Year Ended
Registration number:
Tracertec Limited
Balance Sheet
31 October 2023
Note |
2023 |
2022 |
|
Fixed assets |
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Tangible assets |
|
|
|
Current assets |
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Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
20 |
20 |
|
Revaluation reserve |
980,554 |
808,350 |
|
Profit and loss account |
3,222,786 |
2,951,223 |
|
Shareholders' funds |
4,203,360 |
3,759,593 |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Company Registration Number: 02928191
Tracertec Limited
Notes to the Financial Statements
Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Mullion Cove Hotel
Helston
Lizard Peninsula
Cornwall
TR12 7EP
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' , including Section 1A, and the Companies Act 2006. There are no material departures from FRS102.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of rooms, food, beverages and related goods or services. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company. Revenue from the sale of rooms, food and beverages is recognised as the service is provided and entitlement to revenue is earned.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tracertec Limited
Notes to the Financial Statements
Year Ended 31 October 2023
Tangible assets
Freehold land and buildings are stated in the balance sheet at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any subsequent accumulated impairment losses. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the balance sheet. Any revaluation increase or decrease is credited to the Revaluation reserve.
Tangible assets, excluding freehold land and buildings, are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets, excluding freehold land and buildings, includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold land and buildings |
Not depreciated |
Plant and machinery |
10% reducing balance |
Fixtures and fittings |
10% reducing balance |
Motor vehicles |
25% straight line |
The directors consider that no depreciation should be provided on freehold buildings. This is on the basis that any possible depreciation charge would be expected to be immaterial as the hotel's residual value is considered to be materially equivalent to its carrying value. The directors maintain the residual value of the hotel, as evidenced by stability in its star rating, through heavy and continuous investment in repairs and maintenance.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Tracertec Limited
Notes to the Financial Statements
Year Ended 31 October 2023
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tracertec Limited
Notes to the Financial Statements
Year Ended 31 October 2023
Tangible assets |
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Plant and machinery |
Total |
|
Cost or valuation |
|||||
At 1 November 2022 |
|
|
|
|
|
Revaluations |
|
- |
- |
- |
|
Additions |
- |
|
- |
|
|
Disposals |
- |
( |
- |
( |
( |
At 31 October 2023 |
|
|
|
|
|
Depreciation |
|||||
At 1 November 2022 |
- |
|
|
|
|
Charge for the year |
- |
|
- |
|
|
Eliminated on disposal |
- |
( |
- |
( |
( |
At 31 October 2023 |
- |
|
|
|
|
Carrying amount |
|||||
At 31 October 2023 |
|
|
- |
|
|
At 31 October 2022 |
|
|
- |
|
|
Restriction on title and pledged as security
Land and buildings with a carrying amount of £2,087,770 (2022 - £1,945,230) has been pledged as security for the group's bank loans and overdraft facilities.
Revaluation
The fair value of the company's freehold land & buildings was valued on
Had this class of asset continued to be measured on a deemed cost basis, following the transition to FRS102, the carrying amount would have been £
Stocks |
2023 |
2022 |
|
Stocks |
|
|
Tracertec Limited
Notes to the Financial Statements
Year Ended 31 October 2023
Debtors |
2023 |
2022 |
|
Trade debtors |
|
|
Amounts due from group undertakings |
|
- |
Prepayments |
|
|
|
|
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts owed to group undertakings |
- |
|
|
Corporation tax |
- |
82,614 |
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
|
|
|
|
|
Note |
2023 |
2022 |
|
Due after one year |
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Loans and borrowings |
|
|
Creditors include bank loans repayable by instalments of £773,396 (2022 - £982,244) due after more than five years.
Tracertec Limited
Notes to the Financial Statements
Year Ended 31 October 2023
Loans and borrowings |
2023 |
2022 |
|
Loans and borrowings due after one year |
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Bank borrowings |
|
|
Hire purchase contracts |
- |
|
|
|
2023 |
2022 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Bank overdrafts |
|
- |
Hire purchase contracts |
|
|
|
|
Bank borrowings are secured by a First Legal Charge over the Cellar House Apartments and Trenowyth House, Fixed and Floating Charges over all assets both present and future.
Hire purchase liabilities are secured against the assets to which they relate.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
20 |
|
20 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
The total amount of contingencies not included in the balance sheet is £3,146,515 (2022 - £3,146,514). The company has a letter of set off against the bank facilities of Thurlestone Estates Limited, its parent company. The contingency disclosed is the maximum full potential liability at year end.
Tracertec Limited
Notes to the Financial Statements
Year Ended 31 October 2023
Related party transactions |
The company has taken advantage of exemptions in FRS 102 "Related Party Disclosures" from disclosing transactions with other wholly owned members of the Thurlestone Estates Limited group.
Audit report |
Parent and ultimate parent undertaking |
The company's immediate parent is
Relationship between entity and parents
The parent of the smallest group in which these financial statements are consolidated is
The address of Thurlestone Estates Limited is:
Thurlestone
Kingsbridge
Devon
TQ7 3NN