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Registered number: 00531440
Belmont Hotel (Leicester) Limited
Financial Statements
For The Year Ended 30 September 2022
Cunnington and Co Limited
Chartered Certified Accountants and Registered Auditors
Edward House
Grange Business Park
Whetstone
Leicester
LE8 6EP
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 00531440
2022 2021
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,197,817 5,242,338
Investments 5 1,000 1,000
5,198,817 5,243,338
CURRENT ASSETS
Stocks 6 18,596 11,657
Debtors 7 107,976 170,417
Cash at bank and in hand 2,893 19,813
129,465 201,887
Creditors: Amounts Falling Due Within One Year 8 (549,409 ) (482,176 )
NET CURRENT ASSETS (LIABILITIES) (419,944 ) (280,289 )
TOTAL ASSETS LESS CURRENT LIABILITIES 4,778,873 4,963,049
Creditors: Amounts Falling Due After More Than One Year 9 (3,684,192 ) (3,290,694 )
NET ASSETS 1,094,681 1,672,355
CAPITAL AND RESERVES
Called up share capital 10 12,673 12,673
Revaluation reserve 11 1,748,783 1,748,783
Capital redemption reserve 1,554 1,554
Profit and Loss Account (668,329 ) (90,655 )
SHAREHOLDERS' FUNDS 1,094,681 1,672,355
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These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr D Kotak
Director
23rd April 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Belmont Hotel (Leicester) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00531440 . The registered office is Edward House Grange Business Park, Whetstone, Leicester, LE8 6EP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold NA
Leasehold NA
Fixtures & Fittings 3 to 15 years
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 57 (2021: 35)
57 35
4. Tangible Assets
Land & Property
Freehold Leasehold Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 October 2021 5,075,146 90,345 1,875,224 7,040,715
Additions - - 11,916 11,916
As at 30 September 2022 5,075,146 90,345 1,887,140 7,052,631
Depreciation
As at 1 October 2021 - - 1,798,377 1,798,377
Provided during the period - - 56,437 56,437
As at 30 September 2022 - - 1,854,814 1,854,814
...CONTINUED
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Net Book Value
As at 30 September 2022 5,075,146 90,345 32,326 5,197,817
As at 1 October 2021 5,075,146 90,345 76,847 5,242,338
5. Investments
Unlisted
£
Cost
As at 1 October 2021 1,000
As at 30 September 2022 1,000
Provision
As at 1 October 2021 -
As at 30 September 2022 -
Net Book Value
As at 30 September 2022 1,000
As at 1 October 2021 1,000
6. Stocks
2022 2021
£ £
Stock 18,596 11,657
7. Debtors
2022 2021
£ £
Due within one year
Trade debtors 31,619 21,801
Prepayments and accrued income 39,249 102,251
Other debtors (1) 37,108 1,078
VAT - 45,287
107,976 170,417
8. Creditors: Amounts Falling Due Within One Year
2022 2021
£ £
Trade creditors 210,228 151,363
Bank loans and overdrafts 76,289 66,667
Other taxes and social security 75,348 104,457
VAT 103,620 -
Other creditors 50,662 78,989
Accruals and deferred income 33,262 80,700
549,409 482,176
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9. Creditors: Amounts Falling Due After More Than One Year
2022 2021
£ £
Bank loans 44,445 111,111
Amounts owed to related parties 3,639,747 3,179,583
3,684,192 3,290,694
10. Share Capital
2022 2021
£ £
Allotted, Called up and fully paid 12,673 12,673
11. Reserves
Revaluation Reserve
£
As at 1 October 2021 1,748,783
As at 30 September 2022 1,748,783
12. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
13. Ultimate Controlling Party
The company's ultimate controlling party is the director Mr D Kotak , by virtue of his ownership of 100% of the issued share capital in Fortune Hotel (UK) Limited, the parent company.
14. Going Concern
The Company is heavily reliant on the director and other related parties to provide financing to fund its operations and capital expenditure. The director has indicated that he intends to continue that support until such time as the company's trading performance allows it to be self-financing.
15. Audit Information
The auditors report on the account of Belmont Hotel (Leicester) Limited for the year ended 30 September 2022 was unqualified
The auditor's report was signed by Graham Smith FCCA, Cert BV, CMgr, FCMI (Senior Statutory Auditor) for and on behalf of Cunnington & Co Limited , Statutory Auditor
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