IRIS Accounts Production v24.1.9.2 SC458462 director 1.4.22 31.3.23 31.3.23 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4584622022-03-31SC4584622023-03-31SC4584622022-04-012023-03-31SC4584622021-05-31SC4584622021-06-012022-03-31SC4584622022-03-31SC458462ns15:Scotland2022-04-012023-03-31SC458462ns14:PoundSterling2022-04-012023-03-31SC458462ns10:Director12022-04-012023-03-31SC458462ns10:PrivateLimitedCompanyLtd2022-04-012023-03-31SC458462ns10:SmallEntities2022-04-012023-03-31SC458462ns10:AuditExempt-NoAccountantsReport2022-04-012023-03-31SC458462ns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-31SC458462ns10:SmallCompaniesRegimeForAccounts2022-04-012023-03-31SC458462ns10:FullAccounts2022-04-012023-03-31SC458462ns10:OrdinaryShareClass12022-04-012023-03-31SC458462ns10:CompanySecretary12022-04-012023-03-31SC458462ns10:RegisteredOffice2022-04-012023-03-31SC458462ns5:CurrentFinancialInstruments2023-03-31SC458462ns5:CurrentFinancialInstruments2022-03-31SC458462ns5:Non-currentFinancialInstruments2023-03-31SC458462ns5:Non-currentFinancialInstruments2022-03-31SC458462ns5:ShareCapital2023-03-31SC458462ns5:ShareCapital2022-03-31SC458462ns5:RetainedEarningsAccumulatedLosses2023-03-31SC458462ns5:RetainedEarningsAccumulatedLosses2022-03-31SC458462ns5:PlantMachinery2022-03-31SC458462ns5:FurnitureFittings2022-03-31SC458462ns5:ComputerEquipment2022-03-31SC458462ns5:PlantMachinery2022-04-012023-03-31SC458462ns5:FurnitureFittings2022-04-012023-03-31SC458462ns5:ComputerEquipment2022-04-012023-03-31SC458462ns5:PlantMachinery2023-03-31SC458462ns5:FurnitureFittings2023-03-31SC458462ns5:ComputerEquipment2023-03-31SC458462ns5:PlantMachinery2022-03-31SC458462ns5:FurnitureFittings2022-03-31SC458462ns5:ComputerEquipment2022-03-31SC458462ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31SC458462ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-31SC458462ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-03-31SC458462ns10:OrdinaryShareClass12023-03-31SC4584621ns10:Director12022-03-31SC4584621ns10:Director12021-05-31SC4584621ns10:Director12022-04-012023-03-31SC4584621ns10:Director12021-06-012022-03-31SC4584621ns10:Director12023-03-31SC4584621ns10:Director12022-03-31
REGISTERED NUMBER: SC458462 (Scotland)










KRO Hotels Manchester M2 Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2023






KRO Hotels Manchester M2 Ltd (Registered number: SC458462)






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 Manchester M2 Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTOR: Mr K E Krohn





SECRETARY: Mrs K O'Connor





REGISTERED OFFICE: 272 Bath Street
Glasgow
Lanarkshire
G2 4JR





REGISTERED NUMBER: SC458462 (Scotland)






KRO Hotels Manchester M2 Ltd (Registered number: SC458462)

Balance Sheet
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 187,599 7,130

CURRENT ASSETS
Stocks 6 14,404 8,618
Debtors 7 78,204 167,246
Cash at bank 2,514 46,169
95,122 222,033
CREDITORS
Amounts falling due within one year 8 (600,547 ) (188,708 )
NET CURRENT (LIABILITIES)/ASSETS (505,425 ) 33,325
TOTAL ASSETS LESS CURRENT
LIABILITIES

(317,826

)

40,455

CREDITORS
Amounts falling due after more than one year 9 (128,334 ) (172,333 )
NET LIABILITIES (446,160 ) (131,878 )

CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Retained earnings (447,160 ) (132,878 )
SHAREHOLDERS' FUNDS (446,160 ) (131,878 )

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 Manchester M2 Ltd (Registered number: SC458462)

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 Manchester M2 Ltd (Registered number: SC458462)

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 Scotland.

The address of its registered office is:
272 Bath Street
Glasgow
Lanarkshire
G2 4JR

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.

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.

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.

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.

KRO Hotels Manchester M2 Ltd (Registered number: SC458462)

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

3. ACCOUNTING POLICIES - continued

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 20% straight line
Fixtures and fittings 20% straight line
Office equipment 33% 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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

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.

KRO Hotels Manchester M2 Ltd (Registered number: SC458462)

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

3. ACCOUNTING POLICIES - continued

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 18 (2022 - 18 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Office
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2022 201,337 1,119,408 20,408 1,341,153
Additions 4,838 224,809 - 229,647
At 31 March 2023 206,175 1,344,217 20,408 1,570,800
DEPRECIATION
At 1 April 2022 198,055 1,115,741 20,227 1,334,023
Charge for year 2,111 46,979 88 49,178
At 31 March 2023 200,166 1,162,720 20,315 1,383,201
NET BOOK VALUE
At 31 March 2023 6,009 181,497 93 187,599
At 31 March 2022 3,282 3,667 181 7,130

6. STOCKS
2023 2022
£    £   
Beverage stock 8,648 7,558
Food stock 5,756 1,060
14,404 8,618

KRO Hotels Manchester M2 Ltd (Registered number: SC458462)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by related parties 72,558 166,646
Other debtors 5,646 600
78,204 167,246

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 10) 44,000 44,000
Trade creditors 80,864 13,577
Amounts owed to related parties 9,438 -
Taxation and social security 56,720 41,193
Other creditors 409,525 89,938
600,547 188,708

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Loans and borrowings 128,334 172,333

10. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loan 1 - under 1yr 44,000 44,000

Amounts falling due between one and two years:
Bank loan 1 (1-2 yrs) 128,334 172,333

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

KRO Hotels Manchester M2 Ltd (Registered number: SC458462)

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

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 March 2023 and the period ended 31 March 2022:

2023 2022
£    £   
Mr K E Krohn
Balance outstanding at start of year (87,370 ) 135,000
Amounts advanced (300,955 ) (222,370 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (388,325 ) (87,370 )