The Upper House Hotel Ltd 09451165 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of a hotel and restaurant Digita Accounts Production Advanced 6.30.9574.0 true true 09451165 2023-04-01 2024-03-31 09451165 2024-03-31 09451165 bus:OrdinaryShareClass1 2024-03-31 09451165 bus:OrdinaryShareClass2 2024-03-31 09451165 bus:OrdinaryShareClass3 2024-03-31 09451165 bus:OrdinaryShareClass4 2024-03-31 09451165 core:CurrentFinancialInstruments 2024-03-31 09451165 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09451165 core:Non-currentFinancialInstruments 2024-03-31 09451165 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 09451165 core:FurnitureFittingsToolsEquipment 2024-03-31 09451165 core:LandBuildings 2024-03-31 09451165 core:OtherPropertyPlantEquipment 2024-03-31 09451165 bus:SmallEntities 2023-04-01 2024-03-31 09451165 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09451165 bus:FullAccounts 2023-04-01 2024-03-31 09451165 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09451165 bus:RegisteredOffice 2023-04-01 2024-03-31 09451165 bus:Director1 2023-04-01 2024-03-31 09451165 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 09451165 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 09451165 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 09451165 bus:OrdinaryShareClass4 2023-04-01 2024-03-31 09451165 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09451165 core:Buildings 2023-04-01 2024-03-31 09451165 core:FurnitureFittings 2023-04-01 2024-03-31 09451165 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 09451165 core:LandBuildings 2023-04-01 2024-03-31 09451165 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 09451165 countries:England 2023-04-01 2024-03-31 09451165 2023-03-31 09451165 core:FurnitureFittingsToolsEquipment 2023-03-31 09451165 core:LandBuildings 2023-03-31 09451165 core:OtherPropertyPlantEquipment 2023-03-31 09451165 2022-04-01 2023-03-31 09451165 2023-03-31 09451165 bus:OrdinaryShareClass1 2023-03-31 09451165 bus:OrdinaryShareClass2 2023-03-31 09451165 bus:OrdinaryShareClass3 2023-03-31 09451165 bus:OrdinaryShareClass4 2023-03-31 09451165 core:CurrentFinancialInstruments 2023-03-31 09451165 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09451165 core:Non-currentFinancialInstruments 2023-03-31 09451165 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09451165 core:FurnitureFittingsToolsEquipment 2023-03-31 09451165 core:LandBuildings 2023-03-31 09451165 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09451165

The Upper House Hotel Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

The Upper House Hotel Ltd

(Registration number: 09451165)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,683,167

1,702,381

Current assets

 

Stocks

5

17,343

16,212

Debtors

6

22,487

22,123

Cash at bank and in hand

 

98,138

24,945

 

137,968

63,280

Creditors: Amounts falling due within one year

7

(420,918)

(371,434)

Net current liabilities

 

(282,950)

(308,154)

Total assets less current liabilities

 

1,400,217

1,394,227

Creditors: Amounts falling due after more than one year

7

(10,250)

(51,250)

Provisions for liabilities

(36,509)

(30,311)

Net assets

 

1,353,458

1,312,666

Capital and reserves

 

Called up share capital

8

100,000

100,000

Share premium reserve

1,120,000

1,120,000

Retained earnings

133,458

92,666

Shareholders' funds

 

1,353,458

1,312,666

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

The Upper House Hotel Ltd

(Registration number: 09451165)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 8 August 2024 and signed on its behalf by:
 

.........................................
Mr P Williams
Director

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

The Upper House Hotel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Green
Barlaston
Stoke on Trent
ST12 9AE

These financial statements were authorised for issue by the Board on 8 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

After making enquires, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements. The Company is considered to be well positioned given the current environment with no impacl on the going concern basis of the financial statements.

Key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the Directors the estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are in respect of the valuation of freehold property.
At the Balance Sheet date carrying amount is £1,513,762 (2023 -£1,518,292).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

The Upper House Hotel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% on reducing balance

Crockery

20% on reducing balance

Buildings

2% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price. At each reporting date stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price. The impairment loss is recognised immediately in the profit and loss.

 

The Upper House Hotel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

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 profil 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. The share capital disclosed on the balance sheet is allotted, called up and fully paid.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

The Upper House Hotel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Financial instruments

Classification
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 ordinary shares.
 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cosl using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a snort-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an Impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when lhere is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 52 (2023 - 59).

 

The Upper House Hotel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Crockery
 £

Total
£

Cost or valuation

At 1 April 2023

1,658,293

509,063

98,702

2,266,058

Additions

15,469

19,081

8,585

43,135

At 31 March 2024

1,673,762

528,144

107,287

2,309,193

Depreciation

At 1 April 2023

140,000

353,921

69,756

563,677

Charge for the year

20,000

34,843

7,506

62,349

At 31 March 2024

160,000

388,764

77,262

626,026

Carrying amount

At 31 March 2024

1,513,762

139,380

30,025

1,683,167

At 31 March 2023

1,518,293

155,142

28,946

1,702,381

Included within the net book value of land and buildings above is £1,513,762 (2023 - £1,518,293) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

17,343

16,212

 

The Upper House Hotel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

18,767

18,893

Prepayments

3,659

3,168

Other debtors

61

62

 

22,487

22,123

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

41,000

41,000

Trade creditors

 

52,881

53,421

Taxation and social security

 

95,062

65,654

Accruals and deferred income

 

15,917

10,935

Other creditors

 

216,058

200,424

 

420,918

371,434

 

The Upper House Hotel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

10,250

51,250

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

A Ordinary of £1 each

97,000

97,000

97,000

97,000

B Ordinary of £1 each

1,000

1,000

1,000

1,000

C Ordinary of £1 each

1,000

1,000

1,000

1,000

D Ordinary of £1 each

1,000

1,000

1,000

1,000

 

100,000

100,000

100,000

100,000

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

10,250

51,250

2024
£

2023
£

Current loans and borrowings

Bank borrowings

41,000

41,000

The bank loan of £51,250 (2022:£92,250) is secured by way of a fixed charge over the freehold property.