Company registration number 09203094 (England and Wales)
CHARLOTTE GUEST HOUSE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
CHARLOTTE GUEST HOUSE LIMITED
COMPANY INFORMATION
Director
S Hoffart
Company number
09203094
Registered office
195-197 Sumatra Road
West Hampstead
London
England
NW6 1PF
Accountants
Grunberg & Co Ltd
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX
CHARLOTTE GUEST HOUSE LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
CHARLOTTE GUEST HOUSE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
67,372
30,422
Current assets
Stocks
980
291
Debtors
5
9,787
7,305
Investments
6
133,362
192,753
Cash at bank and in hand
362,682
235,270
506,811
435,619
Creditors: amounts falling due within one year
7
(320,648)
(152,782)
Net current assets
186,163
282,837
Total assets less current liabilities
253,535
313,259
Provisions for liabilities
(14,181)
(7,606)
Net assets
239,354
305,653
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
239,344
305,643
Total equity
239,354
305,653

The director of the company has elected not to include a copy of the income statement within the financial statements.true

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

The director acknowledges his 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.

CHARLOTTE GUEST HOUSE LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 6 March 2024
S Hoffart
Director
Company registration number 09203094 (England and Wales)
CHARLOTTE GUEST HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

Charlotte Guest House Limited is a private company limited by shares incorporated in England and Wales. The registered office is 195-197 Sumatra Road, West Hampstead, London, England, NW6 1PF.

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 represents revenue recognised by the company in respect of accommodation provided in the period.

Turnover is recognised when the rooms are occupied.

1.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

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:

Improvements to property
10% on cost
Fixtures and fittings
25% on reducing balance
Computer equipment
25% on reducing balance

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.

1.5
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.

CHARLOTTE GUEST HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

CHARLOTTE GUEST HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs 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 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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
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.

1.10
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 income statement 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Retirement benefits

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

CHARLOTTE GUEST HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2023
2022
Number
Number
Total
11
7
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
75,000
Amortisation and impairment
At 1 November 2022 and 31 October 2023
75,000
Carrying amount
At 31 October 2023
-
0
At 31 October 2022
-
0
CHARLOTTE GUEST HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
4
Tangible fixed assets
Improvements to property
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 November 2022
30,304
71,147
5,430
106,881
Additions
44,150
1,905
4,480
50,535
At 31 October 2023
74,454
73,052
9,910
157,416
Depreciation and impairment
At 1 November 2022
18,062
53,912
4,485
76,459
Depreciation charged in the year
7,445
4,784
1,356
13,585
At 31 October 2023
25,507
58,696
5,841
90,044
Carrying amount
At 31 October 2023
48,947
14,356
4,069
67,372
At 31 October 2022
12,242
17,235
945
30,422
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,916
5,055
Prepayments and accrued income
2,871
2,250
9,787
7,305
6
Current asset investments
2023
2022
£
£
Other investments
133,362
192,753

Market value of listed investments at 31 October 2023 - £133,362 (2022 - £192,753) .

CHARLOTTE GUEST HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
5,026
394
Corporation tax
138,979
77,198
Other taxation and social security
74,122
54,584
Other creditors
98,821
17,006
Accruals and deferred income
3,700
3,600
320,648
152,782
2023-10-312022-11-01falseCCH SoftwareCCH Accounts Production 2024.100No description of principal activityS Hoffartfalsefalse092030942022-11-012023-10-3109203094bus:Director12022-11-012023-10-3109203094bus:RegisteredOffice2022-11-012023-10-31092030942023-10-31092030942022-10-3109203094core:LeaseholdImprovements2023-10-3109203094core:FurnitureFittings2023-10-3109203094core:ComputerEquipment2023-10-3109203094core:LeaseholdImprovements2022-10-3109203094core:FurnitureFittings2022-10-3109203094core:ComputerEquipment2022-10-3109203094core:CurrentFinancialInstrumentscore:WithinOneYear2023-10-3109203094core:CurrentFinancialInstrumentscore:WithinOneYear2022-10-3109203094core:CurrentFinancialInstruments2023-10-3109203094core:CurrentFinancialInstruments2022-10-3109203094core:ShareCapital2023-10-3109203094core:ShareCapital2022-10-3109203094core:RetainedEarningsAccumulatedLosses2023-10-3109203094core:RetainedEarningsAccumulatedLosses2022-10-3109203094core:Goodwill2022-11-012023-10-3109203094core:LeaseholdImprovements2022-11-012023-10-3109203094core:FurnitureFittings2022-11-012023-10-3109203094core:ComputerEquipment2022-11-012023-10-31092030942021-11-012022-10-3109203094core:NetGoodwill2022-10-3109203094core:NetGoodwill2023-10-3109203094core:NetGoodwill2022-10-3109203094core:LeaseholdImprovements2022-10-3109203094core:FurnitureFittings2022-10-3109203094core:ComputerEquipment2022-10-31092030942022-10-3109203094bus:PrivateLimitedCompanyLtd2022-11-012023-10-3109203094bus:SmallCompaniesRegimeForAccounts2022-11-012023-10-3109203094bus:FRS1022022-11-012023-10-3109203094bus:AuditExempt-NoAccountantsReport2022-11-012023-10-3109203094bus:FullAccounts2022-11-012023-10-31xbrli:purexbrli:sharesiso4217:GBP