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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
All of the members of Vicarage Boutique Hotel Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 July 2023 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 07170644
VICARAGE BOUTIQUE HOTEL LIMITED
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 July 2023
VICARAGE BOUTIQUE HOTEL LIMITED
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF VICARAGE BOUTIQUE HOTEL LIMITED
YEAR ENDED 31 JULY 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Vicarage Boutique Hotel Limited for the year ended 31 July 2023, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
LANGARD LIFFORD HALL LIMITED Accountants and Registered Auditors
Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN
18 March 2024
VICARAGE BOUTIQUE HOTEL LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
31 July 2023
2023
2022
Note
£
£
£
£
Fixed assets
Intangible assets
5
3,833
4,333
Tangible assets
6
298,127
309,535
------------
------------
301,960
313,868
Current assets
Stocks
11,255
18,832
Debtors
5,325
4,568
Cash at bank and in hand
309,134
429,550
------------
------------
325,714
452,950
Creditors: amounts falling due within one year
504,603
646,877
------------
------------
Net current liabilities
178,889
193,927
------------
------------
Total assets less current liabilities
123,071
119,941
Creditors: amounts falling due after more than one year
35,185
40,741
------------
------------
Net assets
87,886
79,200
------------
------------
Capital and reserves
Called up share capital
133
133
Profit and loss account
87,753
79,067
------------
------------
Shareholders funds
87,886
79,200
------------
------------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
VICARAGE BOUTIQUE HOTEL LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
31 July 2023
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
These abridged financial statements were approved by the board of directors and authorised for issue on 18 March 2024 , and are signed on behalf of the board by:
S P Fitzpatrick
Director
Company registration number: 07170644
VICARAGE BOUTIQUE HOTEL LIMITED
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Vicarage, Westhorpe, Southwell, Nottinghamshire, NG25 0NB.
2. Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
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
-
5% 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 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.
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:
Leasehold Property
-
5% straight line
Furniture and Fixtures
-
15% reducing balance
Equipment and Computers
-
25% reducing balance
Impairment of fixed assets
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. Prior impairments are also reviewed for possible reversal at each reporting date.
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 stock to its 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 44 (2022: 44 ).
5. Intangible Assets
£
Cost
At 1 August 2022 and 31 July 2023
10,000
------------
Amortisation
At 1 August 2022
5,667
Charge for the year
500
------------
At 31 July 2023
6,167
------------
Carrying amount
At 31 July 2023
3,833
------------
At 31 July 2022
4,333
------------
6. Tangible Assets
£
Cost
At 1 August 2022
609,889
Additions
24,257
------------
At 31 July 2023
634,146
------------
Depreciation
At 1 August 2022
300,354
Charge for the year
35,665
------------
At 31 July 2023
336,019
------------
Carrying amount
At 31 July 2023
298,127
------------
At 31 July 2022
309,535
------------
7. Directors' Advances, Credits and Guarantees
Amounts owed to the director at the balance sheet date are included in creditors and totalled £166,788. (2022 : £182).
8. Related Party Transactions
The company was under the control of S P Fitzpatrick throughout the current and previous year. S P Fitzpatrick is the managing director and majority shareholder. Monies owed to her are shown in Note 13 to the Accounts.