Company registration number 02688878 (England and Wales)
DISTINCT HOTELS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DISTINCT HOTELS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
DISTINCT HOTELS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,246,051
5,235,113
Current assets
Stocks
47,889
51,250
Debtors
5
1,130,545
909,741
Cash at bank and in hand
72,550
89,072
1,250,984
1,050,063
Creditors: amounts falling due within one year
6
(1,222,460)
(917,511)
Net current assets
28,524
132,552
Total assets less current liabilities
5,274,575
5,367,665
Creditors: amounts falling due after more than one year
7
(1,252,099)
(1,531,363)
Net assets
4,022,476
3,836,302
Capital and reserves
Called up share capital
101
101
Revaluation reserve
8
1,591,925
1,591,925
Profit and loss reserves
2,430,450
2,244,276
Total equity
4,022,476
3,836,302
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 30 September 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 members have 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.
DISTINCT HOTELS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 May 2024 and are signed on its behalf by:
Mr MH Pearcey
Director
Company registration number 02688878 (England and Wales)
DISTINCT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information
Distinct Hotels Limited is a private company limited by shares incorporated in England and Wales. The registered office is Oaklands Hotel, 89 Yarmouth Road, Norwich, Norfolk, England, NR7 0HH.
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 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.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Development costs
- 0% straight line
1.4
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
- 0% straight line
Leasehold improvements
- 0% straight line
Fixtures and fittings
- 10% reducing balance
Computers
- 10% reducing balance
Motor vehicles
- 25% reducing balance
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
DISTINCT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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.
1.7
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
65
71
3
Intangible fixed assets
Other
£
Cost
At 1 October 2022 and 30 September 2023
394,826
Amortisation and impairment
At 1 October 2022 and 30 September 2023
394,826
Carrying amount
At 30 September 2023
At 30 September 2022
DISTINCT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2022
4,636,761
1,476,956
6,113,717
Additions
50,000
110,403
160,403
Disposals
(135,606)
(135,606)
At 30 September 2023
4,686,761
1,451,753
6,138,514
Depreciation and impairment
At 1 October 2022
878,606
878,606
Depreciation charged in the year
73,185
73,185
Eliminated in respect of disposals
(59,328)
(59,328)
At 30 September 2023
892,463
892,463
Carrying amount
At 30 September 2023
4,686,761
559,290
5,246,051
At 30 September 2022
4,636,761
598,352
5,235,113
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
148,755
52,195
Amounts owed by group undertakings
140,000
140,000
Other debtors
841,790
717,546
1,130,545
909,741
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
151,501
161,257
Trade creditors
255,770
265,769
Corporation tax
48,987
4,424
Other taxation and social security
627,590
401,305
Other creditors
138,612
84,756
1,222,460
917,511
DISTINCT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,048,203
1,270,578
Other creditors
203,896
260,785
1,252,099
1,531,363
8
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
1,591,925
1,591,925