Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 October 2023 |
for |
Bicester Hotel Ltd |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 October 2023 |
for |
Bicester Hotel Ltd |
Bicester Hotel Ltd (Registered number: 05997594) |
Contents of the Financial Statements |
for the Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Statement of Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
Bicester Hotel Ltd |
Company Information |
for the Year Ended 31 October 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
4 South Bar Street |
Banbury |
Oxfordshire |
OX16 9AA |
Bicester Hotel Ltd (Registered number: 05997594) |
Strategic Report |
for the Year Ended 31 October 2023 |
The directors present their strategic report for the year ended 31 October 2023. |
REVIEW OF BUSINESS |
Sales turnover for the year has continued to improve although the closure of the crèche within the year has lessened this growth. The business has maintained its position as a leader in the local market in all sectors. A change in market segmentation for rooms has contributed to a lower than expected occupancy and ARR. The Health Club has come under continued pressure from increased competition in the area but this expected to recover once that competition becomes less of a new attraction. The golf operation has bounced back well from prior year closures and early signs are that the newly configured nine hole course and state of the art 'Top Tracer' driving range will be hugely successful. Whilst sales performance has been good, there have been large increases in the hotel's cost base and these additional costs have limited profit conversion. |
The operating profit of £317,566 for the year was a less favourable result than in previous years due to the increased cost base. After adjusting for interest and intercompany management fees the net profit of £1,156,684 demonstrated a strong performance in the year. |
The company employed five Directors during the year, three male and two females. One Director resigned during the year. At the year end, the senior management team was made up of two males and two females. The rest of the workforce was made up of eighty two female and sixty six male employees. |
The Directors have, throughout the year, considered the short and long term interests of the company, its employees, shareholders, customers and suppliers. They have endeavoured to maintain the highest standards of business conduct and have regard to the interests of the local community and environment. Long term consequences of any decisions made are considered fully as and when applicable, along with the short term impact. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks to the business are expected to be the economy which continues to pose new challenges, local competition and employment. The energy market continues to be an area of huge concern and inflated expenditure and the company are looking at ways to mitigate any further exposure whilst also improving our credentials as a green operator. |
The local area enjoys a low unemployment rate which puts pressure on recruitment processes. The hospitality industry is known to have a national shortage of candidates so it was essential for the hotel to adopt a strategy to improve staff retention and reduce the demand for recruitment. The team is seen as a major asset to the business which is set to be protected through improved, ongoing training and development. |
Demand locally remains high as Bicester continues to grow with lots more houses on the way along with increased local infrastructure and attractions. |
ANALYSIS USING FINANCIAL KEY PERFORMANCE INDICATORS |
Room occupancy for the year decreased from 84.9% to 81.9% whilst average rate increased by 1.8% from £128.41 to £130.75. RevPar decreased from £109.09 to 107.05 whilst TRevPar has increased from £322.56 to £325.37. |
POSITION AT YEAR END |
Net assets have increased over the previous period end. Finance lease debt due after one year is falling as liabilities are repaid. |
GOING CONCERN |
Related party debtors totalling £4,451,982 at the year-end were owed by entities reliant on profits from the hotel, golf and spa operation to repay those debts. Loans taken out during the Covid Pandemic continue to be repaid and whilst this exerts certain pressures on current cash flows the longer term prognosis remains strong. |
Bicester Hotel Ltd (Registered number: 05997594) |
Strategic Report |
for the Year Ended 31 October 2023 |
FUTURE DEVELOPMENTS |
The directors are committed to improving both the existing resort offering and levels of service and therefore customer satisfaction, whilst adding new facilities for the company's members and other guests. Planning has been approved for a further 10 bedrooms within the existing golf changing rooms and offices building and for an additional 60 bedrooms to the rear of the hotel. A new golf academy course and state of the art driving range have opened and are proving very popular. The recently added Padel Tennis courts have proven to be an invaluable addition to the site and discussions are in place to extend these facilities further next year. A new solar development is planned to reduce the carbon footprint whilst also mitigating the effect of volatility in the energy markets. |
