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REGISTERED NUMBER: 08703598 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Wellowgate Hotels Limited

Wellowgate Hotels Limited (Registered number: 08703598)






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




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Wellowgate Hotels Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: L M Hall
D A Wann
R J Farrar





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





REGISTERED NUMBER: 08703598 (England and Wales)





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

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Wellowgate Hotels Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wellowgate Hotels Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Wellowgate Hotels Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Wellowgate Hotels Limited and state those matters that we have agreed to state to the Board of Directors of Wellowgate Hotels Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wellowgate Hotels Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Wellowgate Hotels Limited 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 Wellowgate Hotels Limited. You consider that Wellowgate Hotels Limited 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 Wellowgate Hotels Limited. 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.






Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG


23 July 2024

Wellowgate Hotels Limited (Registered number: 08703598)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,486,743 6,494,767

CURRENT ASSETS
Debtors 5 1,805,428 1,477,831
Cash at bank 128,522 468,319
1,933,950 1,946,150
CREDITORS
Amounts falling due within one year 6 4,556,304 5,790,215
NET CURRENT LIABILITIES (2,622,354 ) (3,844,065 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,864,389

2,650,702

CREDITORS
Amounts falling due after more than one
year

7

(1,951,737

)

(889,417

)

PROVISIONS FOR LIABILITIES (589,109 ) (580,299 )
NET ASSETS 1,323,543 1,180,986

CAPITAL AND RESERVES
Called up share capital 9 1 1
Revaluation reserve 1,120,546 1,120,546
Retained earnings 202,996 60,439
SHAREHOLDERS' FUNDS 1,323,543 1,180,986

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

Wellowgate Hotels Limited (Registered number: 08703598)

Balance Sheet - continued
31 December 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 23 July 2024 and were signed on its behalf by:




L M Hall - Director



D A Wann - Director


Wellowgate Hotels Limited (Registered number: 08703598)

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

1. STATUTORY INFORMATION

Wellowgate 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.

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 - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets under the cost model, other than investment properties, 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.

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.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties and loans with related parties.

All financial assets and liabilities are initially measured at transaction price and are subsequently measured at amortised cost.

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 amount that the company would receive for the asset if it were to be sold at the balance sheet date.

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.

Wellowgate Hotels Limited (Registered number: 08703598)

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

2. ACCOUNTING POLICIES - continued

Going concern
The company has made a profit for the year of £142,557 (2022: loss of £290,910) and has net current liabilities of £2,622,354 (2022: £3,844,065). The directors have ascertained that the company intends and has the ability to continue for a period of 12 months from the date of approval of these financial statements. The directors believe the company and wider group is well placed to manage the business risks successfully and will continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

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 6,400,000 - 167,738 4,024 6,571,762
Additions - 11,543 6,330 - 17,873
At 31 December 2023 6,400,000 11,543 174,068 4,024 6,589,635
DEPRECIATION
At 1 January 2023 - - 75,335 1,660 76,995
Charge for year - 1,299 23,271 1,327 25,897
At 31 December 2023 - 1,299 98,606 2,987 102,892
NET BOOK VALUE
At 31 December 2023 6,400,000 10,244 75,462 1,037 6,486,743
At 31 December 2022 6,400,000 - 92,403 2,364 6,494,767

Cost or valuation at 31 December 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2015 136,833 - 136,833
Valuation in 2019 (310,889 ) - (310,889 )
Valuation in 2022 1,550,000 - 1,550,000
Cost 5,024,056 189,635 5,213,691
6,400,000 189,635 6,589,635

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

2023 2022
£    £   
Cost 5,024,056 5,024,056

Freehold property was valued on an open market basis on 8 November 2022 by CBRE .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 1,805,428 1,477,831

Wellowgate Hotels Limited (Registered number: 08703598)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 131,006 2,124,332
Trade creditors 9,295 3,267
Amounts owed to group undertakings 1,706,394 1,426,439
Taxation and social security 60,207 26,962
Other creditors 2,649,402 2,209,215
4,556,304 5,790,215

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 1,951,737 89,417
Other creditors - 800,000
1,951,737 889,417

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 2,082,743 2,213,749

The debt is secured upon the hotel property held by the company. The company has also entered into a guarantee for the bank debt of Brayford Hotels Holdings Limited, a company under common control, to a limit of £4,850,000. There are also personal guarantees to the value of £125,000 given by the directors L M Hall and D A Wann.

9. CALLED UP SHARE CAPITAL

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

10. ULTIMATE CONTROLLING PARTY

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