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Registration number: 03562131

Country Hotels (Wales) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Country Hotels (Wales) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Country Hotels (Wales) Ltd

Company Information

Directors

Mr P G H Ratcliffe

Mr M R Vince

Mr T E I Morris

Mr H R Lewis

Ms E N Stanley

Ms A Davies

Company secretary

Mr M R Vince

Registered office

27 Stone Street
Llandovery
Carmarthenshire
SA20 0BZ

 

Country Hotels (Wales) Ltd

(Registration number: 03562131)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

317,766

328,107

Current assets

 

Debtors

6

105

916

Cash at bank and in hand

 

13,505

19,145

 

13,610

20,061

Creditors: Amounts falling due within one year

7

(7,822)

(54,761)

Net current assets/(liabilities)

 

5,788

(34,700)

Total assets less current liabilities

 

323,554

293,407

Creditors: Amounts falling due after more than one year

7

(243,888)

(233,240)

Net assets

 

79,666

60,167

Capital and reserves

 

Called up share capital

6

6

Profit and loss account

79,660

60,161

Total equity

 

79,666

60,167

For the financial year ending 30 November 2023 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 prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 6 August 2024 and signed on its behalf by:

.........................................
Mr P G H Ratcliffe
Director

   
     
 

Country Hotels (Wales) Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
27 Stone Street
Llandovery
Carmarthenshire
SA20 0BZ

These financial statements were authorised for issue by the Board on 6 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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current 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.

 

Country Hotels (Wales) Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

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

Plant & machinery

15% Straight line

Fixtures & fittings

15% Straight line

Freehold

2% Straight line

Office Equipment

15% Straight line

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.

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.

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.

 

Country Hotels (Wales) Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 5).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

10,341

10,373

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 December 2022

509,743

54,177

28,586

6,034

598,540

At 30 November 2023

509,743

54,177

28,586

6,034

598,540

Depreciation

At 1 December 2022

182,612

54,177

27,610

6,034

270,433

Charge for the year

10,195

-

146

-

10,341

At 30 November 2023

192,807

54,177

27,756

6,034

280,774

Carrying amount

At 30 November 2023

316,936

-

830

-

317,766

At 30 November 2022

327,131

-

976

-

328,107

Included within the net book value of land and buildings above is £316,937 (2022 - £327,132) in respect of freehold land and buildings.
 

 

Country Hotels (Wales) Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

6

Debtors

2023
£

2022
£

Other debtors

105

916

105

916

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Other related parties

 

-

100

Corporation tax liability

 

6,882

7,118

Other creditors

 

940

47,543

 

7,822

54,761

Due after one year

 

Loans and borrowings

9

243,888

233,240

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

6

6

6

6

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

243,888

233,240

 

Country Hotels (Wales) Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

10

Related party transactions

Transactions with directors

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Mr R O Stanley Deceased

Interest free loan repayable on demand

(46,648)

46,648

-

-

         
       

Mr P G H Ratcliffe

Interest free loan repayable on demand

(46,648)

6,000

-

(40,648)

         
       

Mr M R Vince

Interest free loan repayable on demand

(46,648)

6,000

-

(40,648)

         
       

Mr T E I Morris

Interest free loan repayable on demand

(46,648)

6,000

-

(40,648)

         
       

Mr H R Lewis

Interest free loan repayable on demand

(46,648)

6,000

-

(40,648)

         
       

Ms E N Stanley

-

-

(40,648)

(40,648)

         
       

Ms A Davies

-

-

(40,648)

(40,648)

         
       

 

2022

At 1 December 2021
£

Advances to director
£

At 30 November 2022
£

Mr R O Stanley Deceased

Interest free loan repayable on demand

(50,648)

4,000

(46,648)

       
     

Mr P G H Ratcliffe

Interest free loan repayable on demand

(50,648)

4,000

(46,648)

       
     

Mr M R Vince

Interest free loan repayable on demand

(50,648)

4,000

(46,648)

       
     

Mr T E I Morris

Interest free loan repayable on demand

(50,648)

4,000

(46,648)

       
     

Mr H R Lewis

Interest free loan repayable on demand

(50,648)

4,000

(46,648)