ON BEHALF OF THE BOARD: |
Bicester Hotel Ltd (Registered number: 05997594) |
Report of the Directors |
for the Year Ended 31 October 2023 |
The directors present their report with the financial statements of the company for the year ended 31 October 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a hotel with leisure club and golf facilities. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 October 2023. |
FUTURE DEVELOPMENTS |
The directors are committed to improving both the existing resort and levels of service and therefore customer satisfaction, whilst adding new facilities for the company's members and other guests. Planning has been approved for a further 10 bedrooms within the existing golf changing rooms and offices building and for an additional 60 bedrooms to the rear of the hotel. A new golf academy course and state of the art driving range are near completion and set to open early in the next financial year. There are various other opportunities and partnerships that the Directors are looking at including a new Padel Tennis offering at the resort, an upcoming sport which will undoubtedly bring new people into the business. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
GOING CONCERN |
The directors consider the company to be a going concern as detailed in note 20 of the financial statements. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Bicester Hotel Ltd (Registered number: 05997594) |
Report of the Directors |
for the Year Ended 31 October 2023 |
AUDITORS |
The auditors, Just Audit & Assurance Ltd (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Bicester Hotel Ltd |
Opinion |
We have audited the financial statements of Bicester Hotel Ltd (the 'company') for the year ended 31 October 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Bicester Hotel Ltd |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our assessment focused on key laws and regulations the company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant tax legislation. |
We are not responsible for preventing irregularities. Our approach to detect irregularities included, but was not limited to, the following: |
- obtaining an understanding of the entity's policies and procedures and how the entity has complied with these, through discussions and sample testing of controls; |
- obtaining an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework; |
- an understanding of the entity's risk assessment process, including the risk of fraud; |
- designing our audit procedures to respond to our risk assessment; and |
- performing audit work over the risk of management override of controls including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing estimates for bias. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
4 South Bar Street |
Banbury |
Oxfordshire |
OX16 9AA |
Bicester Hotel Ltd (Registered number: 05997594) |
Statement of Comprehensive Income |
for the Year Ended 31 October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(294,265 | ) | 280,716 |
Other operating income | 3 |
OPERATING PROFIT | 5 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Bicester Hotel Ltd (Registered number: 05997594) |
Balance Sheet |
31 October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 12 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Bicester Hotel Ltd (Registered number: 05997594) |
Statement of Changes in Equity |
for the Year Ended 31 October 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 November 2021 | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 31 October 2022 | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 31 October 2023 | ( |
) |
Bicester Hotel Ltd (Registered number: 05997594) |
Cash Flow Statement |
for the Year Ended 31 October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Interest element of finance lease payments paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year | ( |
) |
Loan repayments in year | ( |
) |
Capital repayments in year |
Amount introduced by directors | 58,470 | 66,621 |
Amount withdrawn by directors | (63,429 | ) | (124,000 | ) |
Other unknown in year | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year | 2 | 557,089 |
Cash and cash equivalents at end of year | 2 | 60,446 | 130,277 |
Bicester Hotel Ltd (Registered number: 05997594) |
Notes to the Cash Flow Statement |
for the Year Ended 31 October 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.10.23 | 31.10.22 |
£ | £ |
Profit before taxation |
Finance costs | 264,102 | 110,917 |
1,420,786 | 280,716 |
(Increase)/decrease in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 October 2023 |
31.10.23 | 1.11.22 |
£ | £ |
Cash and cash equivalents | 60,446 | 130,277 |
