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REGISTERED NUMBER: 01149019 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

TITCHWELL MANOR HOTEL LIMITED

TITCHWELL MANOR HOTEL LIMITED (REGISTERED NUMBER: 01149019)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TITCHWELL MANOR HOTEL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: E J Snaith
Mrs L R Snaith





REGISTERED OFFICE: Titchwell Manor Hotel
Titchwell
King's Lynn
Norfolk
PE31 8BB





REGISTERED NUMBER: 01149019 (England and Wales)





ACCOUNTANTS: Wheelers
Chartered Accountants & Tax Consultants
27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE

TITCHWELL MANOR HOTEL LIMITED (REGISTERED NUMBER: 01149019)

BALANCE SHEET
30 NOVEMBER 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,631 2,783
Tangible assets 5 3,746,790 2,437,642
Investment property 6 375,000 372,500
4,123,421 2,812,925

CURRENT ASSETS
Stocks 26,615 21,010
Debtors 7 88,449 87,921
Cash at bank and in hand 63,767 205,678
178,831 314,609
CREDITORS
Amounts falling due within one year 8 561,874 633,043
NET CURRENT LIABILITIES (383,043 ) (318,434 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,740,378

2,494,491

CREDITORS
Amounts falling due after more than one year 9 (1,946,413 ) (2,030,459 )

PROVISIONS FOR LIABILITIES (218,955 ) (72,750 )
NET ASSETS 1,575,010 391,282

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Revaluation reserve 12 1,265,921 62,517
Retained earnings 299,089 318,765
SHAREHOLDERS' FUNDS 1,575,010 391,282

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TITCHWELL MANOR HOTEL LIMITED (REGISTERED NUMBER: 01149019)

BALANCE SHEET - continued
30 NOVEMBER 2023


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 29 August 2024 and were signed on its behalf by:





E J Snaith - Director


TITCHWELL MANOR HOTEL LIMITED (REGISTERED NUMBER: 01149019)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Titchwell Manor Hotel Limited 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 (£).


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 as modified by the revaluation of certain assets.

At the balance sheet date the company had a working capital deficit of £383,043 by virtue of its current liabilities exceeding its current assets. The directors are confident that the going concern basis for the preparation of the financial statements is appropriate, and have confirmed their continuing support for the company in writing.

Changes in accounting policies
The company has elected to apply the revaluation model for freehold property, for the first time, from 1 December 2022. As this is the initial application of a policy to revalue assets, it has been dealt with as a revaluation in accordance with Section 17 Property, Plant and Equipment, and has therefore not been retrospectively applied and the comparatives are not restated.

The directors have decided to change this accounting policy as they believe showing the fair value of the property will give the users of the financial statements more reliable and relevant information.

The effect of the revaluation has increased the value of freehold property from £2,172,544 to £3,500,000. Net assets have increased by £1,201,529 after adjusting for a deferred tax provision of £125,927. An analysis of the valuation is explained in more detail in note 5.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten years.

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.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 4% on cost
Fixtures and fittings - 15% on reducing balance

Freehold property is measured using the revaluation model less any subsequent accumulated deprecation.

TITCHWELL MANOR HOTEL LIMITED (REGISTERED NUMBER: 01149019)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

2. ACCOUNTING POLICIES - continued

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value 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.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2022 - 34 ) .

TITCHWELL MANOR HOTEL LIMITED (REGISTERED NUMBER: 01149019)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 December 2022
and 30 November 2023 75,000 3,455 78,455
AMORTISATION
At 1 December 2022 75,000 672 75,672
Charge for year - 1,152 1,152
At 30 November 2023 75,000 1,824 76,824
NET BOOK VALUE
At 30 November 2023 - 1,631 1,631
At 30 November 2022 - 2,783 2,783

