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Registration number: 10417714

Ben Doran Management Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Ben Doran Management Limited

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Independent Auditor's Report

4 to 7

Profit and Loss Account

8

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12 to 17

 

Ben Doran Management Limited

Company Information

Directors

Mr Gkevin Muthu Maran

Ms Monicca Nivetha Maran

Mr Ravi Venkatraman

Mr Porkodiyan Nachiappan

Registered office

Belstead Brook Muthu Hotel
Belstead Road
Ipswich
Suffolk
IP2 9HB

Auditors

Tahas & Co Ltd
Chartered Certified Accountants and Statutory Auditors
Suite 3, Second Floor
760 Eastern Avenue
Newbury Park
London
IG2 7HU

 

Ben Doran Management Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Gkevin Muthu Maran

Ms Monicca Nivetha Maran

Mr Ravi Venkatraman

Mr Porkodiyan Nachiappan

Principal activity

The principal activity of the company is that of holding an investment property which is used by a sister group company in the provision of accommodation and leisure services in the tourism, hospitality and leisure industry. The company ceased trading during the year.

Results

The profit for the period, after taxation, amounted to £53,230.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

The auditors Tahas & Co Ltd are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 6 September 2024 and signed on its behalf by:
 

.........................................
Mr Porkodiyan Nachiappan
Director

 

Ben Doran Management Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Ben Doran Management Limited

Independent Auditor's Report to the Members of Ben Doran Management Limited

Opinion

We have audited the financial statements of Ben Doran Management Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Ben Doran Management Limited

Independent Auditor's Report to the Members of Ben Doran Management Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 3], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Ben Doran Management Limited

Independent Auditor's Report to the Members of Ben Doran Management Limited

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations, we considered the following

- the nature of the industry and sector, control environment and business performance and performance targets
- results of our enquiries of management and the company's financial manager's own identification and assessment of the risks of irregularities.
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non- compliance
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations
- Using analytical procedures to identify any unsual or unexpected relationships.

We remained alert to any indications of fraud throughout the audit. As required by auditing standards and taking into account possible pressures to achieve targets, we performed procedures to address the risk of management override of controls and the risk of making inappropriate accounting entries.

We also performed procedures including identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documents. These included those posted to unusual accounts.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Ben Doran Management Limited

Independent Auditor's Report to the Members of Ben Doran Management Limited

......................................
Mr M Poonawala (Senior Statutory Auditor)
For and on behalf of Tahas & Co Ltd, Statutory Auditor

Suite 3, Second Floor
760 Eastern Avenue
Newbury Park
London
IG2 7HU

6 September 2024

 

Ben Doran Management Limited

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

 

-

75,000

Gross profit

 

-

75,000

Administrative expenses

 

2,247

(1,530)

Operating profit

 

2,247

73,470

Other interest receivable and similar income

 

50,983

-

Interest payable and similar expenses

 

-

(303)

   

50,983

(303)

Profit before tax

53,230

73,167

Profit for the financial year

 

53,230

73,167

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Ben Doran Management Limited

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

53,230

73,167

Total comprehensive income for the year

53,230

73,167

 

Ben Doran Management Limited

(Registration number: 10417714)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

-

1,162,953

Current assets

 

Debtors

6

1,495,450

290,718

Cash at bank and in hand

 

1

3,378

 

1,495,451

294,096

Creditors: Amounts falling due within one year

7

(97,915)

(112,742)

Net current assets

 

1,397,536

181,354

Total assets less current liabilities

 

1,397,536

1,344,307

Creditors: Amounts falling due after more than one year

7

(1,105,050)

(1,105,050)

Net assets

 

292,486

239,257

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

292,485

239,256

Shareholders' funds

 

292,486

239,257

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.

Approved and authorised by the Board on 6 September 2024 and signed on its behalf by:
 

.........................................
Mr Porkodiyan Nachiappan
Director

 

Ben Doran Management Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

1

239,255

239,256

Profit for the year

-

53,230

53,230

At 31 December 2023

1

292,485

292,486

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

1

166,089

166,090

Profit for the year

-

73,167

73,167

At 31 December 2022

1

239,256

239,257

 

Ben Doran Management Limited

Notes to the 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:
Belstead Brook Muthu Hotel
Belstead Road
Ipswich
Suffolk
IP2 9HB
United Kingdom

The principal place of business is:
Muthu Royal Thurso Hotel
Traill St
Thurso
KW14 8EH

These financial statements were authorised for issue by the Board on 6 September 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.

 

Ben Doran Management Limited

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

Judgements in applying accounting policies and key sources of estimation uncertainty

The company makes certain estimates and assumptions regarding the future. These judgements and estimates affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates are continually evaluated based on historical experience and expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumption. In preparing these financial statements, the directors have had to make the following judgements and estimates as follows:

Investment property valuation

Investment properties are valued annually by the directors. This valuation involves an inevitable degree of judgement as each property is unique and value can only be reliably tested in the market itself.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Ben Doran Management Limited

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

4

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

1,800

1,500


 

5

Investment properties

2023
£

At 1 January

1,162,953

Disposals

(1,162,953)

At 31 December

-

6

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

9

1,495,450

290,718

   

1,495,450

290,718

 

Ben Doran Management Limited

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

All amounts shown under debtors fall due for payment within one year.

The amounts due from group undertakings are unsecured and do not bear interest.

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

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

9

96,115

96,114

Taxation and social security

 

-

13,628

Accruals and deferred income

 

1,800

3,000

 

97,915

112,742

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

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

1,105,050

1,105,050

The amount due to group undertakings are unsecured and do not bear interest.

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       
 

Ben Doran Management Limited

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

9

Related party transactions

The company is a directly owned subsidiary of MGM UK Hotels Holdings Limited and has taken advantage of the exemption conferred by Section 33.1A of FRS 102 not to disclose transactions with MGM UK Hotels Holdings Limited or other wholly owned subsidiaries within the group.

 

Ben Doran Management Limited

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

Directors' remuneration

The directors were remunerated through associate companies. Their remuneration in respect of this company is not separately identifiable.

Summary of transactions with other related parties

At 31st December 2023 the company was owed £110,000 (2022: £110,000) by Oban Queens Hotel Limited, a company under common control.

At 31st December 2023 the company was owed £55,000 (2022: £55,000) by Fort West End Asset Limited, a company under common control.

At 31st December 2023 the company owed £1,105,050 (2022: £1,105,050) to Magnum Euro Limited, a company under common control.

 

10

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is MGM UK Hotels Holdings Limited, incorporated in England.

MGM UK Hotels Holdings Limited is controlled by Maran family.