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REGISTERED NUMBER: 13392686 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

THE HOSPITALITY CLUB LTD

THE HOSPITALITY CLUB LTD (REGISTERED NUMBER: 13392686)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 MAY 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


THE HOSPITALITY CLUB LTD (REGISTERED NUMBER: 13392686)

STATEMENT OF FINANCIAL POSITION
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 22,606 25,118
Property, plant and equipment 5 82,538 19,652
105,144 44,770

CURRENT ASSETS
Debtors 6 1,052,451 957,204
Cash at bank and in hand 175,486 24,673
1,227,937 981,877
CREDITORS
Amounts falling due within one year 7 1,008,013 690,906
NET CURRENT ASSETS 219,924 290,971
TOTAL ASSETS LESS CURRENT
LIABILITIES

325,068

335,741

PROVISIONS FOR LIABILITIES 9 20,635 -
NET ASSETS 304,433 335,741

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 304,333 335,641
304,433 335,741

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

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 her 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 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 director and authorised for issue on 23 February 2024 and were signed by:





Mrs A Georgiou - Director


THE HOSPITALITY CLUB LTD (REGISTERED NUMBER: 13392686)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 MAY 2023

1. STATUTORY INFORMATION

The Hospitality Club Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 13392686

Registered office: 1 Kings Avenue
London
N21 3NA

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.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are significant judgements and estimates involved in the preparation of the financial statements.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised when services are rendered to the customers.

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.

Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery 15% on reducing balance

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.


THE HOSPITALITY CLUB LTD (REGISTERED NUMBER: 13392686)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 MAY 2023

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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.

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.

Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

Invoice discounting debts
The company has all of its sales invoices subjected to invoice discounting. The company's invoice discounting arrangements can neither be called as derecognition nor linked presentation. Hence a separate presentation has been adopted whereby gross debts are shown as an asset on the balance sheet and proceeds from the invoice discounting facility are included within creditors as a liability.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 165 (2022 - 184 ) .

THE HOSPITALITY CLUB LTD (REGISTERED NUMBER: 13392686)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 MAY 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 25,118
AMORTISATION
Charge for year 2,512
At 31 May 2023 2,512
NET BOOK VALUE
At 31 May 2023 22,606
At 31 May 2022 25,118

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
COST
At 1 June 2022 19,652
Additions 66,620
At 31 May 2023 86,272
DEPRECIATION
Charge for year 3,734
At 31 May 2023 3,734
NET BOOK VALUE
At 31 May 2023 82,538
At 31 May 2022 19,652

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 689,093 941,171
Other debtors 363,358 16,033
1,052,451 957,204

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 37,765 30,395
Taxation and social security 385,817 483,846
Other creditors 584,431 176,665
1,008,013 690,906

Included in other creditors are debts of £117,663 (2022: £59,775) subject to factoring by a legal charge on the company's book debts, including a fixed and floating charge on the assets of the company and contains negative pledge.

THE HOSPITALITY CLUB LTD (REGISTERED NUMBER: 13392686)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 MAY 2023

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 40,200 36,465
Between one and five years 160,800 13,127
201,000 49,592

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 20,635 -

Deferred
tax
£   
Provided during year 20,635
Balance at 31 May 2023 20,635

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Included in other debtors is an amount of £345,256 (2022: Nil) due from connected companies under common directorship. The amount is interest free and repayable on demand.