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COMPANY REGISTRATION NUMBER: 09212743
Belle Isle Hotels (Cornwall) Management Limited
Filleted Financial Statements
29 February 2024
Belle Isle Hotels (Cornwall) Management Limited
Directors' Responsibilities Statement
Period from 1 November 2022 to 29 February 2024
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Belle Isle Hotels (Cornwall) Management Limited
Statement of Financial Position
29 February 2024
29 Feb 24
31 Oct 22
Note
£
£
£
Fixed assets
Intangible assets
6
37,685
Tangible assets
7
11,347,713
-------------
----
11,385,398
Current assets
Stocks
27,983
Debtors
8
274,341
121,324
Cash at bank and in hand
564,966
651,549
---------
---------
867,290
772,873
Creditors: amounts falling due within one year
9
945,572
466,926
---------
---------
Net current (liabilities)/assets
( 78,282)
305,947
-------------
---------
Total assets less current liabilities
11,307,116
305,947
-------------
---------
Net assets
11,307,116
305,947
-------------
---------
Capital and reserves
Called up share capital
11,357,979
3
Share premium account
256,473
256,473
Profit and loss account
( 307,336)
49,471
-------------
---------
Shareholders funds
11,307,116
305,947
-------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 7 June 2024 , and are signed on behalf of the board by:
M T Rudrum
Director
Company registration number: 09212743
Belle Isle Hotels (Cornwall) Management Limited
Notes to the Financial Statements
Period from 1 November 2022 to 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Cornwall Hotel Spa and Estate, Pentewan Road, Tregorrick, St Austell, Cornwall, PL26 7AB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
1 Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
2 Going concern
The Company made a loss after tax of £347,903 during the period ended 29 February 2024. At that date it had net assets of £11,307,116. Although the Company made a loss for the year, this includes exceptional costs of £454,394.
On 31 July 2022 the Company transferred the Hotel operations to a third party. As part of this transaction, the Company transferred its tangible fixed assets and surrendered its lease of the Hotel to the third party, the costs associated with this have been disclosed as exceptional.
From 1 August 2022 the Company operates the Hotel on behalf of the Landlord and receives a management fee for this service.
On 20 October 2022 a conditional agreement was entered into for a third party to acquire the entire share capital of the Company by 20 April 2023. The third party have publicly announced their intention is for the Company to continue providing the rental and management services to the Property and Lodges.
The Directors have considered the performance and forecasts for the Company operating as a management company and the intentions of the prospective new owners and are of the opinion that it is appropriate that the financial statements have been prepared on a going concern basis.
3 Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
4 Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
5 Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty of 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.
6 Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
7 Current and deferred taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
8 Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
9 Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
10 Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long-term leasehold property
-
15% straight line
Fixtures and fittings
-
15% straight line
Motor Vehicles
-
20% straight line
Computer equipment
-
20% straight line
11 Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
12 Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition off financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.
13 Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 115 (2022: 115 ).
5. Dividends
29 Feb 24
31 Oct 22
£
£
Dividends paid during the period (excluding those for which a liability existed at the end of the prior period )
8,904
4,500
-------
-------
6. Intangible assets
Pre-Development expenditure
Projects in progress
Total
£
£
£
Cost
Additions
19,600
18,085
37,685
--------
--------
--------
At 29 February 2024
19,600
18,085
37,685
--------
--------
--------
Amortisation
At 1 November 2022 and 29 February 2024
--------
--------
--------
Carrying amount
At 29 February 2024
19,600
18,085
37,685
--------
--------
--------
At 31 October 2022
--------
--------
--------
7. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 November 2022
Additions
11,702,196
815,458
50,885
209,274
12,777,813
-------------
---------
--------
---------
-------------
At 29 February 2024
11,702,196
815,458
50,885
209,274
12,777,813
-------------
---------
--------
---------
-------------
Depreciation
At 1 November 2022
Charge for the period
168,823
13,318
2,563
4,877
189,581
Transfers
319,954
712,900
38,888
168,777
1,240,519
-------------
---------
--------
---------
-------------
At 29 February 2024
488,777
726,218
41,451
173,654
1,430,100
-------------
---------
--------
---------
-------------
Carrying amount
At 29 February 2024
11,213,419
89,240
9,434
35,620
11,347,713
-------------
---------
--------
---------
-------------
At 31 October 2022
-------------
---------
--------
---------
-------------
8. Debtors
29 Feb 24
31 Oct 22
£
£
Trade debtors
75,661
2,739
Other debtors
198,680
118,585
---------
---------
274,341
121,324
---------
---------
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.
9. Creditors: amounts falling due within one year
29 Feb 24
31 Oct 22
£
£
Trade creditors
166,240
180,156
Social security and other taxes
169,872
111,260
Other creditors
609,460
175,510
---------
---------
945,572
466,926
---------
---------
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.
10. Pension commitments
The Company operates a defined contribution 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 £40,177 (2022: £38,614). Contributions totalling £4,847 (2022: £4,544) were payable to the fund at the balance sheet date and are included in creditors.
11. Summary audit opinion
The auditor's report dated 7 June 2024 was unqualified .
The senior statutory auditor was Jonathan Ian Wood , for and on behalf of Wills Bingley Limited .
12. Directors' advances, credits and guarantees
At the year end, a director owed the Company £nil (2022: £nil).
13. Related party transactions
During the year, dividends of £8,904 (2022: £4,500) were paid to the shareholder of the Company. Belle Isle Hotels (Cornwall) Management Ltd is a subsidiary of Atlan Holdings Bhd. Atlan Holdings Bhd. owns 100% of the share capital of Belle Isle Hotels (Cornwall) Management Ltd.