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Registration number: 13470634

The Bentley Hotel Lincoln Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

The Bentley Hotel Lincoln Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

The Bentley Hotel Lincoln Limited

Company Information

Director

Mr Phatahchand Ghanshamdas Mulchandani

Registered office

18 Eley Road
Edmonton
London
N18 3BB

Accountants

Kajaine Accountants Limited
Chartered Accountants
42-46 Station Road
Edgware
Middlesex
HA8 7AB

 

The Bentley Hotel Lincoln Limited

(Registration number: 13470634)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

129,166

139,166

Tangible assets

5

3,631,913

3,631,390

 

3,761,079

3,770,556

Current assets

 

Stocks

6

11,043

18,021

Debtors

7

696,595

517,841

Cash at bank and in hand

 

27,775

104,686

 

735,413

640,548

Creditors: Amounts falling due within one year

8

(4,233,838)

(4,085,959)

Net current liabilities

 

(3,498,425)

(3,445,411)

Net assets

 

262,654

325,145

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

262,554

325,045

Shareholders' funds

 

262,654

325,145

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.

Director's 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 director acknowledges his 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 and delivered 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 August 2024
 

.........................................
Mr Phatahchand Ghanshamdas Mulchandani
Director

 

The Bentley Hotel Lincoln 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:
18 Eley Road
Edmonton
London
N18 3BB
England

These financial statements were authorised for issue by the director on 31 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current 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.

 

The Bentley Hotel Lincoln Limited

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

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixture & Fittings

25% Reducing balance

Office Equipment

25% Reducing balance

Motor Vehicles

25% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

6.5% Straight line basis

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.

 

The Bentley Hotel Lincoln 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 finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 51 (2022 - 52).

 

The Bentley Hotel Lincoln Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

149,999

149,999

At 31 December 2023

149,999

149,999

Amortisation

At 1 January 2023

10,833

10,833

Amortisation charge

10,000

10,000

At 31 December 2023

20,833

20,833

Carrying amount

At 31 December 2023

129,166

129,166

At 31 December 2022

139,166

139,166

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

3,373,168

333,950

-

3,707,118

Additions

-

48,172

40,000

88,172

At 31 December 2023

3,373,168

382,122

40,000

3,795,290

Depreciation

At 1 January 2023

-

75,728

-

75,728

Charge for the year

-

86,316

1,333

87,649

At 31 December 2023

-

162,044

1,333

163,377

Carrying amount

At 31 December 2023

3,373,168

220,078

38,667

3,631,913

At 31 December 2022

3,373,168

258,222

-

3,631,390

Included within the net book value of land and buildings above is £3,373,168 (2022 - £3,373,168) in respect of freehold land and buildings.
 

The property owned by the company has charges registered at Companies House in favour of Imperial Cash & Carry Ltd, Ravi Mulchandani, Rajeev Phatahchand Mulchandani and Nikkita Mulchandani Morgan.

 

The Bentley Hotel Lincoln Limited

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

6

Stocks

2023
£

2022
£

Other inventories

11,043

18,021

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

21,233

51,349

Amounts owed by related parties

11

71,881

-

Prepayments

 

23,093

30,096

Other debtors

 

580,388

436,396

   

696,595

517,841

 

The Bentley Hotel Lincoln Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

342

-

Trade creditors

 

158,759

141,329

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

11

340,402

-

Taxation and social security

 

77,439

91,928

Other creditors

 

3,611,717

3,763,053

Accrued expenses

 

45,179

26,512

Corporation tax payable

 

-

63,137

 

4,233,838

4,085,959

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Share of £1 each

100

100

100

100

       

10

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

342

-

 

The Bentley Hotel Lincoln Limited

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

11

Related party transactions

Summary of transactions with entities with joint control or significant interest

At the balance sheet date, the amount due to companies with the same ultimate beneficial owners of The Bentley Hotel Lincoln Ltd was £3,035,556 (2022: £2,846,504). These have been disclosed in other creditors.

At the balance sheet date, the amount due from companies with the same ultimate beneficial owners of The Bentley Hotel Lincoln Ltd was £603,103 (2022: £391,895). These have been disclosed in other debtors.