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST OR VALUATION
At 1 December 2022 2,694,932 659,840 3,354,772
Additions 3,100 55,691 58,791
Revaluations 801,968 - 801,968
At 30 November 2023 3,500,000 715,531 4,215,531
DEPRECIATION
At 1 December 2022 487,036 430,094 917,130
Charge for year 38,452 38,647 77,099
Revaluation adjustments (525,488 ) - (525,488 )
At 30 November 2023 - 468,741 468,741
NET BOOK VALUE
At 30 November 2023 3,500,000 246,790 3,746,790
At 30 November 2022 2,207,896 229,746 2,437,642

TITCHWELL MANOR HOTEL LIMITED (REGISTERED NUMBER: 01149019)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 November 2023 is represented by:

Fixtures
Freehold and
property fittings Totals
£    £    £   
Valuation in 2023 3,500,000 - 3,500,000
Cost - 715,531 715,531
3,500,000 715,531 4,215,531

If freehold property had not been revalued it would have been included at the following historical cost:

30.11.23 30.11.22
£    £   
Cost 2,698,032 2,694,932
Aggregate depreciation 525,488 487,036

Freehold property was valued on an open market basis on 30 November 2023 by the directors .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
and
fittings
£   
COST OR VALUATION
At 1 December 2022 39,178
Transfer to ownership (35,255 )
At 30 November 2023 3,923
DEPRECIATION
At 1 December 2022 33,470
Charge for year 515
Transfer to ownership (32,980 )
At 30 November 2023 1,005
NET BOOK VALUE
At 30 November 2023 2,918
At 30 November 2022 5,708

TITCHWELL MANOR HOTEL LIMITED (REGISTERED NUMBER: 01149019)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022 372,500
Revaluations 2,500
At 30 November 2023 375,000
NET BOOK VALUE
At 30 November 2023 375,000
At 30 November 2022 372,500

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2023 375,000

If the investment property had not been revalued it would have been included at the following historical cost:

30.11.23 30.11.22
£    £   
Cost 289,144 289,144

Investment property was valued on an open market basis on 30 November 2023 by the directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 9,212 2,324
Other debtors 79,237 85,597
88,449 87,921

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts 83,850 83,850
Hire purchase contracts (see note 10) 196 3,864
Trade creditors 72,716 104,789
Taxation and social security 57,335 85,551
Other creditors 347,777 354,989
561,874 633,043

TITCHWELL MANOR HOTEL LIMITED (REGISTERED NUMBER: 01149019)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Bank loans 1,446,413 1,530,263
Hire purchase contracts (see note 10) - 196
Other creditors 500,000 500,000
1,946,413 2,030,459

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due in more than
5 years 1,111,013 1,194,863
1,111,013 1,194,863

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.11.23 30.11.22
£    £   
Net obligations repayable:
Within one year 196 3,864
Between one and five years - 196
196 4,060

Non-cancellable operating leases
30.11.23 30.11.22
£    £   
Within one year 2,985 10,931
Between one and five years 843 1,540
3,828 12,471

TITCHWELL MANOR HOTEL LIMITED (REGISTERED NUMBER: 01149019)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

11. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Bank loans 1,530,263 1,614,113
Hire purchase contracts 196 4,060
Other creditors 500,000 500,000
2,030,459 2,118,173

Assets acquired under hire purchase agreements remain the property of the finance company until the agreement is complete.

The bank loans are secured by a debenture in favour of Svenska Handelsbanken AB (publ) by way of fixed and floating charges over the assets of the company.

Other creditors are secured by a debenture in favour of GI and Mrs MM Snaith by way of a fixed charge over the property of the company, subject to the first charge in favour of Svenska Handelsbanken AB (publ).

12. RESERVES
Revaluation
reserve
£   
At 1 December 2022 62,517
Revaluation of freehold
property 1,201,529
Reclassification 1,875

At 30 November 2023 1,265,921

13. CONTINGENT LIABILITIES

The company received a grant of £14,630 during the previous year under The Business Energy Efficiency Anglia Programme of the European Regional Development Fund in respect of equipment for a hybrid heating system. The grant may be repayable up to ten years after the date on which the final payment was made if the company does not adhere to the grant conditions.

No provision has been made in the accounts as it is considered to be a remote possibility that the above conditions will not be satisfied.