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Tracertec Limited

Annual Report and Financial Statements
Year Ended 31 October 2023

Registration number: 02928191

 

Tracertec Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

Tracertec Limited

Balance Sheet

31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

6,178,900

6,043,281

Current assets

 

Stocks

5

51,958

51,413

Debtors

6

433,510

47,519

Cash at bank and in hand

 

9,705

336,838

 

495,173

435,770

Creditors: Amounts falling due within one year

7

(510,752)

(654,057)

Net current liabilities

 

(15,579)

(218,287)

Total assets less current liabilities

 

6,163,321

5,824,994

Creditors: Amounts falling due after more than one year

7

(1,512,666)

(1,660,174)

Provisions for liabilities

(447,295)

(405,227)

Net assets

 

4,203,360

3,759,593

Capital and reserves

 

Called up share capital

9

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 Board on 21 June 2024 and signed on its behalf by:
 

.........................................
Mr M D Grose
Director

Company Registration Number: 02928191

 

Tracertec Limited

Notes to the Financial Statements

Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Thurlestone Hotel
Thurlestone
Kingsbridge
Devon
TQ7 3NN

The principal place of business is:
Mullion Cove Hotel
Helston
Lizard Peninsula
Cornwall
TR12 7EP

2

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
The company holds the following financial instruments:

• 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
The company has chosen to apply the recognition and measurement principles in FRS102.

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.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 44 (2022 - 54).

 

Tracertec Limited

Notes to the Financial Statements

Year Ended 31 October 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 November 2022

4,458,075

1,603,185

4,445

1,413,864

7,479,569

Revaluations

229,605

-

-

-

229,605

Additions

-

48,775

-

28,085

76,860

Disposals

-

(5,517)

-

(3,601)

(9,118)

At 31 October 2023

4,687,680

1,646,443

4,445

1,438,348

7,776,916

Depreciation

At 1 November 2022

-

751,842

4,445

680,002

1,436,289

Charge for the year

-

89,682

-

76,029

165,711

Eliminated on disposal

-

(1,994)

-

(1,990)

(3,984)

At 31 October 2023

-

839,530

4,445

754,041

1,598,016

Carrying amount

At 31 October 2023

4,687,680

806,913

-

684,307

6,178,900

At 31 October 2022

4,458,075

851,343

-

733,863

6,043,281

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 21 September 2022 by an independent valuer. The name and qualification of the independent valuer is Savills (UK) Limited, a RICS Registered Valuer.

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 £4,458,075 (2022 - £4,458,075).

5

Stocks

2023
 £

2022
 £

Stocks

51,958

51,413

 

Tracertec Limited

Notes to the Financial Statements

Year Ended 31 October 2023

6

Debtors

2023
 £

2022
 £

Trade debtors

15,479

20,210

Amounts due from group undertakings

377,591

-

Prepayments

40,440

27,309

433,510

47,519

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

167,213

145,223

Trade creditors

 

64,364

77,763

Amounts owed to group undertakings

 

-

30,031

Corporation tax

 

-

82,614

Taxation and social security

 

128,706

143,554

Other creditors

 

103,394

131,199

Accruals and deferred income

 

47,075

43,673

 

510,752

654,057

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

1,512,666

1,660,174

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

8

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

1,512,666

1,657,217

Hire purchase contracts

-

2,957

1,512,666

1,660,174

2023
£

2022
£

Current loans and borrowings

Bank borrowings

152,310

141,279

Bank overdrafts

11,946

-

Hire purchase contracts

2,957

3,944

167,213

145,223

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.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

20

20

20

20

         

10

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 £50,467 (2022 - £63,683). Financial commitments not included in the balance sheet is made up of operating leases and capital commitments.

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

11

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.

12

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Duncan Leslie, who signed for and on behalf of PKF Francis Clark on 22 July 2024.

13

Parent and ultimate parent undertaking

The company's immediate parent is Thurlestone Estates Limited, incorporated in England and Wales.

Relationship between entity and parents

The parent of the smallest group in which these financial statements are consolidated is Thurlestone Estates Limited, incorporated in England and Wales.

The address of Thurlestone Estates Limited is:
Thurlestone Hotel
Thurlestone
Kingsbridge
Devon
TQ7 3NN