Registered number
07525553
Judd's Folly Hotel Limited
Report and Accounts
29 March 2024
Provided by:
All-Right Accountancy Services Ltd
Management Accountants
Small Roundel
Park Road
Faversham
Kent
ME13 8ES
Judd's Folly Hotel Limited
Registered number: 07525553
Directors' Report
The directors present their report and accounts for the year ended 29 March 2024.
Principal activities
The company's principal activity during the year continued to be Hotel Management.
Directors
The following persons served as directors during the year:
Jason Wolverson
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 31 July 2024 and signed on its behalf.
Jason Paul Wolverson
Director
Judd's Folly Hotel Limited
Accountants' Report
Accountants' report to the directors of
Judd's Folly Hotel Limited
You consider that the company is exempt from an audit for the year ended 29 March 2024. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
All-Right Accountancy Services Ltd
Management Accountants
Small Roundel
Park Road
Faversham
Kent
ME13 8ES
31 July 2024
Judd's Folly Hotel Limited
Profit and Loss Account
for the year ended 29 March 2024
2024 2023
£ £
Turnover 643,478 635,463
Cost of sales (245,191) (226,886)
Gross profit 398,287 408,577
Administrative expenses (333,667) (325,384)
Operating profit 64,620 83,193
Interest payable (50,288) (31,748)
Profit before taxation 14,332 51,445
Tax on profit - -
Profit for the financial year 14,332 51,445
Judd's Folly Hotel Limited
Registered number: 07525553
Balance Sheet
as at 29 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 11,059 6,494
Tangible assets 4 699,535 697,542
710,594 704,036
Current assets
Stocks 28,341 7,702
Debtors 5 36,403 101,079
Cash at bank and in hand 34,426 3,916
99,170 112,697
Creditors: amounts falling due within one year 6 (426,837) (335,773)
Net current liabilities (327,667) (223,076)
Total assets less current liabilities 382,927 480,960
Creditors: amounts falling due after more than one year 7 (107,304) (305,942)
Net assets 275,623 175,018
Capital and reserves
Profit and loss account 275,623 175,018
Shareholders' funds 275,623 175,018
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Jason Paul Wolverson
Director
Approved by the board on 31 July 2024
Judd's Folly Hotel Limited
Statement of Changes in Equity
for the year ended 29 March 2024
Share Share Re- Profit Total
capital premium valuation and loss
reserve account
£ £ £ £ £
At 30 March 2022 - - - 123,573 123,573
Profit for the financial year 51,445 51,445
At 29 March 2023 - - - 175,018 175,018
At 30 March 2023 - - - 175,018 175,018
Profit for the financial year 14,332 14,332
Dividends 86,273 86,273
At 29 March 2024 - - - 275,623 275,623
Judd's Folly Hotel Limited
Notes to the Accounts
for the year ended 29 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Debtors
Short term 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 measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 25 25
3 Intangible fixed assets £
Goodwill:
Cost
At 30 March 2023 6,494
Additions 4,565
At 29 March 2024 11,059
Amortisation
At 29 March 2024 -
Net book value
At 29 March 2024 11,059
At 29 March 2023 6,494
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 30 March 2023 358,834 683,124 1,416 1,043,374
Additions - 4,993 - 4,993
At 29 March 2024 358,834 688,117 1,416 1,048,367
Depreciation
At 30 March 2023 108,601 236,771 460 345,832
Charge for the year - 3,000 - 3,000
At 29 March 2024 108,601 239,771 460 348,832
Net book value
At 29 March 2024 250,233 448,346 956 699,535
At 29 March 2023 250,233 446,353 956 697,542
5 Debtors 2024 2023
£ £
Trade debtors 36,403 101,079
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 94,556 33,591
Obligations under finance lease and hire purchase contracts - 14,579
Trade creditors 206,725 187,766
Taxation and social security costs 125,556 99,837
426,837 335,773
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 20,988 -
Obligations under finance lease and hire purchase contracts 86,316 305,942
107,304 305,942
8 Other information
Judd's Folly Hotel Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Courtyard House
Syndale Park
Faversham
Kent
ME13 0RH
Judd's Folly Hotel Limited
Detailed profit and loss account
for the year ended 29 March 2024
This schedule does not form part of the statutory accounts
2024 2023
£ £
Sales 643,478 635,463
Cost of sales (245,191) (226,886)
Gross profit 398,287 408,577
Administrative expenses (333,667) (325,384)
Operating profit 64,620 83,193
Interest payable (50,288) (31,748)
Profit before tax 14,332 51,445
Judd's Folly Hotel Limited
Detailed profit and loss account
for the year ended 29 March 2024
This schedule does not form part of the statutory accounts
2024 2023
£ £
Sales
Sales 643,478 635,463
Cost of sales
Purchases 142,881 119,598
Subcontractor costs 25,105 22,081
Direct labour 77,205 85,207
245,191 226,886
Administrative expenses
Employee costs:
Directors' salaries 26,400 30,150
Travel and subsistence 56 632
Motor expenses 182 693
Entertaining 480 892
27,118 32,367
Premises costs:
Rent 106,458 111,714
Rates 10,844 13,691
Light and heat 68,003 47,597
Cleaning - 4,558
185,305 177,560
General administrative expenses:
Telephone and internet 19,872 16,891
Postage - 93
Stationery and printing 2,776 2,309
Subscriptions 4,481 1,130
Bank charges 17,125 8,306
Insurance 5,614 3,523
Equipment expensed - 9,037
Equipment hire - 8,116
Repairs and maintenance 44,501 -
Depreciation 3,000 48,397
Sundry expenses 37 379
97,406 98,181
Legal and professional costs:
Accountancy fees 1,342 1,186
Solicitors fees - 150
Consultancy fees 1,852 1,583
Advertising and PR 20,644 14,357
23,838 17,276
333,667 325,384
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