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Registered number: 00942008









POSTE HOTELS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

 
POSTE HOTELS LIMITED
 
 
COMPANY INFORMATION


Directors
L O Hoskins (died 15 March 2023)
I Vannocci 
M Evered 
A A N Hoskins 
M O Hoskins 
A M Hoskins 
E J Casey 
D S Landry (appointed 27 March 2023)




Company secretary
D S Landry



Registered number
00942008



Registered office
The George Hotel,

Stamford,

Lincolnshire,

PE9 2LB




Independent auditors
Lakin Rose Limited
Chartered Accountants & Statutory Auditor

Cambridge House

Camboro Business Park

Girton

Cambridge

CB3 0QH





 
POSTE HOTELS LIMITED
 

CONTENTS



Page
Strategic report
 
 
1 - 2
Directors' report
 
 
3 - 4
Independent auditors' report
 
 
5 - 8
Statement of comprehensive income
 
 
9
Statement of financial position
 
 
10 - 11
Statement of changes in equity
 
 
12 - 13
Notes to the financial statements
 
 
14 - 31


 
POSTE HOTELS LIMITED
 
 
STRATEGIC REPORT
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

Review of the business and future developments
 
The year was again without the restrictions imposed following the Covid19 pandemic and we have enjoyed a full year of trading, but with the sad loss of Lawrence Hoskins, our Owner and Managing Director since Poste Hotels Ltd was incorporated in 1968.  The activity of the company will continue unabated under the guidance of Andrea Hoskins. 
During the year, the company’s turnover has increased by £231,228 (2022: increase of £2,247,237) in the 52 week period; an increase of 2.96% (2022: increase of 40.5%) on the performance in the prior period.
We have a committed workforce who we encourage to share ideas for improving the business and its processes. We are also conscious of our environmental responsibilities and train our staff in the same policies.
The Hotel has made a profit before tax for the 52 week period of £619,243 (2022: £924,056).
In summary the key performance indicators we use to monitor business performance are as follows:
• Turnover growth; and
• Gross profit margin.
The company has a strong balance sheet with net assets standing at £13,645,503 at 29 October 2023 (2022:
£15,364,317).
There are no principal risks or uncertainties facing our business, other than those normally encountered within our industry.  The company will continue to offer consistent levels of excellent service and food, to retain existing customers and to attract new ones.

Employee involvement
 
The company's policy is to consult and discuss with employees matters likely to affect employees' interests.
Information of matters of concern to employees is given through regular company communication meetings,
information memoranda and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

Disabled employees
 
The company's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary
assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure
suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining
employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.

Page 1

 
POSTE HOTELS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

Business risks
 
a. Treasury operations
The company’s finance function is responsible for managing the liquidity and interest risks associated with the
activities. The company currently has both a bank loan and overdraft facility. In addition, the company has
various other financial assets and liabilities such as trade debtors and trade creditors arising directly from the
operations of the business.
b. Liquidity risk
The company’s finance function manages liquidity risk to maximise interest income and minimise interest
expense, whilst ensuring that the company has sufficient liquid resources to meet the operating needs of its
business.
c. Interest rate risk
The company is exposed to fair value interest rate risk on its borrowings and overdraft. The finance functions
manages this risk by liaising with the company’s bank to agree the best rate available on a frequent basis.
d. Foreign currency risk
The company does not trade with any customers outside of the U.K. and trade with overseas suppliers is
minimal and hence the company is not exposed to any significant foreign currency risk.
e. Credit risk
Investment of cash surpluses are made with the company’s main bankers. Receivable balances are monitored
on an on-going basis and provision is made for doubtful debts where necessary.


This report was approved by the board and signed on its behalf.



................................................
M Evered
Director

Date: 26 July 2024

Page 2

 
POSTE HOTELS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

The directors present their report and the financial statements for the 52 weeks ended 29 October 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company continued to be that of hoteliers and restaurateurs, based at The George Hotel of Stamford.

Results and dividends

The profit for the 52 week period, after taxation, amounted to £453,059 (2022 - £751,372).

An interim dividend of £2,171,873 (2022: £652,107) was paid during the 52 week period.

