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REGISTERED NUMBER: 11409906 (England and Wales)















HOTEL COLESSIO (CASTLE) LIMITED

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






HOTEL COLESSIO (CASTLE) LIMITED (REGISTERED NUMBER: 11409906)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


HOTEL COLESSIO (CASTLE) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: P M Cashman
J E Destexhe
S Fuller



SECRETARY: S Middleton



REGISTERED OFFICE: 2nd Floor, One Hobbs House,
Harrovian Business Village
Bessborough Road
Harrow
Middlesex
HA1 3EX



REGISTERED NUMBER: 11409906 (England and Wales)



SENIOR STATUTORY AUDITOR: Kiran Patel BA BFP FCA



AUDITORS: Albury Associates Limited
Chartered Accountants & Statutory Auditor
2nd Floor, One Hobbs House,
Harrovian Business Village
Bessborough Road
Harrow
Middlesex
HA1 3EX

HOTEL COLESSIO (CASTLE) LIMITED (REGISTERED NUMBER: 11409906)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 96,652 137,851

CURRENT ASSETS
Stocks 5 24,129 30,352
Debtors 6 1,001,326 694,729
Cash at bank and in hand 21,802 30,953
1,047,257 756,034
CREDITORS
Amounts falling due within one year 7 1,037,823 624,594
NET CURRENT ASSETS 9,434 131,440
TOTAL ASSETS LESS CURRENT
LIABILITIES

106,086

269,291

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings 10 106,085 269,290
SHAREHOLDERS' FUNDS 106,086 269,291

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





P M Cashman - Director


HOTEL COLESSIO (CASTLE) LIMITED (REGISTERED NUMBER: 11409906)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Hotel Colessio (Castle) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represent amounts receivable in respect of the provision of hotel accommodation, conference facilities and food and beverages during the year, excluding VAT and trade discounts.

The Company has analysed its business activities and applied the 5-step model prescribed by IFRS l5 to each material line of business, as outlined below:

Sale of accommodation
The contract to provide accommodation is established when the customer books accommodation. The performance obligation is to provide the right to use accommodation for a given number of nights, and the transaction price is the room rate for each night determined at the time of the booking. The performance obligation is met when the customer is given the right to use the accommodation. and so revenue is recognised for each night as it takes place, at the room rate for that night.

Customers may pay in advance for accommodation. In this case the Company has received consideration for services not yet provided. This is treated as a contract liability until the performance obligation is met.

Sale of food and beverage
The contract is established when the customer orders the food or drink item and the performance obligation is the provision of food and drink by the outlet. The performance obligation is satisfied when the food and drink is delivered to the customer, a.nd revenue is recognised at this point at the price for the items purchased. Payment is made on the same day and consequently there are no contract assets or liabilities.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment 6 years straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


HOTEL COLESSIO (CASTLE) LIMITED (REGISTERED NUMBER: 11409906)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
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 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 and cash and bank balances, 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

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
Basic financial liabilities, including trade and other creditors and bank loans are classified as debt. These are initially recognised at the transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The company operated a defined contribution pension scheme. Contributions payable to the scheme are charged to profit or loss account in the year to which they relate. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

HOTEL COLESSIO (CASTLE) LIMITED (REGISTERED NUMBER: 11409906)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2022 - 52 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 January 2023 230,011 83,110 313,121
Additions 13,184 - 13,184
At 31 December 2023 243,195 83,110 326,305
DEPRECIATION
At 1 January 2023 120,847 54,423 175,270
Charge for year 40,532 13,851 54,383
At 31 December 2023 161,379 68,274 229,653
NET BOOK VALUE
At 31 December 2023 81,816 14,836 96,652
At 31 December 2022 109,164 28,687 137,851

5. STOCKS
2023 2022
£    £   
Stocks 24,129 30,352

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 141,985 85,468
Amounts owed by associates 799,277 557,903
Other debtors 60,064 51,358
1,001,326 694,729

HOTEL COLESSIO (CASTLE) LIMITED (REGISTERED NUMBER: 11409906)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 594,344 276,363
Taxation and social security 154,946 61,190
Other creditors 288,533 287,041
1,037,823 624,594

8. SECURED DEBTS

Although there was no net indebtedness at the year-end date, National Westminster Bank holds a a fixed charge, a floating change and a negative pledge over the assets of the company, dated 16 July 2018.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary Share £1 1 1

10. RESERVES
Retained
earnings
£   

At 1 January 2023 269,290
Deficit for the year (163,205 )
At 31 December 2023 106,085

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kiran Patel BA BFP FCA (Senior Statutory Auditor)
for and on behalf of Albury Associates Limited

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Management fees of £NIL (2022: £36,000) were paid during the year to Focus Hotels Management Limited. The directors have a beneficial interest in that entity. Included in creditors, is an amount of £432,561 (2022: £NIL) owed to Focus Hotels Management Limited at the year-end date.

HOTEL COLESSIO (CASTLE) LIMITED (REGISTERED NUMBER: 11409906)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. POST BALANCE SHEET EVENTS & COVID-19

Since the year end date, the company has undertaken a strategic transformation of its operations, transitioning from a traditional hotel to room bookings with limited breakfast offerings model. This significant change in operations has been executed to better align with current market trends, guest preferences, and to optimize the company's operating efficiency.

Management are optimistic that the transition to a room booking with limited breakfast offerings model will create a unique niche in the hospitality market, enhancing guest satisfaction and driving long-term financial growth. The company will continue to monitor market conditions and operational performance, and will adjust its strategy as necessary to maximize the benefits of this transition. A major aspect of this transition has been to reduce overheads and improve performance going forward.

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Mr P M Cashman, Mr J E Destexhe and Mr S Fuller.