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REGISTERED NUMBER: 04305343 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

THE GEORGE HOTEL (READING) LIMITED

THE GEORGE HOTEL (READING) LIMITED (REGISTERED NUMBER: 04305343)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THE GEORGE HOTEL (READING) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: V N Patel
S V Patel
N N Patel
B B Patel





SECRETARY: N N Patel





REGISTERED OFFICE: 10-12 King Street
Reading
Berkshire
RG1 2HE





REGISTERED NUMBER: 04305343 (England and Wales)

THE GEORGE HOTEL (READING) LIMITED (REGISTERED NUMBER: 04305343)

BALANCE SHEET
31 JULY 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 7,679,343 7,706,163
Investment property 6 1,980,000 1,980,000
9,659,343 9,686,163

CURRENT ASSETS
Debtors 7 66,314 57,959
Cash at bank and in hand 398,438 195,122
464,752 253,081
CREDITORS
Amounts falling due within one year 8 281,541 293,525
NET CURRENT ASSETS/(LIABILITIES) 183,211 (40,444 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,842,554

9,645,719

CREDITORS
Amounts falling due after more than one
year

9

(1,298,679

)

(1,335,595

)

PROVISIONS FOR LIABILITIES (762,566 ) (762,566 )
NET ASSETS 7,781,309 7,547,558

CAPITAL AND RESERVES
Called up share capital 31,837 31,837
Revaluation reserve 4,136,905 4,136,905
Fair value reserve 1,206,985 1,206,985
Retained earnings 2,405,582 2,171,831
7,781,309 7,547,558

THE GEORGE HOTEL (READING) LIMITED (REGISTERED NUMBER: 04305343)

BALANCE SHEET - continued
31 JULY 2023


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 Board of Directors and authorised for issue on 20 December 2023 and were signed on its behalf by:





N N Patel - Director


THE GEORGE HOTEL (READING) LIMITED (REGISTERED NUMBER: 04305343)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

The George Hotel (Reading) 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.

The nature of the company's operations and principal activities are to operate the Mercure George Hotel, Reading.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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 as modified by the revaluation of certain assets.

Related party exemption
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.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for hotel accommodation and other related services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Revenue is recognised at the time of hotel stay and restaurant visit by guests.

Goodwill
Goodwill relates to the acquisition of a business and has been fully amortised in the prior periods.

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.

Leasehold land and buildings - none
Plant and equipment - 5% to 25% straight line

THE GEORGE HOTEL (READING) LIMITED (REGISTERED NUMBER: 04305343)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES - continued

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 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 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.

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
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In reaching this conclusion, the directors, having made all necessary enquiries, including the ability to receive financial support from its parent company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 17 ) .

THE GEORGE HOTEL (READING) LIMITED (REGISTERED NUMBER: 04305343)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2022
and 31 July 2023 106,618
AMORTISATION
At 1 August 2022
and 31 July 2023 106,618
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 -

5. TANGIBLE FIXED ASSETS
Land and Plant and
buildings machinery Totals
£    £    £   
COST
At 1 August 2022
and 31 July 2023 7,438,000 609,763 8,047,763
DEPRECIATION
At 1 August 2022 - 341,600 341,600
Charge for year - 26,820 26,820
At 31 July 2023 - 368,420 368,420
NET BOOK VALUE
At 31 July 2023 7,438,000 241,343 7,679,343
At 31 July 2022 7,438,000 268,163 7,706,163

THE GEORGE HOTEL (READING) LIMITED (REGISTERED NUMBER: 04305343)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022
and 31 July 2023 1,980,000
NET BOOK VALUE
At 31 July 2023 1,980,000
At 31 July 2022 1,980,000

Fair value at 31 July 2023 is represented by:
£   
Valuation in 2018 1,454,455
Cost 525,545
1,980,000

Investment properties were subject to valuation by the directors who have experience in the location and class of investment properties valued.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 19,369 28,559
Other debtors 46,945 29,400
66,314 57,959

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade creditors 48,732 98,765
Taxation and social security 147,915 142,123
Other creditors 84,894 52,637
281,541 293,525

THE GEORGE HOTEL (READING) LIMITED (REGISTERED NUMBER: 04305343)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.7.23 31.7.22
£    £   
Amounts owed to group undertakings 1,298,679 1,335,595

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

The Report of the Auditors was unqualified.

Lee Gardner FCA (Senior Statutory Auditor)
for and on behalf of Vale & West Accountancy Services Limited

11. CONTINGENT LIABILITIES

The Company has entered into cross guarantee arrangements with its ultimate parent company Nilvip Holdings Limited to secure its long term borrowings. At 31 July 2023 the contingent liability was £6 million (2022: £12.6 million).

12. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Nilvip Holdings Limited, whose registered office is 10-12 King Street, Reading, Berkshire, RG1 2HE.

Nilvip Holdings Limited is the smallest and largest group for which consolidated financial statements are prepared, including the results of the entity.