Directors

The directors who served during the 52 weeks were:

L O Hoskins (died 15 March 2023)
I Vannocci 
M Evered 
A A N Hoskins 
M O Hoskins 
A M Hoskins 
E J Casey 
D S Landry (appointed 27 March 2023)

Page 3

 
POSTE HOTELS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsLakin Rose Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
M Evered
Director

Date: 26 July 2024

Page 4

 
POSTE HOTELS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF POSTE HOTELS LIMITED
 

Opinion

We have audited the financial statements of Poste Hotels Limited (the 'company') for the 52 weeks ended  29 October 2023 which comprise the Statement of comprehensive income, Statement of Financial Position and Statement of changes in equity and the notes to the financial statements, including significant accounting policies.  The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:
give a true and fair view of the state of the company's affairs as at 29 October 2023 and of its profit for the 52 weeks then ended;  
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.  Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report.  We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Page 5

 
POSTE HOTELS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF POSTE HOTELS LIMITED (CONTINUED)


Other information

The other information comprises the information included in the Annual report and financial statements, other than the financial statements and our auditor’s report thereon.  The directors are responsible for the other information contained within the Annual report and financial statements.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.  Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. 

Page 6

 
POSTE HOTELS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF POSTE HOTELS LIMITED (CONTINUED)


Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.  Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.  Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations.  We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.  The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud
 
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
 
Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
the nature of the industry and sector, control environment and business performance including the design of the company’s remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;
results of our enquiries of management about their own identification and assessment of the risks of irregularities;
any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to:
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
the matters discussed among the audit engagement team and involving relevant internal specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and UK tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. We identified no such laws and regulations applicable to the company.


 
Page 7

 
POSTE HOTELS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF POSTE HOTELS LIMITED (CONTINUED)


Audit response to risks identified

As a result of performing the above, we identified revenue recognition as a key audit risk related to the potential risk of fraud. Our procedures to respond to risks identified included the following:

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
enquiring of management concerning actual and potential litigation and claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
reading minutes of meetings of those charged with governance;
obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of provisions; and
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.  Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose.  To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.



N Peacock (Senior statutory auditor)
  
for and on behalf of
Lakin Rose Limited
 
Chartered Accountants
Statutory Auditor
  
Cambridge House
Camboro Business Park
Girton
Cambridge
CB3 0QH

29 July 2024
Page 8

 
POSTE HOTELS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

52 weeks ended
29 October
52 weeks ended
29 October
2023
2022
Note
£
£

  

Turnover
 4 
8,029,108
7,797,880

Cost of sales
  
(1,800,853)
(1,728,930)

Gross profit
  
6,228,255
6,068,950

Administrative expenses
  
(5,572,552)
(5,104,391)

Other operating income
 5 
-
11,880

Operating profit
 6 
655,703
976,439

Interest receivable and similar income
 11 
23,419
1,070

Interest payable and similar expenses
 12 
(59,879)
(53,453)

Profit before tax
  
619,243
924,056

Tax on profit
 13 
(166,184)
(172,684)

Profit for the financial 52 weeks
  
453,059
751,372

Other comprehensive income for the 52 weeks
  

Total comprehensive income for the 52 weeks
  
453,059
751,372

The notes on pages 14 to 31 form part of these financial statements.

Page 9

 
POSTE HOTELS LIMITED
REGISTERED NUMBER: 00942008

STATEMENT OF FINANCIAL POSITION
AS AT 29 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 15 
18,306,016
18,383,274

  
18,306,016
18,383,274

Current assets
  

Stocks
 17 
227,384
213,674

Debtors: amounts falling due within one year
 18 
77,177
1,879,135

Cash at bank and in hand
  
1,474,753
452,118

  
1,779,314
2,544,927

Creditors: amounts falling due within one year
 19 
(1,598,332)
(2,172,103)

Net current assets
  
 
 
180,982
 
 
372,824

Total assets less current liabilities
  
18,486,998
18,756,098

Creditors: amounts falling due after more than one year
 20 
(1,484,633)
(40,787)

Provisions for liabilities
  

Deferred tax
 22 
(3,356,862)
(3,350,994)

  
 
 
(3,356,862)
 
 
(3,350,994)

Net assets
  
13,645,503
15,364,317


Capital and reserves
  

Called up share capital 
 23 
332,817
332,817

Revaluation reserve
 24 
12,195,115
12,195,115

Profit and loss account
 24 
1,117,571
2,836,385

  
13,645,503
15,364,317


Page 10

 
POSTE HOTELS LIMITED
REGISTERED NUMBER: 00942008
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 OCTOBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
M Evered
Director

Date: 26 July 2024

The notes on pages 14 to 31 form part of these financial statements.

