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Company registration number: NI628596
Bayview Hotel Portballintrae Ltd
Unaudited filleted financial statements
28 February 2024
Bayview Hotel Portballintrae Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Bayview Hotel Portballintrae Ltd
Directors and other information
Directors Mr Trevor Kane
Mr Norman Menary
Company number NI628596
Registered office 2 Bayhead Road
Portballintrae
Bushmills
Co. Antrim
BT57 8RZ
Business address 2 Bayview Road
Portballintrae
Bushmills
Co. Antrim
BT57 8RZ
Accountants Mark Kilgore & Co.
82 Castle Street
Ballycastle
Co Antrim
BT54 6AR
Bankers Barclays Bank
Donegall House
Donegall Square East
Belfast
BT1 5HL
Bayview Hotel Portballintrae Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Bayview Hotel Portballintrae Ltd
Year ended 28 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bayview Hotel Portballintrae Ltd for the year ended 28 February 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Bayview Hotel Portballintrae Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Bayview Hotel Portballintrae Ltd and state those matters that we have agreed to state to the board of directors of Bayview Hotel Portballintrae Ltd as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bayview Hotel Portballintrae Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Bayview Hotel Portballintrae Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bayview Hotel Portballintrae Ltd. You consider that Bayview Hotel Portballintrae Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Bayview Hotel Portballintrae Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Mark Kilgore & Co.
Chartered Accountants
82 Castle Street
Ballycastle
Co Antrim
BT54 6AR
22 August 2024
Bayview Hotel Portballintrae Ltd
Statement of financial position
28 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 3,794,194 3,437,502
_______ _______
3,794,194 3,437,502
Current assets
Stocks 32,640 27,502
Debtors 6 513,234 478,628
Cash at bank and in hand 616,334 937,044
_______ _______
1,162,208 1,443,174
Creditors: amounts falling due
within one year 7 ( 1,292,024) ( 1,440,024)
_______ _______
Net current (liabilities)/assets ( 129,816) 3,150
_______ _______
Total assets less current liabilities 3,664,378 3,440,652
Creditors: amounts falling due
after more than one year 8 ( 1,183,955) ( 1,326,332)
_______ _______
Net assets 2,480,423 2,114,320
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 2,480,421 2,114,318
_______ _______
Shareholders funds 2,480,423 2,114,320
_______ _______
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 22 August 2024 , and are signed on behalf of the board by:
Mr Trevor Kane Mr Norman Menary
Director Director
Company registration number: NI628596
Bayview Hotel Portballintrae Ltd
Notes to the financial statements
Year ended 28 February 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Bayview Hotel Portballintrae Ltd, 2 Bayhead Road, Portballintrae, Bushmills, Co. Antrim, BT57 8RZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 60 (2023: 55 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 March 2023 3,306,119 360,274 3,666,393
Additions 367,933 18,795 386,728
_______ _______ _______
At 28 February 2024 3,674,052 379,069 4,053,121
_______ _______ _______
Depreciation
At 1 March 2023 - 228,891 228,891
Charge for the year - 30,036 30,036
_______ _______ _______
At 28 February 2024 - 258,927 258,927
_______ _______ _______
Carrying amount
At 28 February 2024 3,674,052 120,142 3,794,194
_______ _______ _______
At 28 February 2023 3,306,119 131,383 3,437,502
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 24,550 21,038
Other debtors 488,684 457,590
_______ _______
513,234 478,628
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 190,322 203,467
Trade creditors 69,378 120,513
Corporation tax 155,924 135,951
Social security and other taxes 75,231 72,750
Other creditors 801,169 907,343
_______ _______
1,292,024 1,440,024
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans 1,183,955 1,326,332
_______ _______
9. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 24,550 21,038
Other debtors 400,000 400,000
Cash at bank and in hand 616,334 937,044
_______ _______
1,040,884 1,358,082
_______ _______
Financial liabilities measured at amortised cost
Bank and other loans 1,374,277 1,529,799
Trade creditors 69,378 120,513
Other creditors 683,433 740,432
_______ _______
2,127,088 2,390,744
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Trevor Kane ( 506,202) ( 40,000) 36,017 ( 510,185)
Mr Norman Menary ( 234,230) - 60,982 ( 173,248)
_______ _______ _______ _______
( 740,432) ( 40,000) 96,999 ( 683,433)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Trevor Kane ( 516,668) ( 40,000) 50,466 ( 506,202)
Mr Norman Menary ( 266,137) - 31,907 ( 234,230)
_______ _______ _______ _______
( 782,805) ( 40,000) 82,373 ( 740,432)
_______ _______ _______ _______