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REGISTERED NUMBER: 14073399 (England and Wales)




















Financial Statements

for the Year Ended 31 December 2023

for

Lowman Hotels (Arundel) Ltd

Lowman Hotels (Arundel) Ltd (Registered number: 14073399)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Lowman Hotels (Arundel) Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: D Singh
Mrs N K Brar





REGISTERED OFFICE: Suite B
Blackdown House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX





REGISTERED NUMBER: 14073399 (England and Wales)

Lowman Hotels (Arundel) Ltd (Registered number: 14073399)

Balance Sheet
31 December 2023

2023 2022
Unaudited
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 489,332 416,146
489,332 416,146

CURRENT ASSETS
Stocks 34,785 30,055
Debtors 6 403,871 192,423
Cash at bank and in hand 333,161 304,375
771,817 526,853
CREDITORS
Amounts falling due within one year 7 1,708,800 998,028
NET CURRENT LIABILITIES (936,983 ) (471,175 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(447,651

)

(55,029

)

CREDITORS
Amounts falling due after more than one
year

8

(51,481

)

-

PROVISIONS FOR LIABILITIES 10 (7,653 ) -
NET LIABILITIES (506,785 ) (55,029 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (506,885 ) (55,129 )
SHAREHOLDERS' FUNDS (506,785 ) (55,029 )

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:





D Singh - Director


Lowman Hotels (Arundel) Ltd (Registered number: 14073399)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Lowman Hotels (Arundel) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The company's principal place of business is Avisford Park Hotel Limited, Yapton Lane, Walberton, Arundel, West Sussex, BN18 0LS.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The company has net liabilities. The company operates a hotel business in a property which is leased from a fellow trading subsidiary and is being financially supported by the Group and its directors when required. The parent company has confirmed its ongoing support and as a consequence, the directors have a reasonable expectation that the company is well placed to manage its business risks successfully and accordingly adopts the going concern basis in preparing the annual report and accounts.

Turnover
Turnover is recognised when the significant risks and rewards of the goods and services provided are transferred to the buyer, the amount of turnover can be measured reliably and it is probable that the economic benefits associated with the rendering transaction will flow to the company.

Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

Turnover for the company comprises of the following streams:

1) Sale of goods - Turnover from the sale of food and beverages is recognised at the point of sale.

2) Rendering of services - Turnover from room sales and other guest services is recognised when rooms are occupied and as services are provided.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, has been written off in prior year.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Lowman Hotels (Arundel) Ltd (Registered number: 14073399)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

All fixed assets are initially recorded at cost. Expenditures incurred after the fixed assets have been put into operation, such as repairs and maintenance and overhaul costs, are normally charged to the profit and loss account in the period in which the costs are incurred. In situations where it can be clearly demonstrated that the expenditures have resulted in an increase in the future economic benefits expected to be obtained from the use of the item of property and equipment beyond its originally assessed standard of performance, the expenditures are capitalised as an additional cost of property and equipment.

Subsequent additions and major components
Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably.

The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset when they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Derecognition
Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Lowman Hotels (Arundel) Ltd (Registered number: 14073399)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 93 (2022 - 98 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 7
AMORTISATION
At 1 January 2023
and 31 December 2023 7
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 425,000 - - 425,000
Additions 128,356 145,809 3,090 277,255
Disposals - (62,205 ) - (62,205 )
At 31 December 2023 553,356 83,604 3,090 640,050
DEPRECIATION
At 1 January 2023 8,854 - - 8,854
Charge for year 120,190 36,452 773 157,415
Eliminated on disposal - (15,551 ) - (15,551 )
At 31 December 2023 129,044 20,901 773 150,718
NET BOOK VALUE
At 31 December 2023 424,312 62,703 2,317 489,332
At 31 December 2022 416,146 - - 416,146

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
Unaudited
£    £   
Trade debtors 182,178 15,222
Amounts owed by group undertakings 158,387 100
Other debtors 38,039 173,616
Deferred tax asset - 3,485
Prepayments and accrued income 25,267 -
403,871 192,423

Lowman Hotels (Arundel) Ltd (Registered number: 14073399)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
Unaudited
£    £   
Hire purchase contracts (see note 9) 14,277 -
Trade creditors 56,085 35,599
Amounts owed to group undertakings 356,071 575,007
Social security and other taxes 63,840 38,619
VAT 165,717 35,613
Other creditors 272,091 178,564
Accrued expenses and
deferred income 780,719 134,626
1,708,800 998,028

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
Unaudited
£    £   
Hire purchase contracts (see note 9) 51,481 -

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
Unaudited
£    £   
Net obligations repayable:
Within one year 14,277 -
Between one and five years 51,481 -
65,758 -

Non-cancellable operating leases
2023 2022
Unaudited
£    £   
Within one year 32,500 32,500
Between one and five years - 32,500
32,500 65,000

10. PROVISIONS FOR LIABILITIES
2023

£   
Deferred tax 7,653

Deferred
tax
£   
Balance at 1 January 2023 (3,485 )
Provided during year 11,138
Balance at 31 December 2023 7,653

Deferred tax is provided at 25% and represents the timing difference between depreciation and capital allowances of £46,129 less other timing differences £641 and tax losses £37,835.

Lowman Hotels (Arundel) Ltd (Registered number: 14073399)

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

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Black (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited

12. PENSION COMMITMENTS

At the year end the company's outstanding pension contributions payable amounted to £2,563 (2022: £Nil).

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

14. ULTIMATE CONTROLLING PARTY

The company's ultimate parent is Ivymax Ltd which holds 100% of the company. The ultimate controlling parties are Mr D Singh and Mrs N Brar.

The consolidated financial statements of the Ivymax Group are available on Companies House.