Year Ended
Registration number:
Shrubbery Hotel (2013) Limited
Contents
Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Shrubbery Hotel (2013) Limited
Balance Sheet
31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Other financial assets |
15,121 |
- |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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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: 08542832
Shrubbery Hotel (2013) Limited
Statement of Changes in Equity
Year Ended 31 December 2023
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 January 2023 |
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
At 31 December 2023 |
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Share capital |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 January 2022 |
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Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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At 31 December 2022 |
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Shrubbery Hotel (2013) Limited
Notes to the Financial Statements
Year Ended 31 December 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:
Station Road
Ilminster
Somerset
TA19 9AR
These financial statements were authorised for issue by the
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 FRS 102.
Basis of preparation
These financial statements have been prepared using the historical cost convention. Freehold property was revalued on transition to FRS 102. The revalued amount was then taken as deemed cost. This treatment results in a revaluation reserve included within equity in the balance sheet. Movement in deferred tax in respect of the revaluation is charged or credited against the revaluation reserve each year via other comprehensive income.
Going concern
Notwithstanding the net current liabilities of £576,871 (2022 - £213,397), the directors are satisfied, having made all necessary enquiries, that the going concern basis of preparation remains appropriate. In particular the directors have considered:
• |
The ongoing availability of overdraft facilities (with no fixed expiry date) of £145,000. |
• |
The company is refinancing its bank term loan of £497,058 (included within net current liabilities) and the directors anticipate the continuing support of the company's bankers. |
The director is satisfied that for the foreseeable future, being a period of no less than 12 months from the date of approval of these financial statements, the company will continue to trade and meet its liabilities as they fall due.
Shrubbery Hotel (2013) Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Key accounting judgements and sources of estimation uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revisions effects only that period, or in the of the revision and future periods if the revision affects both current and future periods.
The director considers the going concern status of the company to be a key judgement, as discussed above.
In addition, another key judgement that has a significant effect on the financial statements is in respect of depreciation of freehold properties. The director considers that no depreciation should be provided on freehold properties. This treatment as regards the company's freehold property is a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. This policy is adopted on the basis that any depreciation charge would be immaterial as the residual value of the hotel is maintained through heavy continuous improvement in repairs and maintenance. The carrying amount is £1,575,000 (2022 - £1,575,000).
Revenue recognition
Turnover comprises the fair value of the consideration receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts. Revenue from the sale of rooms, food and beverages is recognised as the service is provided. Income received in advance is deferred until the relevant service is provided.
Tax
Tax is recognised in profit or loss, except when a change is attributable to an item of income or expense recognised as other comprehensive income and then it is also recognised directly in other comprehensive income.
The current corporation 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 taxable 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.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Intangible assets
Intangible assets are stated in the balance sheet at cost, less subsequent accumulated amortisation and subsequent accumulated impairment loss.
Shrubbery Hotel (2013) Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Computer software |
20% straight line |
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets 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, freehold properties and assets under construction, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
15% straight line |
Investments
Investments in assets which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in assets which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Stocks
Stocks are stated at the lower of cost and net realisable value, being estimated selling price less cost to sell, after due regard for obsolete and slow moving items.
Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Defined contribution pension obligation
The company operates a defined contribution pension plan for eligible employees. Contributions are charged to the profit and loss account in accordance with the rules of the scheme.
Shrubbery Hotel (2013) Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Financial instruments
Classification
• Short term trade, intercompany and other debtors and creditors;
• Other borrowing;
• 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 and other borrowings, 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 and other borrowings 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 during the year was
Exceptional items |
2023 |
2022 |
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Intercompany debt waiver (reversal of provision) |
( |
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Shrubbery Hotel (2013) Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Intangible assets |
Goodwill |
Computer software |
Total |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Amortisation |
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At 1 January 2023 |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
- |
- |
- |
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
- |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
- |
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Charge for the year |
- |
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At 31 December 2023 |
- |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Shrubbery Hotel (2013) Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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Additions |
15,121 |
15,121 |
At 31 December 2023 |
15,121 |
15,121 |
Carrying amount |
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At 31 December 2023 |
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15,121 |
Stocks |
2023 |
2022 |
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Consumables |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Amounts due from group undertakings |
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Other debtors |
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Prepayments and accrued income |
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Shrubbery Hotel (2013) Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Creditors |
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts due to group undertakings |
110,983 |
157,854 |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
- |
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Loans and borrowings |
2023 |
2022 |
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Due within one year |
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Bank borrowings |
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Bank overdrafts |
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Other borrowings |
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2023 |
2022 |
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Due after one year |
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Bank borrowings |
- |
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Other borrowings |
- |
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- |
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Bank borrowings with a carrying value of £497,058 (2022 - £532,633) are secured by way of a debenture over the assets of the company, a legal charge over the freehold property belonging to the company and a personal guarantee of £200,000 given by a director.
Shrubbery Hotel (2013) Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Deferred tax provision |
Deferred tax |
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At 1 January 2023 |
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Increase in existing provisions |
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At 31 December 2023 |
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Obligations under leases |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Not later than one year |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Share capital |
Allotted and called up share capital
2023 |
2022 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Unpaid share capital
2023 |
2022 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Shrubbery Hotel (2013) Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Dividends |
Interim dividends paid
2023 |
2022 |
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Interim dividend of £ |
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- |
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Related party transactions |
Transactions with directors |
2023 |
At 1 January 2023 |
Advances to director |
Repayments by director |
At 31 December 2023 |
K R Newton |
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Loan account repayable on demand and interest at HMRC rate |
- |
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- |
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There were no transactions with directors in the prior year.
Summary of transactions with other related parties
Relationship between entity and parents |
The parent of the smallest group in which these financial statements are consolidated is
The registered office address of SBAW Group Limited is:
Audit report |