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Registered number: 02457341










BARNS HOTEL BEDFORD LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023



 
BARNS HOTEL BEDFORD LIMITED
REGISTERED NUMBER: 02457341

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
771,485
907,206

  
771,485
907,206

Current assets
  

Stocks
 5 
27,017
15,498

Debtors: amounts falling due within one year
 6 
2,996,855
2,869,801

Cash at bank and in hand
 7 
78,910
60,858

  
3,102,782
2,946,157

Creditors: amounts falling due within one year
 8 
(486,919)
(441,749)

Net current assets
  
 
 
2,615,863
 
 
2,504,408

Total assets less current liabilities
  
3,387,348
3,411,614

Creditors: amounts falling due after more than one year
 9 
(28,250)
(25,508)

Provisions for liabilities
  

Deferred tax
 10 
(177,923)
(135,123)

  
 
 
(177,923)
 
 
(135,123)

Net assets
  
3,181,175
3,250,983


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
3,181,075
3,250,883

  
3,181,175
3,250,983


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
 
Page 1

 
BARNS HOTEL BEDFORD LIMITED
REGISTERED NUMBER: 02457341

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
A G McKenzie
Director

Date: 19 August 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
BARNS HOTEL BEDFORD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Barns Hotel Bedford Limited is a private company, limited by shares, incorporated in the United Kingdom and registered in England and Wales. The address of Company’s principal place of business is The Barns Hotel, Cardington Road, Bedford, MK44 3SA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements of the Companies Act 2006

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

The revenue shown in the Statement of Income and Retained Earnings represents the value of goods and services provided during the year, stated net of discounts and value added tax. Turnover can be split into two main areas:
Sale of accommodation:
Turnover in relation to the provision of accommodation is recognised over the period of stay in the hotel. Where a customer pays in advance of their stay that turnover is deferred accordingly.
Sale of food, beverages, leisure and other goods:
Turnover in relation to the provision of food, drink and other goods is recognised at the point the sale of the items is made to the customer.

 
2.3

Going concern

The Company has made a loss during the year. 
The parent company Stockford Limited has agreed to provide support and has confirmed to the Company that it will make available sufficient financial resources as required to enable the Company to meet its short term liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.
In conclusion the directors consider that the Company will have adequate cash and other liquid resources to meet its commitments, and therefore the financial statements are appropriately prepared on a going concern basis.

Page 3

 
BARNS HOTEL BEDFORD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Plant and machinery
-
33% Straight line
Fixtures and fittings
-
20% Straight line
Computer equipment
-
33% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Other operating income

Other operating income includes amounts receivable in respect of insurance claims. Amounts are recognised when the outcome of the receipt of income is certain. 

Page 4

 
BARNS HOTEL BEDFORD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

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.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on 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.

 
2.10

Creditors

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.

Page 5

 
BARNS HOTEL BEDFORD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.


3.


Employees

The average monthly number of employees, including directors, during the period was 86 (2022 - 59).

Page 6

 
BARNS HOTEL BEDFORD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
941,558
577,776
32,567
1,551,901


Additions
61,728
1,161
-
62,889


Disposals
-
(500,000)
-
(500,000)



At 31 December 2023

1,003,286
78,937
32,567
1,114,790



Depreciation


At 1 January 2023
72,856
567,663
4,176
644,695


Charge for the period
182,949
4,367
11,294
198,610


Disposals
-
(500,000)
-
(500,000)



At 31 December 2023

255,805
72,030
15,470
343,305



Net book value



At 31 December 2023
747,481
6,907
17,097
771,485



At 31 December 2022
868,702
10,113
28,391
907,206


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
27,017
15,498


Page 7

 
BARNS HOTEL BEDFORD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
45,090
23,790

Amounts owed by group undertakings
2,892,197
2,783,131

Other debtors
51,163
48,554

Prepayments and accrued income
8,405
14,326

2,996,855
2,869,801


Amounts owed by group undertakings are unsecured, interest free and are repayable on demand. 


7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
78,910
60,858



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
118,023
83,945

Amounts owed to group undertakings
2,372
8,957

Other taxation and social security
24,598
24,466

Other creditors
9,830
8,742

Accruals and deferred income
332,096
315,639

486,919
441,749


Amounts owed to group undertakings are unsecured, interest free and are repayable on demand. 


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Accruals and deferred income
28,250
25,508


Page 8

 
BARNS HOTEL BEDFORD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

10.


Deferred taxation




2023


£






At beginning of year
(135,123)


Charged to profit or loss
(42,800)



At end of year
(177,923)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(177,923)
(198,815)

Tax losses carried forward
-
63,467

Short term timing differences
-
225

(177,923)
(135,123)


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100


Page 9

 
BARNS HOTEL BEDFORD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023


12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted £35,947 (2022: £24,178). Contributions totalling £Nil (2022: £900) were payable to the fund at the balance sheet date and are included in creditors.


13.


Related party transactions

The Company is exempt from disclosing related party transactions with other 100% owned members of the Group headed by Stockford Limited by virtue of FRS 102 section 33.1A.


14.


Controlling party

The Company considers Stockford Limited, a company incorporated in England and Wales, to be its ultimate parent company throughout the current and previous year. Stockford Limited is the parent of both the largest and smallest groups in which the results of the company are consolidated.  Copies of the group financial statements for Stockford Limited are available from its registered office: Buckingham House, West Street, Newbury, Berkshire, RG14 1BE.


15.


Auditor's information

The auditor's report on the financial statements for the period ended 31 December 2023 was unqualified.

The audit report was signed on 21 August 2024 by Jonathan Baillie BA (Hons) ACA FCCA (Senior statutory auditor) on behalf of James Cowper Kreston Audit.


Page 10