2023-01-012023-12-312023-12-31false05060576South Lakes Hotels 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South Lakes Hotels Limited

Registered Number
05060576
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

South Lakes Hotels Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

DENBY, Peter Jonathan
NICOLSON, Margaret Anne

Company Secretary

DENBY, Peter Jonathan

Registered Address

6 Station Road
Hest Bank
Lancaster
LA2 6HP

Registered Number

05060576 (England and Wales)
South Lakes Hotels Limited
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets39,53812,263
Tangible assets42,597,8952,470,784
2,607,4332,483,047
Current assets
Stocks518,13312,974
Debtors61,659,6251,356,154
Cash at bank and on hand34,415146,870
1,712,1731,515,998
Creditors amounts falling due within one year7(1,316,932)(844,977)
Net current assets (liabilities)395,241671,021
Total assets less current liabilities3,002,6743,154,068
Creditors amounts falling due after one year8(2,409,510)(2,504,989)
Provisions for liabilities9(159,340)(108,811)
Net assets433,824540,268
Capital and reserves
Called up share capital139,393139,393
Profit and loss account294,431400,875
Shareholders' funds433,824540,268
The financial statements were approved and authorised for issue by the Board of Directors on 11 September 2024, and are signed on its behalf by:
DENBY, Peter Jonathan
Director
Registered Company No. 05060576
South Lakes Hotels Limited
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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 rendering of services. 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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
Current taxation
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 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.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets’; residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery15-
Vehicles25-
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of financial position, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Statement of Earnings.
Trade and other 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.
Trade and other 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.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares
2.Average number of employees

20232022
Average number of employees during the year3930
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 January 2313,62513,625
At 31 December 2313,62513,625
Amortisation and impairment
At 01 January 231,3621,362
Charge for year2,7252,725
At 31 December 234,0874,087
Net book value
At 31 December 239,5389,538
At 31 December 2212,26312,263
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Total

££££
Cost or valuation
At 01 January 232,374,2971,058,0361,2193,433,552
Additions-252,200-252,200
At 31 December 232,374,2971,310,2361,2193,685,752
Depreciation and impairment
At 01 January 23466,132495,4241,212962,768
Charge for year39,17285,9152125,089
At 31 December 23505,304581,3391,2141,087,857
Net book value
At 31 December 231,868,993728,89752,597,895
At 31 December 221,908,165562,61272,470,784
Included in Land and buildings is land at a cost of £402,078 (2022, £402,078), which is not depreciated.
5.Stocks

2023

2022

££
Raw materials and consumables18,13312,974
Total18,13312,974
6.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables287,327254,524
Amounts owed by group undertakings1,294,626700,466
Other debtors35,419391,821
Prepayments and accrued income42,2539,343
Total1,659,6251,356,154
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables83,241109,697
Bank borrowings and overdrafts128,920162,361
Amounts owed to related parties496,529387,898
Taxation and social security107,39252,671
Other creditors457,15095,803
Accrued liabilities and deferred income43,70036,547
Total1,316,932844,977
Bank loans and overdrafts are secured by a fixed and floating charge over the company's assets.
8.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts2,409,5102,504,989
Total2,409,5102,504,989
Bank loans and overdrafts are secured by a fixed and floating charge over the company's assets. Bank loans outstanding at the year end include instalments due after more than 5 years of £2,000,000 (2022 - £2,000,000)
9.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)159,340108,811
Total159,340108,811
10.Pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £10,894 (2022 - £9,060).