Year ended 31 October 2022 |
31.10.22 | 1.11.21 |
£ | £ |
Cash and cash equivalents | 130,277 | 557,089 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.11.22 | Cash flow | At 31.10.23 |
£ | £ | £ |
Net cash |
Cash at bank | 130,277 | (69,831 | ) | 60,446 |
130,277 | ( |
) | 60,446 |
Debt |
Finance leases | (424,760 | ) | (550,030 | ) | (974,790 | ) |
Debts falling due within 1 year | (468,625 | ) | 74,067 | (394,558 | ) |
Debts falling due after 1 year | (372,373 | ) | (1,149,721 | ) | (1,522,094 | ) |
(1,265,758 | ) | (1,625,684 | ) | (2,891,442 | ) |
Total | (1,135,481 | ) | (1,695,515 | ) | (2,830,996 | ) |
4. | MAJOR NON-CASH TRANSACTIONS |
During the year ended 31 October 2023 fixed assets were sold to the parent company totalling 637,263 (2022: £684,889) with proceeds paid through the intercompany loan account. |
Bicester Hotel Ltd (Registered number: 05997594) |
Notes to the Financial Statements |
for the Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Bicester Hotel Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
Estimates and judgements are based on historical experience and expectations of future events and are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Critical areas of judgement and estimation are: |
The company has tax losses brought forward from prior years in relation to trading and the revaluation of fixed assets and investments. Deferred tax assets have been included in the financial statements on the basis that future profits and gains will be made and the trading tax losses will be utilised to reduce tax payable in future years, and that the value of fixed assets and investments will increase to at least their original cost value. |
Turnover |
Turnover represents members' club subscriptions receivable, hotel room sales and other golfing and ancillary income receivable from members and visitors, which is recognised on provision of services. Members' joining fees are recognised on receipt, and on ongoing membership fees received in advance are recognised in the period to which they relate. |
Stocks |
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 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 and subsequently sold on to the parent company at cost without being depreciated. |
The interest element of these obligations is charged to profit and loss over the relevant period using the sum of digits method. 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 makes payments to defined contribution pensions schemes on behalf of employees. Payments made to the schemes are charged against profits in the accounting period. |
Bicester Hotel Ltd (Registered number: 05997594) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments, which are initially recognised at transaction value and subsequently measured at their settlement value. |
Debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently less any impairment losses for bad and doubtful debts. |
Creditors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial liabilities are initially recognised at transaction price including any transaction costs and subsequently less any impairment losses for bad and doubtful debts. |
3. | OTHER OPERATING INCOME |
31.10.23 | 31.10.22 |
£ | £ |
Rents received |
Management fees | 1,705,000 | - |
1,715,051 | - |
4. | EMPLOYEES AND DIRECTORS |
31.10.23 | 31.10.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.10.23 | 31.10.22 |
Administration | 12 | 11 |
Hotel | 28 | 20 |
Food and beverage | 20 | 18 |
Health and spa | 23 | 30 |
Golf | 6 | 6 |
Key management are directors of the company. Their total compensation for the year amounted to £25,500 (2022: £70,625) |
31.10.23 | 31.10.22 |
£ | £ |
Directors' remuneration |
Pension contributions totalling £579 (2022: £594) were paid in respect of one of the directors. |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.10.23 | 31.10.22 |
£ | £ |
Other operating leases |
Auditors' remuneration |
Bicester Hotel Ltd (Registered number: 05997594) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.10.23 | 31.10.22 |
£ | £ |
Other interest payable |
Hire purchase |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.10.23 | 31.10.22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.10.23 | 31.10.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Capital allowances in excess of depreciation | - | ( |
) |
Utilisation of tax losses | ( |
) | ( |
) |
Deferred Tax Charge | 206,970 | 32,087 |
Tax on DLA | 21,039 | - |
Total tax charge | 229,919 | 32,087 |
8. | TANGIBLE FIXED ASSETS |
Sale and leaseback transaction and arrangements |
All of the assets owned by the company at 31 October 2016 and subsequent additions have been sold to the parent company for net book value and rented back for use by the company. |
9. | STOCKS |
31.10.23 | 31.10.22 |
£ | £ |
Goods for resale |
Bicester Hotel Ltd (Registered number: 05997594) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 62,338 | 57,379 |
Deferred tax asset |
