdings Limited
Independent Auditor's Report to the Members of AJL Hotel Holdings Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors’ remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities set out on page 4, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
AJL Hotel Holdings Limited
Independent Auditor's Report to the Members of AJL Hotel Holdings Limited
The company is subject to laws and regulations that directly and indirectly affect the financial statements. Based on our understanding of the company and the environment it operates within, we determined that the laws and regulations which were most significant included FRS 102, Companies Act 2006 and Health and Safety regulations. We considered the extent to which non-compliance with these laws and regulations might have a material effect on the financial statements, including how fraud might occur. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries to improve the company’s result for the period, and management bias in key accounting estimates.
Audit procedures performed by the engagement team included:
• |
Discussions with management and those responsible for legal compliance procedures within the company to obtain an understanding of the legal and regulatory framework applicable to the company and how the company complies with that framework, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; |
• |
Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud and non-compliance with laws and regulations; |
• |
Challenging assumptions and judgements made by management in their significant accounting estimates; |
• |
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management. |
There are inherent limitations in the audit procedures described above and the more removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
5 Sidings Court
White Rose Way
South Yorkshire
DN4 5NU
AJL Hotel Holdings Limited
Consolidated Statement of Comprehensive Income for the Year Ended 28 February 2023
Note |
2023 |
2022 |
|
turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
- |
272,964 |
|
Exceptional items |
429,335 |
- |
|
Operating profit |
|
|
|
Interest payable and similar charges |
( |
( |
|
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Other comprehensive income |
|||
Surplus/deficit on property, plant and equipment revaluation |
(163,335) |
- |
|
Total comprehensive income for the financial year |
1,127,190 |
674,758 |
|
Profit attributable to: |
|||
Owners of the company |
|
|
|
Total comprehensive income attributable to: |
|||
Owners of the company |
1,127,190 |
674,758 |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the Parent Company is not presented as part of these Financial Statements.
AJL Hotel Holdings Limited
(Registration number: 09900574)
Consolidated Balance Sheet as at 28 February 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Revaluation reserve |
1,455,720 |
1,619,055 |
|
Retained earnings |
3,566,964 |
2,276,439 |
|
Equity attributable to owners of the company |
5,022,784 |
3,895,594 |
|
Shareholders' funds |
5,022,784 |
3,895,594 |
Approved and authorised by the
......................................... |
AJL Hotel Holdings Limited
(Registration number: 09900574)
Balance Sheet as at 28 February 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Investments |
|
|
|
Current assets |
|||
Cash at bank and in hand |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Shareholders' funds |
100 |
100 |
The company made a loss after tax for the financial year of £- (2022 - profit of £-).
Approved and authorised by the
......................................... |
AJL Hotel Holdings Limited
Consolidated Statement of Changes in Equity for the Year Ended 28 February 2023
Equity attributable to the parent company
Share capital |
Revaluation reserve |
Retained earnings |
Total |
Total equity |
|
At 1 March 2022 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Other comprehensive income |
- |
( |
- |
( |
( |
Total comprehensive income |
- |
( |
|
|
|
At 28 February 2023 |
|
|
|
|
|
Share capital |
Revaluation reserve |
Retained earnings |
Total |
Total equity |
|
At 1 March 2021 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
At 28 February 2022 |
|
|
|
|
|
AJL Hotel Holdings Limited
Statement of Changes in Equity for the Year Ended 28 February 2023
Share capital |
Total |
|
At 1 March 2022 |
|
|
At 28 February 2023 |
|
|
Share capital |
Total |
|
At 1 March 2021 |
|
|
At 28 February 2022 |
|
|
AJL Hotel Holdings Limited
Consolidated Statement of Cash Flows for the Year Ended 28 February 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Loss on disposal of tangible assets |
- |
|
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Increase in stocks |
( |
( |
|
Increase in trade debtors |
( |
( |
|
(Decrease)/increase in trade creditors |
( |
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Acquisitions of tangible assets |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Repayment of bank borrowing |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 March |
|
|
|
Cash and cash equivalents at 28 February |
1,210,607 |
888,067 |
AJL Hotel Holdings Limited
Consolidated Statement of Cash Flows for the Year Ended 28 February 2023
Analysis of net debt
At 1 March 2022 |
Cashflows |
Other non-cash changes |
At 28 February 2023 |
||||
£ |
£ |
£ |
£ |
||||
Cash and cash equivalents |
|||||||
Cash |
888,067 |
322,540 |
- |
1,210,607 |
|||
Borrowings |
|||||||
Debt due within one year |
(355,820) |
355,820 |
(399,338) |
(399,338) |
|||
Debt due after one year |
(5,491,184) |
62,976 |
362,187 |
(5,066,021) |
|||
Total |
(4,958,937) |
741,336 |
(37,151) |
(4,254,752) |
AJL Hotel Holdings Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
Accounting policies |
AJL Hotel Holdings Limited is a private company, limited by shares, domiciled in England and Wales, company number 09900574. The registered office is at
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.
Summary of disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defnined by FRS102. As such, advantage is taken of the following reduced disclosures under FRS102:
a. Disclosures in respect of each class of share capital have not been presented.
b. No cashflow statement has been presented for the parent company.
c. Disclosures in respect of financial instruments have not been presented.
d. No disclosure has been given for the aggregate remuneration of key management personel.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 28 February 2023.
AJL Hotel Holdings Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
After due consideration of all relevant factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
Judgements
No significant judgements or ley assumptions have ad to be made by management in preparing these financial statements. |
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.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
AJL Hotel Holdings Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position 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.
