REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
NINE BASINGSTOKE LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
NINE BASINGSTOKE LIMITED |
NINE BASINGSTOKE LIMITED (REGISTERED NUMBER: 09451231) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
Page |
Company information | 1 |
Balance sheet | 2 |
Notes to the financial statements | 3 |
NINE BASINGSTOKE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
7 St John's Road |
Harrow |
Middlesex |
HA1 2EY |
NINE BASINGSTOKE LIMITED (REGISTERED NUMBER: 09451231) |
BALANCE SHEET |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 10 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
NINE BASINGSTOKE LIMITED (REGISTERED NUMBER: 09451231) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | STATUTORY INFORMATION |
Nine Basingstoke Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Nine Basingstoke Limited (the "Company') is a company incorporated and domiciled in England, United Kingdom. The Company is a private company limited by shares. The registered number is 09451231 and the registered address is Vivek House, 65-67 Clarendon Road, Watford, England, WD17 1DS. |
Turnover |
Under FRS 102, the turnover represents the total revenue generated by the hotel from its operating activities. This includes, but is not limited to, room sales, food and beverage services, and other ancillary services provided to guests. The recognition of turnover under FRS 102 is subject to the following criteria: |
1. Revenue Recognition: Revenue is measure at the fair value of the consideration received or receivable, taking into account the amount of any trade discounts and volume rebates allowed by the hotel. |
2. Measurement of Revenue: Revenue is measured at the fair value of the consideration received or receivable, taking into account the amount of any trade discounts and volume rebates allowed by the hotel. |
3. Room Sales/ Rental: Revenue from room sales/ rental is recognized on a daily basis when the rooms are occupied and the service is provided. |
4. Food and Beverages Services: Revenue from food and beverage services is recognized at the point of sale when the service is rendered to the customer. |
This policy ensures that the turnover is recognized in a manner that accurately reflects the hotel’s performance and is consistent with the principles of FRS 102. The hotel applies the accruals concept in recognizing revenue, ensuring that it is matched with the period in which the service is provided. |
Tangible fixed assets |
There will be no depreciation charged on freehold property and plant & machinery in the first year that the tangible asset exists. |
After first year, depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold property - 2% Straight line |
Plant and machinery - 25% on cost |
Investment property |
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are stated at fair value. |
In applying the fair value model in IAS 40 Investment Property: |
i. investment properties are held at fair value. Any gains or losses arising from changes in the fair value are recognised in profit or loss in the period that they arise. Rental income from investment property is accounted for as described in the turnover accounting policy. |
ii. no depreciation is provided in respect of investment properties applying the fair value model. |
NINE BASINGSTOKE LIMITED (REGISTERED NUMBER: 09451231) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Cost or valuation |
Additions |
Revaluations |
Reclassification/transfer |
At 30 June 2023 |
Net book value |
At 30 June 2023 |
Cost or valuation at 30 June 2023 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2023 | 4,750,000 | 105,175 | 4,855,175 |
Valuation in 2023 | 400,000 | - | 400,000 |
5,150,000 | 105,175 | 5,255,175 |
During the year the company commenced its own trading operations from a property previously held as an investment. The property has been reclassified from investment property to tangible fixed assets of valuation at 15 September 2022. Land and buildings were valued on an open market basis on 17 April 2023 by Gerald Eve LLP. |
NINE BASINGSTOKE LIMITED (REGISTERED NUMBER: 09451231) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
Cost or valuation |
At 1 July 2022 |
Reclassification/transfer | (4,750,000 | ) |
At 30 June 2023 |
Net book value |
At 30 June 2023 |
At 30 June 2022 |
Cost or valuation at 30 June 2023 is represented by: |
£ |
Valuation in 2022 | 4,750,000 |
Valuation in 2023 | (4,750,000 | ) |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by participating interests | 2,108,214 | - |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 9) |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
NINE BASINGSTOKE LIMITED (REGISTERED NUMBER: 09451231) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
9. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due between two and five years: |
Long term director's loan | 1,376,172 | - |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst | 3,499,700 | - |
The assets held by the entity have been charged as security for the above loan. |
10. | RESERVES |
Revaluation |
reserve |
£ |
Profit & Loss Account | 300,000 |
At 30 June 2023 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the auditors was unqualified. |
for and on behalf of |
12. | ULTIMATE CONTROLLING PARTY |
The company is now ultimately owned by Mr and Mrs Chadha. |
13. | RELATED PARTY DISCLOSURES |
A balance of £2,108,214 (2022: NIL) due from companies where the directors have an interest in, either as director, or participator, with which transactions have taken place. |
A balance of £2,731,766 (2022: NIL) due to companies where the directors have an interest in either as a director or participator, with which transactions have taken place. |
Included within other creditors is a balance of £1,376,172 (2022: NIL) due to the directors, with which transactions have taken place. |
14. | GOING CONCERN |
The financial statements have been prepared on a going concern basis notwithstanding the fact that the company had net liabilities of £598 at 30 June 2023 (2022: £4.6m) based on the ongoing support of the directors/shareholders. |
In the event that the director were to seek repayment of the loans, the company would have insufficient resources to continue as a going concern. The financial statements do not include adjustments that would result if the company were unable to continue as a going concern. |