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Registered number: 05579118
















BEACHCROFT HOTELS LIMITED



FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023


































img2113.png


BEACHCROFT HOTELS LIMITED
REGISTERED NUMBER:05579118

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
14,375
21,875

Tangible assets
 5 
1,192,019
1,203,321

  
1,206,394
1,225,196

Current assets
  

Stocks
 6 
10,236
10,329

Debtors: amounts falling due within one year
 7 
1,239,305
1,368,701

Cash at bank and in hand
 8 
110,967
73,835

  
1,360,508
1,452,865

Creditors: amounts falling due within one year
 9 
(1,280,822)
(1,398,374)

Net current assets
  
 
 
79,686
 
 
54,491

Total assets less current liabilities
  
1,286,080
1,279,687

Creditors: amounts falling due after more than one year
 10 
(610,323)
(744,450)

Provisions for liabilities
  

Deferred tax
 12 
(29,505)
(24,593)

  
 
 
(29,505)
 
 
(24,593)

Net assets
  
646,252
510,644


Capital and reserves
  

Called up share capital 
 13 
1,000
1,000

Profit and loss account
  
645,252
509,644

  
646,252
510,644


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.



 

Page 1


BEACHCROFT HOTELS LIMITED
REGISTERED NUMBER:05579118
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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





I D Solkin
Director

Date: 24 June 2024

The notes on pages 3 to 15 form part of these financial statements.

Page 2


BEACHCROFT HOTELS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Beachcroft Hotels Limited is a limited liability company incorporated in England and Wales. The registered office is 10 Temple Back, Bristol, BS1 6FL.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

GOING CONCERN

Included within creditors at the year end is a loan of £990,502 (2022: £990,502) owed to fellow group companies. The balance does not have a fixed repayment term, however the directors have received confirmation that the repayment of the balance will not be sought for the foreseeable future, being at least a period of 12 months from the date of the approval of these financial statements. 
Having assessed the company's future funding requirements the directors are satisfied that the company is a going concern. As part of this assessment, the directors have obtained confirmations from its parent company that it will continue to support the business to ensure it can continue as a going concern.
The Company’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Company is able to operate within the level of its current financing. The directors have, therefore, concluded that it is appropriate for the accounts to be prepared on a going concern basis.

Page 3


BEACHCROFT HOTELS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life and are amortised to the Statement of comprehensive income over this estimated useful life.

Page 4


BEACHCROFT HOTELS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.5

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
1%
Straight Line
Plant and machinery
-
20%
Straight Line
Office equipment
-
20%
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.

 
2.6

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

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.

Page 5


BEACHCROFT HOTELS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.7

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 January 2022 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.9

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.

Page 6


BEACHCROFT HOTELS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

  
2.10

FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets
 
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets
 
Financial assets are assessed for indicators of impairment at each reporting date. 
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.


 
Page 7


BEACHCROFT HOTELS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

 
2.11

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

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.

 
2.13

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.14

INTEREST INCOME

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

 
2.15

BORROWING COSTS

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

Page 8


BEACHCROFT HOTELS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.16

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

CURRENT AND DEFERRED TAXATION

The tax expense for the year 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.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 51 (2022: 48).

Page 9


BEACHCROFT HOTELS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


INTANGIBLE ASSETS




Patents
Goodwill
Total

£
£
£



COST


At 1 January 2023
20
150,000
150,020



At 31 December 2023

20
150,000
150,020



AMORTISATION


At 1 January 2023
20
128,125
128,145


Charge for the year on owned assets
-
7,500
7,500



At 31 December 2023

20
135,625
135,645



NET BOOK VALUE



At 31 December 2023
-
14,375
14,375



At 31 December 2022
-
21,875
21,875



Page 10


BEACHCROFT HOTELS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


TANGIBLE FIXED ASSETS





Freehold property
Plant and machinery
Office equipment
Total

£
£
£
£



COST OR VALUATION


At 1 January 2023
1,410,114
270,263
10,612
1,690,989


Additions
-
-
15,351
15,351



At 31 December 2023

1,410,114
270,263
25,963
1,706,340



DEPRECIATION


At 1 January 2023
236,801
243,407
7,460
487,668


Charge for the year on owned assets
14,101
8,214
4,338
26,653



At 31 December 2023

250,902
251,621
11,798
514,321



NET BOOK VALUE



At 31 December 2023
1,159,212
18,642
14,165
1,192,019



At 31 December 2022
1,173,313
26,856
3,152
1,203,321


6.


