COMPANY REGISTRATION NUMBER:
02964180
Carlton Hotels & Leisure Limited |
|
Carlton Hotels & Leisure Limited |
|
Statement of Financial Position |
|
31 December 2023
Current assets
Debtors |
5 |
6,624,745 |
|
4,791,349 |
Cash at bank and in hand |
2,395 |
|
3,520 |
|
------------ |
|
------------ |
|
6,627,140 |
|
4,794,869 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
(
5,973,912) |
|
(
5,831,305) |
|
------------ |
|
------------ |
Net current assets/(liabilities) |
|
653,228 |
(
1,036,436) |
|
|
--------- |
------------ |
Total assets less current liabilities |
|
653,228 |
(
1,036,436) |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
|
(
15,833) |
(
25,833) |
|
|
--------- |
------------ |
Net assets/(liabilities) |
|
637,395 |
(
1,062,269) |
|
|
--------- |
------------ |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
637,295 |
(
1,062,369) |
|
|
--------- |
------------ |
Shareholders funds/(deficit) |
|
637,395 |
(
1,062,269) |
|
|
--------- |
------------ |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Carlton Hotels & Leisure Limited |
|
Statement of Financial Position (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
12 June 2024
, and are signed on behalf of the board by:
Mr Alykhan Kassam |
|
Director |
|
|
|
Company registration number:
02964180
Carlton Hotels & Leisure Limited |
|
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 144 - 146 Kings Cross Road, London, WC1X 9DU.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Company information
Carlton Hotels & Leisure Limited
is a limited company incorporated in England and Wales. The registered office is 144 - 146 Kings Cross Road, London, WC1X 9DU. Accounting convention The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to realise its assets and discharge its liabilities in the normal course of business. The company therefore continues to adopt the going concern basis in preparing its financial statements. The directors having considered the company's position for the period ended 31 December 2021 and have given indication of their willingness to support the company in the foreseeable future. They have also undertaken not to request repayment of their loans for at least twelve months. On the basis, the directors consider it is appropriate to prepare the financial statements on going concern basis. The financial statements do not include any adjustment that would result if future cash flows are insufficient or if shareholder support was withdrawn.
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added tax.
Current tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax Deferred tax is recognised in respect of all timing differences which are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements, except that: - provision is made for deferred tax that would arise on remittance of the retained earnings of overseas subsidiaries, associates and joint ventures only to the extent that, at the balance sheet date, dividends have been accrued as receivable; - where there are differences between amounts that can be deducted for tax for assets and liabilities compared with the amounts that are recognised for those assets and liabilities in a business combination a deferred tax liability/(asset) shall be recognised. The amount attributed to goodwill is adjusted by the amount of the deferred tax recognised; and - unrelieved tax losses and other deferred tax assets are recognised only to the extent that the directors consider that it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Financial instrument The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Impairment of financial assets Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Accounts payable are classified as 'creditors: amounts falling due within one year' if payment is due within one year or less. If not, they are presented as 'creditors: amounts falling due after more than one year'. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Other financial liabilities Other financial liabilities, including debt instruments that do not meet the definition of a basic financial instrument, are measured at fair value through profit or loss. Derecognition of financial liabilities Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire. Equity instruments Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. Employee benefits Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2022:
5
).
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
6,624,745 |
4,791,349 |
|
------------ |
------------ |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Corporation tax |
299,414 |
– |
Social security and other taxes |
142,930 |
92,339 |
Other creditors |
5,531,568 |
5,738,966 |
|
------------ |
------------ |
|
5,973,912 |
5,831,305 |
|
------------ |
------------ |
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
15,833 |
25,833 |
|
-------- |
-------- |
|
|
|
8.
Related party transactions
CONTROL Mr A Kassam holds majority of the issued share capital and exercises ultimate control of the company. MATERIAL INTERESTS OF THE DIRECTOR (a) Turnover includes consultancy and management fees receivable from the following companies in which Mr A Kassam is a director and has material interest in the ultimate holding company of these companies. | | 2023 | 2022 |
| | £ | £ |
| Millcroft Management Limited | 141,143 | 113,406 |
| Gatwick Investment Limited | 277,952 | 217,065 |
| Southampton Row Hotel LLP | 424,010 | 348,356 |
| London Victoria Hotel No 2 Limited | 384,764 | 327,332 |
| Sal Hotels Limited | 111,439 | 77,099 |
| London Kensington Hotel Limited | 357,164 | 297,194 |
| Trafalgar Square Hotel No.2 Ltd | 491,956 | 131,138 |
| Actividades Hoteleiras SA | 62,882 | – |
| | ------------ | ------------ |
| | 2,251,310 | 1,511,590 |
| | ------------ | ------------ |
| | | |
(b) At the balance sheet date other creditors of £5,531,568 (2022 : £5,738,966 ) includes amounts of £5,516,048 (2022: £5,702,898) due to the following companies, which were controlled by the company director. | | 2023 | 2022 |
| | £ | £ |
| Serena Investments Limited | 5,516,048 | 5,702,898 |
| | | |
(c) At the balance sheet date other debtors of £6,624,745 (2022: £4,791,348) includes amounts of £5,796,581 (2022: £3,996,898) due from the following companies, which were controlled by the company director. | | 2023 | 2022 |
| | £ | £ |
| Keenoak Limited | 312,781 | 312,781 |
| Sal Hotels Limited | 320,464 | 231,739 |
| Gatwick Investment Limited | 1,422,917 | 1,105,187 |
| London Kensington Hotel Limited | 669,867 | 238,384 |
| Millcroft Management Limited | 1,007,235 | 838,150 |
| Southampton Row Hotel LLP | 266,166 | 39,509 |
| London Victoria Hotel No. 2 Limited | 739,879 | 773,696 |
| Kas No.3 Ltd | 49,000 | 49,000 |
| Seacastle | 232,500 | 232,500 |
| Kas Holding Ltd | 110,533 | 114,719 |
| Trafalgar Square Hotel No.2 Ltd | 665,239 | 61,233 |
| | | |
d) The Company paid rent and related expenses of £250,000 (2022 : £250,000) to Serena Investments Limited, a company in which Mr A Kassam is a director and a shareholder.