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Registration number: 00434090

Wentworth Hotel Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Wentworth Hotel Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Wentworth Hotel Limited

Company Information

Directors

Mrs AV Jackman

Mr M G A Pritt

Company secretary

Mr M G A Pritt

Registered office

The Wentworth Hotel
Wentworth Road
Aldeburgh
Suffolk
IP15 5BD

Accountants

Jacobs Allen Limited
Chartered Accountants & Chartered Tax Advisers
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

 

Wentworth Hotel Limited

(Registration number: 00434090)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,698,059

1,497,314

Other financial assets

5

61,935

67,580

 

1,759,994

1,564,894

Current assets

 

Stocks

30,953

26,190

Debtors

6

117,302

109,664

Cash at bank and in hand

 

3,626,531

3,068,195

 

3,774,786

3,204,049

Creditors: Amounts falling due within one year

7

(1,795,799)

(561,497)

Net current assets

 

1,978,987

2,642,552

Total assets less current liabilities

 

3,738,981

4,207,446

Provisions for liabilities

(48,545)

(53,529)

Net assets

 

3,690,436

4,153,917

Capital and reserves

 

Called up share capital

8

21,002

21,002

Retained earnings

3,669,434

4,132,915

Shareholders' funds

 

3,690,436

4,153,917

For the financial 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 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

 

Wentworth Hotel Limited

(Registration number: 00434090)
Balance Sheet as at 31 December 2023

.........................................
Mr M G A Pritt
Company secretary and director

 

Wentworth Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
The Wentworth Hotel
Wentworth Road
Aldeburgh
Suffolk
IP15 5BD
England

These financial statements were authorised for issue by the Board on 30 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.

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.

Government grants

Government grants provided to meet specific costs are accounted for on the accruals basis and are therefore recognised as income in the same accounting periods in which the related costs are recognised. Government grants designed to provide support unrelated to specific costs are recognised when receivable.

Tax

The tax expense for the period comprises current and deferred 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.

 

Wentworth Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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 less their residual values (the depreciable amount) over their estimated useful lives. The residual values of the company's land and buildings are again considered to be at least equal to their net book values at the commencement of this period and therefore no depreciation has been charged. The annual rates of depreciation applied to the depreciable amounts of each category of non-current asset are:

Asset class

Depreciation method and rate

Freehold buildings

2% on the straight line basis

Furniture, fixtures and fittings

2% on the straight line basis

Office equipment

25% on the straight line basis

Motor vehicles

25% on the reducing balance basis

Plant and equipment

15% on the reducing balance basis

Investments

Investments comprise a wines collection. Purchases of wines for the collection are recognised initially at cost and are then measured at fair value at the reporting date. Fair value is based on open market values supplied by a professional valuer.

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.

Trade 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.

 

Wentworth Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of food, drink and other goods for resale comprises purchase cost. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Wentworth Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 46 (2022 - 43).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

1,733,164

1,273,190

104,522

3,110,876

Additions

223,167

2,293

8,385

233,845

Disposals

-

-

(2,900)

(2,900)

At 31 December 2023

1,956,331

1,275,483

110,007

3,341,821

Depreciation

At 1 January 2023

451,672

1,101,076

60,814

1,613,562

Charge for the year

-

24,935

7,753

32,688

Eliminated on disposal

-

-

(2,488)

(2,488)

At 31 December 2023

451,672

1,126,011

66,079

1,643,762

Carrying amount

At 31 December 2023

1,504,659

149,472

43,928

1,698,059

At 31 December 2022

1,281,492

172,114

43,708

1,497,314

Included within the net book value of land and buildings above is £1,504,659 (2022 - £1,281,492) in respect of freehold land and buildings.
 

 

Wentworth Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Investments

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

67,580

67,580

Fair value adjustments

(6,167)

(6,167)

Additions

15,552

15,552

Disposals

(15,030)

(15,030)

At 31 December 2023

61,935

61,935

Carrying amount

At 31 December 2023

61,935

61,935

6

Debtors

Current

2023
£

2022
£

Trade debtors

22,575

21,600

Prepayments

44,592

44,016

Other debtors

50,135

44,048

 

117,302

109,664

 

Wentworth Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

103,004

128,177

Trade creditors

 

88,262

100,494

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

1,199,998

-

Taxation and social security

 

331,804

260,583

Accruals and deferred income

 

43,345

47,145

Other creditors

 

29,386

25,098

 

1,795,799

561,497

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

21,002

21,002

21,002

21,002

       

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

-

14,079

Other borrowings

103,004

114,098

103,004

128,177

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £794 (2022 - £2,128). The financial commitments relate to operating lease payments.

 

Wentworth Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

11

Related party transactions

Loans totalling £103,004 (2022 - £114,098) were owing to the directors at the period end. The outstanding loan is charged interest at 2.5% per year.