Company registration number 01970451 (England and Wales)
Ravenwood Hall Hotel Limited
Unaudited Financial Statements
For the year ended 31 August 2023
PAGES FOR FILING WITH REGISTRAR
Ravenwood Hall Hotel Limited
Contents
Page
Company information
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Ravenwood Hall Hotel Limited
Balance sheet
For the year ended 31 August 2023
- 1 -
31 August 2023
31 January 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,843,306
1,858,331
Current assets
Stocks
11,839
6,000
Debtors
4
248,808
166,286
Cash at bank and in hand
71,120
12,656
331,767
184,942
Creditors: amounts falling due within one year
5
(986,048)
(517,412)
Net current liabilities
(654,281)
(332,470)
Total assets less current liabilities
1,189,025
1,525,861
Creditors: amounts falling due after more than one year
6
(135,018)
(550,867)
Provisions for liabilities
(123,584)
(123,584)
Net assets
930,423
851,410
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
930,323
851,310
Total equity
930,423
851,410

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Ravenwood Hall Hotel Limited
Balance sheet (Continued)
For the year ended 31 August 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 April 2024 and are signed on its behalf by:
Mr B A Keane
Director
Company registration number 01970451 (England and Wales)
Ravenwood Hall Hotel Limited
Notes to the Financial Statements
For the year ended 31 August 2023
- 3 -
1
Accounting policies
Company information

Ravenwood Hall Hotel Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Hertfordshire, AL1 1LJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

 

Hotel accommodation income is recognised for each night as it takes place at the room rate for that night. Food and beverage income is recognised on the day provided to the customer at the price for the items purchased.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Not depreciated
Furniture, fixtures and equipment
10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Ravenwood Hall Hotel Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

 

Basic financial liabilities

Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Ravenwood Hall Hotel Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2023
Number
Number
Total
18
18
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 February 2023
1,750,000
581,040
2,331,040
Additions
-
0
7,912
7,912
Disposals
-
0
(12,350)
(12,350)
At 31 August 2023
1,750,000
576,602
2,326,602
Depreciation and impairment
At 1 February 2023
-
0
472,709
472,709
Depreciation charged in the year
-
0
10,834
10,834
Eliminated in respect of disposals
-
0
(247)
(247)
At 31 August 2023
-
0
483,296
483,296
Carrying amount
At 31 August 2023
1,750,000
93,306
1,843,306
At 31 January 2023
1,750,000
108,331
1,858,331

Land and buildings with a carrying amount of £1,750,000 were revalued by the directors at 31 August 2023.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Land and buildings
Land and buildings
2023
2023
2023
2023
£
£
£
£
Cost
624,897
-
624,897
-
Ravenwood Hall Hotel Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
- 6 -
4
Debtors
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
(1,303)
1,459
Corporation tax recoverable
23,211
23,211
Other debtors
226,900
141,616
248,808
166,286
5
Creditors: amounts falling due within one year
2023
2023
£
£
Bank loans
-
0
73,304
Trade creditors
47,538
228,323
Amounts owed to group undertakings
728,270
-
0
Taxation and social security
29,656
83,292
Other creditors
180,584
132,493
986,048
517,412
6
Creditors: amounts falling due after more than one year
2023
2023
£
£
Bank loans and overdrafts
-
0
415,849
Other creditors
135,018
135,018
135,018
550,867
7
Called up share capital
2023
2023
2023
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
74
74
74
74
Ordinary 'B' shares of £1 each
26
26
26
26
100
100
100
100
Ravenwood Hall Hotel Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
7
Called up share capital
(Continued)
- 7 -
2023
2023
2023
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Non-voting redeemable preference shares of £1 each
135,018
135,018
135,018
135,018
Preference shares classified as liabilities
135,018
135,018
8
Related party transactions
Transactions with related parties

Included in other creditors is £100,000 (31 January 2023 - £nil) owed to companies under common control.

9
Parent company

The Company's parent undertaking is Keane Property Holding 4 Limited.

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