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REGISTERED NUMBER: 11590791 (England and Wales)










Kro Hotels Preston Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2023






Kro Hotels Preston Ltd (Registered number: 11590791)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Kro Hotels Preston Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTOR: Mr K E Krohn





SECRETARY: Mrs K O'Connor





REGISTERED OFFICE: 31 Sackville Street
Manchester
England
M1 3LZ





REGISTERED NUMBER: 11590791 (England and Wales)






Kro Hotels Preston Ltd (Registered number: 11590791)

Balance Sheet
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 5 71,097 85,755
Tangible assets 6 2,557,753 2,396,706
2,628,850 2,482,461

CURRENT ASSETS
Stocks 7 9,575 8,690
Debtors 8 38,517 158,647
Cash at bank 1,085 5,771
49,177 173,108
CREDITORS
Amounts falling due within one year 9 (2,263,916 ) (1,841,061 )
NET CURRENT LIABILITIES (2,214,739 ) (1,667,953 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

414,111

814,508

CREDITORS
Amounts falling due after more than one year 10 (1,444,787 ) (1,542,668 )
NET LIABILITIES (1,030,676 ) (728,160 )

CAPITAL AND RESERVES
Called up share capital 12 1 1
Revaluation reserve 314,000 314,000
Retained earnings (1,344,677 ) (1,042,161 )
SHAREHOLDERS' FUNDS (1,030,676 ) (728,160 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Kro Hotels Preston Ltd (Registered number: 11590791)

Balance Sheet - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 August 2024 and were signed by:





Mr K E Krohn - Director


Kro Hotels Preston Ltd (Registered number: 11590791)

Notes to the Financial Statements
for the Year Ended 31 March 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:
2 Canal Street
Manchester
M1 3HE

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

3. 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.

GOING CONCERN
The company's liabilities exceeded its assets as at the year end. These financial statements have been prepared on a going concern basis on the basis that the company will continue to be supported by its creditors.

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 goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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 and properties under construction over their estimated useful lives, as follows:

Asset class Depreciation method and rate
Plant and machinery 25% straight line
Fixtures and fittings 25% straight line
Office equipment 33% straight line

Kro Hotels Preston Ltd (Registered number: 11590791)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. ACCOUNTING POLICIES - continued

GOODWILL
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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
Goodwill 10 years straight line
Franchise fee 9 years straight line

CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

TRADE DEBTORS
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

At each reporting date, stocks are assessed for impairment. If stocks are 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.

TRADE CREDITORS
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

BORROWINGS
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.


Kro Hotels Preston Ltd (Registered number: 11590791)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. ACCOUNTING POLICIES - continued
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

SHARE CAPITAL
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2022 - 26 ) .

5. INTANGIBLE FIXED ASSETS
Franchise
Goodwill fee Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 109,737 32,500 142,237
AMORTISATION
At 1 April 2022 43,895 12,587 56,482
Amortisation for year 10,974 3,684 14,658
At 31 March 2023 54,869 16,271 71,140
NET BOOK VALUE
At 31 March 2023 54,868 16,229 71,097
At 31 March 2022 65,842 19,913 85,755

Kro Hotels Preston Ltd (Registered number: 11590791)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. TANGIBLE FIXED ASSETS
Long
leasehold Fixtures
land and and Office
buildings fittings equipment Totals
£    £    £    £   
COST
At 1 April 2022 2,348,200 378,729 151,508 2,878,437
Additions - 279,045 - 279,045
At 31 March 2023 2,348,200 657,774 151,508 3,157,482
DEPRECIATION
At 1 April 2022 - 330,264 151,467 481,731
Charge for year - 117,998 - 117,998
At 31 March 2023 - 448,262 151,467 599,729
NET BOOK VALUE
At 31 March 2023 2,348,200 209,512 41 2,557,753
At 31 March 2022 2,348,200 48,465 41 2,396,706

7. STOCKS
2023 2022
£    £   
Food and beverages 9,575 8,690

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 97 5,429
Amounts owed by related parties - 108,201
Other debtors 38,420 45,017
38,517 158,647

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Loans and borrowings (see note 11) 178,649 155,435
Trade creditors 499,220 447,688
Amounts owed to related parties 390,757 222,681
Taxation and social security 130,581 65,263
Other creditors 1,064,709 949,994
2,263,916 1,841,061

Kro Hotels Preston Ltd (Registered number: 11590791)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 11) 1,444,787 1,542,668

11. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loan RBS - under 1yr 168,000 144,786
BBL - under 1yr 10,649 10,649
178,649 155,435

Amounts falling due between one and two years:
Bank loan - RBS (1-2 yrs) 1,414,942 1,503,316
BBL (1-2 yrs) 29,845 39,352
1,444,787 1,542,668

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary Share 1 1 1