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Registered number: 09085662
Fortune Hotel (UK) Limited
Financial Statements
For The Year Ended 30 September 2022
Cunnington and Co Limited
Edward House
Grange Business Park
Whetstone
Leicester
LE8 6EP
Financial Statements
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 09085662
2022 2021
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 3,092,154 3,092,154
Investment Properties 6 2,665,694 2,665,694
5,757,848 5,757,848
CURRENT ASSETS
Debtors 7 3,654,942 3,179,583
Cash at bank and in hand 2,658 2,680
3,657,600 3,182,263
Creditors: Amounts Falling Due Within One Year 8 (90,439 ) (71,000 )
NET CURRENT ASSETS (LIABILITIES) 3,567,161 3,111,263
TOTAL ASSETS LESS CURRENT LIABILITIES 9,325,009 8,869,111
Creditors: Amounts Falling Due After More Than One Year 9 (9,705,267 ) (9,250,634 )
NET LIABILITIES (380,258 ) (381,523 )
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account (380,358 ) (381,623 )
SHAREHOLDERS' FUNDS (380,258) (381,523)
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 2 to 4 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Fortune Hotel (UK) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09085662 . 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. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. 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:
Motor Vehicles 25% Straight line method
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2021: 1)
1 1
4. Intangible Assets
Other
£
Cost
As at 1 October 2021 3,092,154
As at 30 September 2022 3,092,154
Net Book Value
As at 30 September 2022 3,092,154
As at 1 October 2021 3,092,154
Page 2
Page 3
5. Tangible Assets
Motor Vehicles
£
Cost
As at 1 October 2021 49,149
As at 30 September 2022 49,149
Depreciation
As at 1 October 2021 49,149
As at 30 September 2022 49,149
Net Book Value
As at 30 September 2022 -
As at 1 October 2021 -
6. Investment Property
2022
£
Fair Value
As at 1 October 2021 and 30 September 2022 2,665,694
7. Debtors
2022 2021
£ £
Due within one year
Prepayments and accrued income 15,195 -
15,195 -
Due after more than one year
Amounts owed by subsidiaries 3,639,747 3,179,583
3,639,747 3,179,583
3,654,942 3,179,583
8. Creditors: Amounts Falling Due Within One Year
2022 2021
£ £
Trade creditors 16,729 -
VAT 61,000 61,000
Other creditors 210 -
Accruals and deferred income 12,500 10,000
90,439 71,000
Page 3
Page 4
9. Creditors: Amounts Falling Due After More Than One Year
2022 2021
£ £
Directors loan account 8,377,229 8,042,596
Fortune Oil Corporation 483,049 483,049
Energy Trading DMCC 2,846 2,846
Fortune Hotels Corporation 842,143 722,143
9,705,267 9,250,634
10. Share Capital
2022 2021
£ £
Allotted, Called up and fully paid 100 100
11. 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.
12. 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 selffinancing.
13. Audit Information
The auditors report on the account of Fortune Hotel (UK) 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
Page 4