Losses | 45,375 | 252,345 |
Prepayments and accrued income |
Trade debtors include £200,000 (2022: £200,000) owed by related parties. |
Other debtors include £2,905,040 (2022: £1,328,613) owed by related parties. |
The recoverability of deferred tax depends on future profits of the company and the directors expect most of the recorded asset to be received after one year. |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Finance leases (see note 14) |
Trade creditors |
Amounts owed to participating interests | - | 500,000 |
Tax |
Social security and other taxes |
Pensions | 38,773 | 27,016 |
VAT | 672,933 | 355,875 |
Other creditors |
Accruals and deferred income |
Trade creditors falling due within one year includes £20,932 (2022: £54,684) owed to related parties. |
Other creditors falling due within one year includes £322,338 (2022: £1,238,232) owed to related parties. |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans (see note 13) |
Finance leases (see note 14) |
Interest is payable on loans falling due within one year and after more than one year totalling £234,659 |
(2022:106,875). |
13. | LOANS |
An analysis of the maturity of loans is given below: |
31.10.23 | 31.10.22 |
£ | £ |
Amounts falling due within one year or on demand: |
CBILS/RLS Loans | 394,558 | 468,625 |
Amounts falling due in more than five years: |
Bicester Hotel Ltd (Registered number: 05997594) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
13. | LOANS - continued |
31.10.23 | 31.10.22 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
CBILS/RLS Loans | 1,522,094 | 372,373 |
14. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Finance leases |
31.10.23 | 31.10.22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
31.10.23 | 31.10.22 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
Operating lease commitments mainly relate to a 25 year lease at £600,000 per annum from the parent company, commencing 28 September 2017 for the hotel premises, including all alterations, equipment and fixtures other than the company's trade fixtures. |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.10.23 | 31.10.22 |
£ | £ |
Finance leases | - | 424,800 |
Finance leases relate to specified equipment which was purchased by the company and subsequently sold to its parent company. |
Other creditors are secured on assets which were purchased by the company and subsequently sold to its parent company. |
16. | PROVISIONS FOR LIABILITIES |
31.10.23 | 31.10.22 |
£ | £ |
Other provisions |
Bad debt provision | 4,351 | 12,168 |
Bicester Hotel Ltd (Registered number: 05997594) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
16. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 November 2022 | ( |
) |
Provided during year |
Accelerated Capital Allowances |
Losses Utilised |
Balance at 31 October 2023 | ( |
) |
31.10.23 | 31.10.22 |
£ | £ |
Accelerated capital allowances | 0 | 0 |
Losses | (45,375 | ) | (252,345 | ) |
(45,375 | ) | (252,345 | ) |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.23 | 31.10.22 |
value: | £ | £ |
Ordinary | £1 | 3,000,000 | 3,000,000 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1 November 2022 | ( |
) |
Profit for the year |
At 31 October 2023 | ( |
) |
19. | ULTIMATE PARENT COMPANY |
Investfront (Oxon) Ltd is regarded by the directors as being the company's ultimate parent company. |
20. | RELATED PARTY DISCLOSURES |
Entities with control, joint control or significant influence over the entity |
Amounts due from and to related parties are due within one year and are unsecured. Interest is payable on £200,000 of the amount due to a related party at 15% pa. |
The bank debts and some finance leases are secured on assets which were owned by the company and transferred to a related party during the last two years. (2023: net book value of assets transferred totals £637,263). |
Bicester Hotel Ltd (Registered number: 05997594) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
Amounts due from and to related parties are due within one year and are unsecured. Interest is payable on £Nil (2022 : £Nil) of the amount due to related party at 8% pa. |
Reliance on parent company |
At 31 October 2023 Bicester Hotel Ltd had commitments to Investfront (Oxon) Ltd under operating leases for the premises from which it operates totalling £7,744,716 (2022 : £8,344,716) over the next 25 years. |
At 31 October 2023 Bicester Hotel Ltd had commitments under finance leases secured on assets owned by Investfront (Oxon) Ltd totalling £299,028 (2022 : £216,145) over the next five years. |
At 31 October 2023 Bicester Hotel Ltd had loans totalling £Nil (2022: £Nil) secured on assets owned by Investfront (Oxon) Ltd. |
At 31 October 2023 Investfront (Oxon) Ltd had an unsecured interest free loan totalling £4,399,921 (2022: £3,742,867) from Bicester Hotel Ltd. |
21. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling parties are Mr GJ Payne and Mrs M Payne, as Trustees for the beneficial owners of the company. |