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REGISTERED NUMBER: 06497383 (England and Wales)






















Financial Statements

for the Year Ended 31 December 2023

for

Brayford Hotels Limited

Brayford Hotels Limited (Registered number: 06497383)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Brayford Hotels Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: L M Hall
D A Wann



SECRETARY: L M Hall



REGISTERED OFFICE: The Circus
Belton Park Road
Skegness
Lincolnshire
PE25 1GU



REGISTERED NUMBER: 06497383 (England and Wales)



SENIOR STATUTORY AUDITOR: Kevin Shaw BSc FCA



AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Brayford Hotels Limited (Registered number: 06497383)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 23,726,235 23,622,241

CURRENT ASSETS
Debtors 5 831,607 595,590
Cash at bank 373,364 45,937
1,204,971 641,527
CREDITORS
Amounts falling due within one year 6 559,795 491,685
NET CURRENT ASSETS 645,176 149,842
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,371,411

23,772,083

CREDITORS
Amounts falling due after more than one
year

7

(11,900,767

)

(11,393,720

)

PROVISIONS FOR LIABILITIES (3,099,609 ) (3,048,467 )
NET ASSETS 9,371,035 9,329,896

CAPITAL AND RESERVES
Called up share capital 8 100 100
Revaluation reserve 9 7,001,637 7,001,637
Retained earnings 2,369,298 2,328,159
SHAREHOLDERS' FUNDS 9,371,035 9,329,896

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 31 July 2024 and were signed on its behalf by:




L M Hall - Director



D A Wann - Director


Brayford Hotels Limited (Registered number: 06497383)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Brayford Hotels 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.

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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc - 20% on cost and 15% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical costs 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 assess 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 cost to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, If the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the income statement during the period in which they are incurred.

The company has not depreciated its freehold land and buildings as it has a policy and practice of regular maintenance and repair. The company has undertaken an impairment review at the financial reporting date and there are no indications of impairment. The directors believe that the departure is required in order to give a true and fair view.

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 ordinary shares.

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 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.


Brayford Hotels Limited (Registered number: 06497383)

Notes to the Financial Statements - continued
for the Year Ended 31 December 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.

Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in the consolidated profit and loss account unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
Land and Plant and and Computer
Buildings machinery fittings equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023 23,400,000 678,593 699,908 142,261 24,920,762
Additions - 34,583 119,327 24,486 178,396
At 31 December 2023 23,400,000 713,176 819,235 166,747 25,099,158
DEPRECIATION
At 1 January 2023 - 563,776 599,908 134,837 1,298,521
Charge for year - 33,831 36,962 3,609 74,402
At 31 December 2023 - 597,607 636,870 138,446 1,372,923
NET BOOK VALUE
At 31 December 2023 23,400,000 115,569 182,365 28,301 23,726,235
At 31 December 2022 23,400,000 114,817 100,000 7,424 23,622,241

Brayford Hotels Limited (Registered number: 06497383)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2016 7,594,262 - 7,594,262
Valuation in 2019 944,087 - 944,087
Valuation in 2022 797,169 - 797,169
Cost 14,064,482 1,699,158 15,763,640
23,400,000 1,699,158 25,099,158

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 14,064,482 14,064,482

Freehold land and buildings were valued on an open market basis on 8 November 2022 by CBRE Limited .

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 900 1,620
Other debtors 645,135 548,970
646,035 550,590

Amounts falling due after more than one year:
Amounts owed by group undertakings 185,572 45,000

Aggregate amounts 831,607 595,590

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 29,626 17,893
Taxation and social security 204,666 46,529
Other creditors 325,503 427,263
559,795 491,685

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 8,136,517 7,629,470
Other creditors 3,764,250 3,764,250
11,900,767 11,393,720

Brayford Hotels Limited (Registered number: 06497383)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

9. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 7,001,637

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kevin Shaw BSc FCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited

11. CONTINGENT LIABILITIES

The debt included in the ultimate parent company Brayford Hotels Holdings Limited is secured upon the hotel property held by Brayford Hotels Limited and an unlimited cross guarantee between the company, its ultimate parent company and its fellow subsidiaries.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Brayford Hotels Holdings Limited, the registered office address is Unit 1, The Circus, Belton Park Road, Skegness, PE25 1GU.