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Registration number: 04759790

Style Hotels Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Style Hotels Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Style Hotels Limited

(Registration number: 04759790)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,276,959

2,332,462

Current assets

 

Stocks

6

13,901

18,393

Debtors

7

1,768,177

1,691,453

Cash at bank and in hand

 

387,691

398,930

 

2,169,769

2,108,776

Creditors: Amounts falling due within one year

8

(667,933)

(1,057,060)

Net current assets

 

1,501,836

1,051,716

Total assets less current liabilities

 

3,778,795

3,384,178

Creditors: Amounts falling due after more than one year

8

-

(3,428)

Provisions for liabilities

(31,501)

(33,928)

Net assets

 

3,747,294

3,346,822

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

3,746,294

3,345,822

Shareholders' funds

 

3,747,294

3,346,822

 

Style Hotels Limited

(Registration number: 04759790)
Balance Sheet as at 30 November 2023

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 July 2024
 


Mrs A James
Director

   
     
 

Style Hotels Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
Mountway House
2 Kings Close
Taunton
Somerset
TA1 3XP

The principal place of business is:
Watersmeet Hotel
Mortehoe
Woolacombe
Devon
EX34 7EB

These financial statements were authorised for issue by the director on 10 July 2024.

2

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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Revenue recognition

Turnover represents amounts receivable for hotel accommodation and dining services, recognised on the completion of stay. Turnover is shown net of value added tax, returns, rebates and discounts.

Government grants

Government grants are recognised using the accrual model. Where the costs have already been incurred then the grant is credited to the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Style Hotels Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Freehold land

Not depreciated

Freehold buildings

Straight line over 50 years

Plant and machinery

Straight line over 5 or 12 years or 25% reducing balance

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

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.

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 cost or reduced for obsolescence and perishment.

 

Style Hotels Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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.

Dividends

A dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 26 (2022 - 27).

 

Style Hotels Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Freehold land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2022

2,788,046

473,143

3,261,189

Additions

-

13,485

13,485

At 30 November 2023

2,788,046

486,628

3,274,674

Depreciation

At 1 December 2022

561,562

367,165

928,727

Charge for the year

45,763

23,225

68,988

At 30 November 2023

607,325

390,390

997,715

Carrying amount

At 30 November 2023

2,180,721

96,238

2,276,959

At 30 November 2022

2,226,484

105,978

2,332,462

Freehold land and buildings with a carrying amount of £2,180,721 (2022 - £2,226,484) has been pledged as security against the bank loan of the company.

5

Investments held as fixed assets

Subsidiaries

£

Cost or valuation

At 1 December 2022

2,029,992

At 30 November 2023

2,029,992

Provision

At 1 December 2022

2,029,992

At 30 November 2023

2,029,992

Carrying amount

At 30 November 2023

-

At 30 November 2022

-

 

Style Hotels Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

13,901

18,393

7

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

9

1,707,580

1,641,030

Other debtors

 

48,102

48,102

Prepayments

 

12,495

2,321

 

1,768,177

1,691,453

8

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

-

111,255

Trade creditors

 

103,597

191,092

Amounts due to related parties

9

4,870

-

Social security and other taxes

 

236,010

286,813

Other creditors

 

271,264

425,794

Accruals

 

52,192

42,106

 

667,933

1,057,060

Due after one year

 

Loans and borrowings

-

3,428



Bank loans with a value of £Nil (2022 - £111,255) are secured against the freehold land and buildings of the company, as disclosed in note 4.

 

Style Hotels Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

9

Related party transactions

Summary of transactions with other related parties

Connected companies
 During the year the company continued to provide interest free loans to connected companies which are repayable on demand. At the year end the balances outstanding totalled £1,707,580 (2022 - £1,641,030).

During the year the company received an interest free loan from a connected company which is repayable on demand. At the year end the balance outstanding was £4,871 (2022 - £Nil).

 

Expenditure with and payables to related parties

2023

Key management
£

Leases

27,000

2022

Key management
£

Leases

22,800

10

Parent and ultimate parent undertaking

The company's immediate parent is James Hotels Limited, incorporated in United Kingdom.

 The ultimate controlling party is Mrs A James.