Page 11

 

 
POSTE HOTELS LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023



Called up share capital
Revaluation reserve
Profit and loss account
Total equity


£
£
£
£



At 26 November 2021
332,817
12,195,115
2,737,120
15,265,052



Comprehensive income for the 53 weeks


Profit for the 53 weeks

-
-
751,372
751,372

Total comprehensive income for the period
-
-
751,372
751,372



Contributions by and distributions to owners


Dividends: Equity capital
-
-
(652,107)
(652,107)



Total transactions with owners
-
-
(652,107)
(652,107)





At 30 October 2022
332,817
12,195,115
2,836,385
15,364,317



Comprehensive income for the 52 weeks


Profit for the 52 weeks

-
-
453,059
453,059

Total comprehensive income for the 52 weeks
-
-
453,059
453,059



Contributions by and distributions to owners


Dividends: Equity capital
-
-
(2,171,873)
(2,171,873)



Total transactions with owners
-
-
(2,171,873)
(2,171,873)
Page 12

 

 
POSTE HOTELS LIMITED


 


STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023




At 29 October 2023
332,817
12,195,115
1,117,571
13,645,503



The notes on pages 14 to 31 form part of these financial statements.

Page 13

 
POSTE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

1.


General information

The principal activity of Poste Hotels Limited ('the Company') is that of hoteliers and restaurateurs, based at The George Hotel of Stamford. 
The company is a private company limited by shares and is incorporated in England and Wales.
The address of its registered office is The George Hotel, Stamford, Lincolnshire, United Kingdom, PE9 2LB. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Poste Holdings Limited as at 29 October 2023 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the
Company will continue to trade for the foreseeable future, being a period of at least twelve months
from the date of approval of these financial statements, and will be able to meet its debts as they fall
due.
Positive trading results following corroborate the going concern status of the Company.
 

Page 14

 
POSTE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the 52 weeks in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 
POSTE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the 52 weeks comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 16

 
POSTE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, mainly on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
0/5% - See below
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15/20% reducing balance or 10/20% straight line
Computer equipment
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Freehold property comprises land (which is not depreciated in accordance with FRS102) and the trading premises.  
The directors believe the residual value of the trading premises, based on the condition of the property at the end of its useful life, is not materially different to the value recorded in the financial statements. As a result, the trading premises are not depreciated, with the exception of the Lodge Land, which is depreciated at 5% from 2022/23.

 
2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries and limited liability partnerships that the Company is a member of are measured at cost less accumulated impairment. 

Page 17

 
POSTE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

2.Accounting policies (continued)

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 18

 
POSTE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
The following judgements which also involve estimates have been made in the process of applying the above accounting policies: 
The directors have made judgement on the residual value of the trading premises at the end of its useful life being materially the same as the value in the accounts, taking into account the history, reputation and position of the hotel within the town of Stamford and the intention to maintain the property to the same high standard that it is currently maintained at. As a result, the property has not been depreciated. 
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the next financial year include: 
(i) Useful economic lives of tangible assets. 
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
(ii) Valuation of the property 
The valuation of the property is sensitive to changes in the market and industry. The valuation is undertaken by an independent third party. 


4.


Turnover

All turnover arose within the United Kingdom.


5.


Other operating income

52 weeks ended
29 October
52 weeks ended
29 October
2023
2022
£
£

Government grants receivable
-
11,880

-
11,880


Page 19

 
POSTE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

6.


Operating profit

The operating profit is stated after charging:

52 weeks ended
29 October
52 weeks ended
29 October
2023
2022
£
£

Other operating lease rentals
6,655
13,555


7.


Auditors' remuneration

During the 52 weeks, the Company obtained the following services from the Company's auditors:


52 weeks ended
29 October
52 weeks ended
29 October
2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
15,000
14,700

Page 20

 
POSTE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


52 weeks ended
29 October
52 weeks ended
29 October
2023
2022
£
£

Wages and salaries
3,243,855
3,014,003

Social security costs
252,990
255,145

Cost of defined contribution scheme
71,470
75,183

3,568,315
3,344,331


The average monthly number of employees, including the directors, during the 52 weeks was as follows:


   52 weeks ended
      29 October
   52 weeks ended
       29 October
        2023
        2022
            No.
            No.