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.
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
An increase in the carrying value of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss.
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 |
Property improvements |
20% reducing balance |
Plant and machinery |
16% straight line and 20% reducing balance |
Fixtures and fittings |
20% reducing balance |
Equipment |
20% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
AJL Hotel Holdings Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10% straight line |
Stocks
Stocks are stated at the lower of cost and net realisable value and the valuations are undertaken by an independent professional valuer.
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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
AJL Hotel Holdings Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
Other operating income |
The analysis of the group's other operating income for the year is as follows:
2023 |
2022 |
|
Government grants |
- |
|
Exceptional items |
The analysis of the group's other operating income for the year is as follows:
2023 |
2022 |
|
Exceptional items |
|
- |
Income of £429,335 has been recognised in respect of insurance claims receivable.
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
2023 |
2022 |
|
Loss on disposal of tangible assets |
- |
( |
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Loss on disposal of property, plant and equipment |
- |
|
Interest payable and similar expenses |
2023 |
2022 |
|
Interest on bank overdrafts and borrowings |
|
|
AJL Hotel Holdings Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:
2023 |
2022 |
|
Production |
|
|
Administration and support |
|
|
|
|
Director's remuneration |
The director's remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Auditors' remuneration |
2023 |
2022 |
|
Audit of these financial statements |
12,500 |
11,500 |
AJL Hotel Holdings Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
- |
|
328,423 |
218,077 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
( |
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Deferred tax expense relating to changes in tax rates or laws |
|
- |
Tax (decrease)/increase from effect of capital allowances and depreciation |
( |
|
Total tax charge |
|
|
AJL Hotel Holdings Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
Deferred tax
Group
Deferred tax assets and liabilities
2023 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
Revaluation of tangible assets |
- |
|
- |
|
2022 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
Revaluation of tangible assets |
- |
|
- |
|
AJL Hotel Holdings Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
Intangible assets |
Group
Goodwill |
Total |
|
Cost or valuation |
||
At 1 March 2022 |
|
|
At 28 February 2023 |
|
|
Amortisation |
||
At 1 March 2022 |
|
|
Amortisation charge |
|
|
At 28 February 2023 |
|
|
Carrying amount |
||
At 28 February 2023 |
|
|
At 28 February 2022 |
|
|
AJL Hotel Holdings Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
tangible assets |
Group
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
Total |
|
Cost or valuation |
|||||
At 1 March 2022 |
|
|
|
|
|
Additions |
- |
|
|
- |
|
At 28 February 2023 |
|
|
|
|
|
Depreciation |
|||||
At 1 March 2022 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 28 February 2023 |
|
|
|
|
|
Carrying amount |
|||||
At 28 February 2023 |
|
|
|
|
|
At 28 February 2022 |
|
|
|
|
|
The freehold land and buildings were revalued during December 2015 by Colliers International, an independent firm of chartered surveyors, their valuation was £4,800,000 on a fair value basis on behalf of Natwest. The director is not aware of any material change in value since the date of the valuation and review this annually.
In respect of the tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the asset had been carried under the historical cost model are, historic cost £4,237,051 (2022: £4,237,051), depreciation £NIL (2022: £NIL).
AJL Hotel Holdings Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
Investments |
Company
2023 |
2022 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost |
|
At 1 March 2022 and 28 February 2023 |
|
Carrying amount |
|
At 28 February 2023 |
|
At 28 February 2022 |
|
Stocks |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Finished goods and good for resale |
|
|
- |
- |
Debtors |
Group |
Company |
|||
Current |
2023 |
2022 |
2023 |
2022 |
Trade debtors |
|
|
- |
- |
Other debtors |
|
- |
- |
- |
Prepayments |
|
|
- |
- |
|
|
- |
- |
Cash and cash equivalents |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Cash on hand |
|
|
- |
- |
Cash at bank |
|
|
|
|
|
|
|
|
AJL Hotel Holdings Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
Creditors |
Group |
Company |
||||
Note |
2023 |
2022 |
2023 |
2022 |
|
Due within one year |
|||||
Loans and borrowings |
|
|
- |
- |
|
Trade creditors |
|
|
- |
- |
|
Amounts due to related parties |
- |
|
- |
- |
|
Social security and other taxes |
|
|
- |
- |
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
Other payables |
|
|
- |
- |
|
Accruals |
|
|
- |
- |
|
Income tax liability |
328,423 |
205,291 |
- |
- |
|
|
|
- |
- |
||
Due after one year |
|||||
Loans and borrowings |
|
|
- |
- |
|
Other non-current financial liabilities |
|
|
- |
- |
|
5,066,021 |
5,491,184 |
- |
- |
Included within creditors: amounts falling due after more than one year is an amount of £200,000 (2022: £200,000) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
The bank loans are secured by a fixed and floating charge over the group’s assets. Interest is charged at 2% over base rate.
Of the amounts falling due over more than 5 years, £200,000 is repayable after 5 years at an interest rate of 6%
AJL Hotel Holdings Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Loans and borrowings |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Non-current loans and borrowings |
||||
Bank borrowings |
|
|
- |
- |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Current loans and borrowings |
||||
Bank borrowings |
|
|
- |
- |
Related party transactions |
At the year end, Mr A J Lavin had a directors loan account balance of £nil (2022: £110,680) which is repayable on demand.
Parent and ultimate parent undertaking |
The ultimate controlling party is Mr A J Lavin by virtue of his 100% shareholding.