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REGISTERED NUMBER: 14070774 (England and Wales)












Financial Statements

for the Period 26 April 2022 to 30 April 2023

for

The Pheasant Hotel (Harome) Limited

The Pheasant Hotel (Harome) Limited (Registered number: 14070774)






Contents of the Financial Statements
for the Period 26 April 2022 to 30 April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


The Pheasant Hotel (Harome) Limited

Company Information
for the Period 26 April 2022 to 30 April 2023







DIRECTOR: Mr Stephen Gibson





REGISTERED OFFICE: West Lodge Rockliffe Hall
Hurworth On Tees
Darlington
United Kingdom
DL2 2DU





REGISTERED NUMBER: 14070774 (England and Wales)





AUDITORS: Hallgarth Audit Limited
2 Hallgarth
Pickering
North Yorkshire
YO18 7AW

The Pheasant Hotel (Harome) Limited (Registered number: 14070774)

Balance Sheet
30 April 2023

Notes £    £   
FIXED ASSETS
Intangible assets 4 1,653,785
Tangible assets 5 1,618,634
3,272,419

CURRENT ASSETS
Stocks 6 34,667
Debtors 7 3,972
Cash at bank and in hand 471,239
509,878
CREDITORS
Amounts falling due within one year 8 623,237
NET CURRENT LIABILITIES (113,359 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,159,060

CREDITORS
Amounts falling due after more than one
year

9

(1,090,900

)

PROVISIONS FOR LIABILITIES 11 (4,896 )
NET ASSETS 2,063,264

CAPITAL AND RESERVES
Called up share capital 12 2,116,512
Retained earnings (53,248 )
SHAREHOLDERS' FUNDS 2,063,264

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 April 2024 and were signed by:





Mr Stephen Gibson - Director


The Pheasant Hotel (Harome) Limited (Registered number: 14070774)

Notes to the Financial Statements
for the Period 26 April 2022 to 30 April 2023

1. STATUTORY INFORMATION

The Pheasant Hotel (Harome) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the period comprises current and deferred tax recognised recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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.

The Pheasant Hotel (Harome) Limited (Registered number: 14070774)

Notes to the Financial Statements - continued
for the Period 26 April 2022 to 30 April 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
The directors have carried out a review of the company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these accounts.

A detailed review of cashflows, projections and the trading position since the year end has enabled the directors to consider whether the company has the necessary cashflow to continue as a going concern and ensure its financial liabilities can be met.

The directors have further carried out a review of the ultimate parent company's ability to continue as a going concern over the same forecast period.

Based on the review of the financial projections, the directors are satisfied that adequate financial resources are available to enable the company to meet its obligations, and therefore that it is appropriate to adopt the going concern basis in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 35 .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 1,717,790
At 30 April 2023 1,717,790
AMORTISATION
Amortisation for period 64,005
At 30 April 2023 64,005
NET BOOK VALUE
At 30 April 2023 1,653,785

The Pheasant Hotel (Harome) Limited (Registered number: 14070774)

Notes to the Financial Statements - continued
for the Period 26 April 2022 to 30 April 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
COST
Additions 1,357,500 286,165 1,230 1,644,895
At 30 April 2023 1,357,500 286,165 1,230 1,644,895
DEPRECIATION
Charge for period 10,116 15,994 151 26,261
At 30 April 2023 10,116 15,994 151 26,261
NET BOOK VALUE
At 30 April 2023 1,347,384 270,171 1,079 1,618,634

6. STOCKS
£   
Stocks 34,667

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Prepayments and accrued income 3,000
Prepayments 972
3,972

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Bank loans and overdrafts 83,000
Trade creditors 202,935
Amounts owed to associates 97,362
Social security and other taxes 19,470
VAT 109,853
Other creditors 26,091
Accruals and deferred income 72,619
Accrued expenses 11,907
623,237

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
£   
Bank loans - 1-2 years 83,000
Bank loans - 2-5 years 249,000
Bank loans more 5 yr by instal 758,900
1,090,900

The Pheasant Hotel (Harome) Limited (Registered number: 14070774)

Notes to the Financial Statements - continued
for the Period 26 April 2022 to 30 April 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
£   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 758,900

10. SECURED DEBTS

The following secured debts are included within creditors:

£   
Bank loans 1,173,900

HSBC UK Bank PLC has a fixed and floating charge over all the company's asset. This included a legal mortgage over the Freehold Property.

11. PROVISIONS FOR LIABILITIES
£   
Deferred tax
Accelerated capital allowances 4,896

Deferred
tax
£   
Provided during period 4,896
Balance at 30 April 2023 4,896

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
value: £   
2,116,512 Ordinary £1 2,116,512

2,116,512 Ordinary shares of £1 each were allotted and fully paid for cash at par during the period.

EACH SHARE HAS EQUAL VOTING RIGHTS, HAS EQUAL RIGHTS TO DIVIDENDS AND HAS EQUAL DISTRIBUTION RIGHTS ON A WINDING UP.

The Pheasant Hotel (Harome) Limited (Registered number: 14070774)

Notes to the Financial Statements - continued
for the Period 26 April 2022 to 30 April 2023

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
The company was unable to provide supporting information regarding the balance of vouchers held in other creditors and deposits held in accruals and deferred income at the year end. We were unable to undertake substantive testing on the balances at the year end or to verify by alternative means. Consequently, we were unable to determine whether any adjustment to this amount was necessary.

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 Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that re 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.

Karen Seaton (Senior Statutory Auditor)
for and on behalf of Hallgarth Audit Limited

14. CONTINGENT LIABILITIES

As at the 30 April 2023, a contingent liability of £200,000 (due 16 December 2023) was in place in relation to the purchase of its trading assets during the year. As at the reporting date, although the payment was probable, the business was unable to reliably estimate the outflow.

15. CAPITAL COMMITMENTS
£   
Contracted but not provided for in the
financial statements 1,914

16. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Stephen Gibson.