STOCKS

2023
2022
£
£

Finished goods and goods for resale
10,236
10,329

10,236
10,329


Page 11


BEACHCROFT HOTELS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


DEBTORS

2023
2022
£
£


Trade debtors
10,355
13,643

Amounts owed by group undertakings
1,192,329
1,322,176

Other debtors
506
1,838

Prepayments and accrued income
36,115
31,044

1,239,305
1,368,701


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


8.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
110,967
73,835

110,967
73,835



9.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank loans
52,482
162,504

Trade creditors
45,166
53,658

Corporation tax
9,036
9,036

Other taxation and social security
83,256
89,409

Other creditors
1,003,761
1,007,390

Accruals and deferred income
87,121
76,377

1,280,822
1,398,374


Details of the security and interest rates in relation to bank loans are given in note 11.
Included in other creditors is an amount owed to the ultimate controlling party of £990,502 (2022: £990,502). The amount is unsecured, interest free and repayable on demand. The directors have received confirmation that the repayment of the balance will not be sought for the forseeable future.

Page 12


BEACHCROFT HOTELS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
610,323
744,450

610,323
744,450


Details of the security and interest rates in relation to bank loans are given in note 11.


11.


LOANS


Analysis of the maturity of loans is given below:


2023
2022
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
52,482
162,504


52,482
162,504

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
52,482
164,496


52,482
164,496

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
557,841
579,954


557,841
579,954


662,805
906,954


Bank loans are secured by way of a fixed and floating charge over all of the assets of the business, present and future, in favour of Santander UK PLC.

The loan was refinanced in March 2023 and due to finish in March 2028. Interest is charged at a rate of 3% + base rate. The loan was repaid in full in March 2024.
 

Page 13


BEACHCROFT HOTELS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
(24,593)
(23,165)


Charged to profit or loss
(4,912)
(1,428)



AT END OF YEAR
(29,505)
(24,593)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Origination and reversal of timing differences
(29,505)
(24,593)

(29,505)
(24,593)


13.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,000 (2022: 1,000) Ordinary shares of £1.00 each
1,000
1,000



14.


FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENCIES

The Company has previously granted fixed and floating legal charges over all property or undertaking of the Company in favour of the legal ultimate controlling party. No balance was due at the period end.


15.


PENSION COMMITMENTS

The Company operates a defined contributions pension 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 £10,699 (2022: £10,551) . Contributions totalling £nil (2022: £nil) were payable to the fund at the reporting date and are included in creditors.


16.


RELATED PARTY TRANSACTIONS

Beachcroft Hotels Limited is a wholly owned subsidiary and a part of a group which prepares consolidated financial statements. As a result, it has taken advantage of the exemption under FRS102 from disclosing intra-group transactions. 
Included in other creditors is £990,502 (2022: £990,502) owed to the ultimate controlling party. The amount is unsecured, interest free and repayable on demand.

Page 14


BEACHCROFT HOTELS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The ultimate parent company is Havana West Limited, a company incorporated in the United Kingdom.
The Company is a wholly owned subsidiary of Havana West Limited and the results of the Company are included in the consolidated financial statements of Havana West Limited as at 31 December 2023 which are available from Companies House.
The legal ultimate controlling party is L L de Savary by virtue of her majority legal shareholding in Havana West Limited.


18.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 19 July 2024 by Richard Newton FCA (Senior Statutory Auditor) on behalf of Bishop Fleming Bath Limited.

 
Page 15