Management
4
4



Administration
9
10



Front of house staff
88
78



Kitchen Staff
35
37



Reception, chambermaids and maintenance
36
40

172
169

Page 21

 
POSTE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

9.


Directors' remuneration

52 weeks ended
29 October
53 weeks ended
29 October
2023
2022
£
£

Directors' emoluments
156,561
137,744

Company contributions to defined contribution pension schemes
1,570
1,390

158,131
139,134


During the 52 weeks retirement benefits were accruing to 1 director (2022 - 2) in respect of defined contribution pension schemes.


10.


Key management compensation

Key management includes the directors and members of senior management. The compensation paid or payable to key management for employees services shown below: 


2023
2022
£
£



Salaries and other short term benefits
398,893
416,515

398,893
416,515


11.


Interest receivable

52 weeks ended
29 October
52 weeks ended
29 October
2023
2022
£
£


Other interest receivable
23,419
1,070

23,419
1,070

Page 22

 
POSTE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

12.


Interest payable and similar expenses

52 weeks ended
29 October
52 weeks ended
29 October
2023
2022
£
£


Bank interest payable
40,740
5,565

Other loan interest payable
19,139
47,888

59,879
53,453


13.


Taxation


52 weeks ended
29 October
52 weeks ended
29 October
2023
2022
£
£

Corporation tax


Current tax on profits for the year
162,742
191,173

Adjustments in respect of previous periods
(2,426)
1,929


160,316
193,102


Total current tax
160,316
193,102

Deferred tax


Origination and reversal of timing differences
5,868
(14,539)

Changes to tax rates
-
(4,591)

Adjustments in respect of prior periods
-
(1,288)

Total deferred tax
5,868
(20,418)


Taxation on profit on ordinary activities
166,184
172,684
Page 23

 
POSTE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023
 
13.Taxation (continued)


Factors affecting tax charge for the 52 weeks/period

The tax assessed for the 52 week period is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 22.52% (2022 - 19%). The differences are explained below:

52 weeks ended
29 October
52 weeks ended
29 October
2023
2022
£
£


Profit on ordinary activities before tax
619,243
924,056


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 22.52% (2022 - 19%)
139,454
175,571

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
14,828
2,222

Fixed asset differences
17,005
(1,159)

Adjustments to tax charge in respect of prior periods
(2,426)
641

Increase in tax rate
(2,677)
(4,591)

Total tax charge for the 52 weeks/period
166,184
172,684


Factors that may affect future tax charges

There are no factors that may affect future tax charges. 


14.


Dividends

2023
2022
£
£


Dividends payable
2,171,873
652,107

2,171,873
652,107

Page 24

 


 
POSTE HOTELS LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023


15.


Tangible fixed assets






Freehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Other fixed assets

£
£
£
£
£



Cost or valuation


At 30 October 2022
17,475,875
84,376
2,119,054
74,326
32,000


Additions
-
-
141,575
-
-


Disposals
-
-
(233)
-
-



At 29 October 2023

17,475,875
84,376
2,260,396
74,326
32,000



Depreciation


At 30 October 2022
-
57,582
1,270,450
74,326
-


Charge for the 52 weeks on owned assets
21,971
6,698
189,977
-
-


Disposals
-
-
(47)
-
-



At 29 October 2023

21,971
64,280
1,460,380
74,326
-



Net book value



At 29 October 2023
17,453,904
20,096
800,016
-
32,000



At 29 October 2022
17,475,875
26,794
848,604
-
32,000
Page 25

 
POSTE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

           15.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 30 October 2022
19,785,631


Additions
141,575


Disposals
(233)



At 29 October 2023

19,926,973



Depreciation


At 30 October 2022
1,402,358


Charge for the 52 weeks on owned assets
218,646


Disposals
(47)



At 29 October 2023

1,620,957



Net book value



At 29 October 2023
18,306,016



At 29 October 2022
18,383,273




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
17,453,904
17,475,875

17,453,904
17,475,875


The Company's freehold land and buildings were valued in 2017 on an open market value basis for existing use by Christie & Co. The valuation amounted to £17,000,000, giving rise to a surplus of £6,684,392, which is included in the revaluation reserve. 
There are no assets held under finance leases or hire purchase contracts. 

Page 26

 
POSTE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023
Cost or valuation at 29 October 2023 is as follows:

Land and buildings
£


At cost
475,875
At valuation:

Professional valuation in 2017
17,000,000



17,475,875

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
1,791,337
1,791,337

Accumulated depreciation
(326,032)
(316,080)

Net book value
1,465,305
1,475,257


16.


Fixed asset investments





Investments in subsidiary companies
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 30 October 2022
1
57,475
57,476



At 29 October 2023

1
57,475
57,476



Impairment


At 30 October 2022
1
57,475
57,476



At 29 October 2023

1
57,475
57,476



Net book value



At 29 October 2023
-
-
-



At 29 October 2022
-
-
-

Page 27

 
POSTE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

17.


Stocks

2023
2022
£
£

Goods for resale
227,384
213,674

227,384
213,674



There is no significant difference between the replacement cost of the stock and its carrying amount. 


18.


Debtors

2023
2022
£
£


Trade debtors
39,865
12,447

Amounts owed by group undertakings
-
1,754,207

Other debtors
4,548
21,212

Prepayments and accrued income
32,764
91,269

77,177
1,879,135


 


19.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
11,263
97,765

Trade creditors
159,604
194,211

Corporation tax
162,742
191,197

Other taxation and social security
325,656
287,415

Other creditors
479,682
969,523

Accruals and deferred income
459,385
431,992

1,598,332
2,172,103


Secured Loans
The bank loan accrues interest on an annual basis at 7.25% per annum. The loan is due for repayment by instalments by May 2028. 
The bank loan and overdraft is secured by a fixed charge over The George Hotel of Stamford. 

Page 28

 
POSTE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

20.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,484,633
40,787

1,484,633
40,787



21.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
11,263
97,765


11,263
97,765

Amounts falling due 1-2 years

Bank loans
12,112
40,787


12,112
40,787

Amounts falling due 2-5 years

Bank loans
1,472,522
-


1,472,522
-


1,495,897
138,552


Page 29

 
POSTE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

22.


Deferred taxation




52 weeks ended 30 October 2022
53 weeks ended 31 October 2021


£

£






At beginning of 52 week period
(3,350,993)
(3,371,412)


Charged to profit or loss
(5,868)
20,418



At end of 52 week period
(3,356,861)
(3,350,994)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(189,179)
(184,996)

Short term timing differences
4
1,688

Revaluation of freehold property
(3,167,686)
(3,167,686)

(3,356,861)
(3,350,994)


23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



540,000 (2022 - 540,000) Ordinary shares of £0.20 each
108,000
108,000
1,064,085 (2022 - 1,064,085) Ordinary A shares of £0.20 each
212,817
212,817
60,000 (2022 - 60,000) Preferred Shares shares of £0.20 each
12,000
12,000

332,817

332,817

There are no restrictions on the distributions of dividends and the repayment of capital. 


Page 30

 
POSTE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

24.


Reserves

Revaluation reserve

The revaluation reserve contains all current and prior period revaluation movements, including deferred tax. 

Profit and loss account

The profit and loss account contains all current and prior period profits and losses. 


25.


Pension commitments

The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £71,470 (2022: £75,183). Contributions totaling £nil (2022: £nil) were payable to the fund balance at the balance sheet date. 


26.


Related party transactions

The company leases property from the directors' pension scheme.  The annual rent for this property is £6,650 (2022 - £9,900).  
There is a balance due to directors of £448,737 (2022 - £949,055).  £19,139 (2022 - £47,888) interest is charged on this loan and is included in the statement of comprehensive income.


27.


Controlling party

The immediate and ultimate parent company is Poste Holdings Limited, a company registered in England and Wales. 
The ultimate controlling party of Poste Holdings Limited was L O Hoskins until his death on 15 March 2023. 
Copies of the consolidated financial statements of Poste Holdings Limited may be obtained from the following address: 
The George Hotel, Stamford, PE9 2LB, United Kingdom. 

 
Page 31