IRIS Accounts Production v24.2.0.383 11369669 Board of Directors 1.1.23 31.12.23 31.12.23 30/8/2024 false true false false true false Auditors Opinion Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh113696692022-12-31113696692023-12-31113696692023-01-012023-12-31113696692021-12-31113696692022-01-012022-12-31113696692022-12-3111369669ns15:EnglandWales2023-01-012023-12-3111369669ns14:PoundSterling2023-01-012023-12-3111369669ns10:Director12023-01-012023-12-3111369669ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3111369669ns10:SmallEntities2023-01-012023-12-3111369669ns10:Audited2023-01-012023-12-3111369669ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3111369669ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3111369669ns10:FullAccounts2023-01-012023-12-3111369669ns10:OrdinaryShareClass12023-01-012023-12-3111369669ns10:Director22023-01-012023-12-3111369669ns10:Director32023-01-012023-12-3111369669ns10:CompanySecretary12023-01-012023-12-3111369669ns10:RegisteredOffice2023-01-012023-12-3111369669ns5:CurrentFinancialInstruments2023-12-3111369669ns5:CurrentFinancialInstruments2022-12-3111369669ns5:Non-currentFinancialInstruments2023-12-3111369669ns5:Non-currentFinancialInstruments2022-12-3111369669ns5:ShareCapital2023-12-3111369669ns5:ShareCapital2022-12-3111369669ns5:SharePremium2023-12-3111369669ns5:SharePremium2022-12-3111369669ns5:RetainedEarningsAccumulatedLosses2023-12-3111369669ns5:RetainedEarningsAccumulatedLosses2022-12-3111369669ns5:LandBuildings2022-12-3111369669ns5:LandBuildings2023-12-3111369669ns5:LandBuildings2022-12-3111369669ns5:CostValuation2022-12-3111369669ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3111369669ns5:WithinOneYearns5:CurrentFinancialInstruments2022-12-3111369669ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-12-3111369669ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-12-3111369669ns5:Secured2023-12-3111369669ns5:Secured2022-12-3111369669ns10:OrdinaryShareClass12023-12-3111369669ns5:RetainedEarningsAccumulatedLosses2022-12-3111369669ns5:SharePremium2022-12-3111369669ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-311136966912023-01-012023-12-31
REGISTERED NUMBER: 11369669 (England and Wales)















HOTEL COLESSIO (HOLDINGS) LIMITED

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






HOTEL COLESSIO (HOLDINGS) LIMITED (REGISTERED NUMBER: 11369669)

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 (HOLDINGS) 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: 11369669 (England and Wales)



SENIOR STATUTORY AUDITOR: Kiran Patel BA BFP FCA



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

HOTEL COLESSIO (HOLDINGS) LIMITED (REGISTERED NUMBER: 11369669)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,240,000 4,240,000
Investments 5 2 2
4,240,002 4,240,002

CURRENT ASSETS
Debtors 6 68,957 8,054
Cash at bank 60,376 100,132
129,333 108,186
CREDITORS
Amounts falling due within one year 7 1,064,803 770,362
NET CURRENT LIABILITIES (935,470 ) (662,176 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,304,532

3,577,826

CREDITORS
Amounts falling due after more than one year 8 4,382,250 4,375,165
NET LIABILITIES (1,077,718 ) (797,339 )

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Share premium 11 1,216,500 1,216,500
Retained earnings 11 (2,295,218 ) (2,014,839 )
SHAREHOLDERS' FUNDS (1,077,718 ) (797,339 )

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 Income Statement 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 (HOLDINGS) LIMITED (REGISTERED NUMBER: 11369669)

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


1. STATUTORY INFORMATION

Hotel Colessio (Holdings) 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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Hotel Colessio (Holdings) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Tangible fixed assets
Tangible fixed assets excluding freehold property are stated at cost, or where appropriate fair value, 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.

Depreciation is not provided on the freehold property on the basis that the hotel is a historical building, and the economic life can not be reasonably estimated. Additionally, the directors opinion is that the residual value of the property is high and therefore any depreciation charge would be negligible and immaterial. This is in accordance with FRS 102. The directors have considered the value of the property in light of recent valuation and do not believe that any impairment to the value included in the financial statements is necessary.

The freehold property is revalued each year-end by the directors at open market value with the surplus being taken to revaluation reserve.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

HOTEL COLESSIO (HOLDINGS) LIMITED (REGISTERED NUMBER: 11369669)

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


2. ACCOUNTING POLICIES - continued

Going concern
The Financial Statements have been prepared on a going concern basis, as the director has confirmed that funds will continue to be made available for the company to meet its day to day commitments for the foreseeable future. The financial statements do not include any adjustments that may result from the withdrawal of this support and the director is of the opinion that the going concern basis is therefore appropriate to the preparation of these financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 4,240,000
NET BOOK VALUE
At 31 December 2023 4,240,000
At 31 December 2022 4,240,000

Cost or valuation at 31 December 2023 is represented by:

Land and
buildings
£   
Valuation in 2022 (1,555,049 )
Cost 5,795,049
4,240,000

Freehold property was revalued on 04 May 2023 to its fair value of £4,240,000 by Frank Knight LLP, Chartered Surveyors who are independent of the company and have experience of valuing similar properties. If freehold property were included in the balance sheet on an historical cost basis, then the carrying amount would be £5,480,714 (2022 - £5,538,664), including accumulated depreciation of £314,335 (2022 - £256,385). The directors are of the opinion that, given the static nature of the property market in recent times, the difference between the fair value on 04 May 2023 and the estimated fair value as at 31 December 2023 was not significant, therefore they have adopted the fair value provided by Knight Frank in preparing the financial statements.

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 2
NET BOOK VALUE
At 31 December 2023 2
At 31 December 2022 2

HOTEL COLESSIO (HOLDINGS) LIMITED (REGISTERED NUMBER: 11369669)

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


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 8,054
Other debtors 68,957 -
68,957 8,054

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 23,250 -
Trade creditors 37,525 7,708
Amounts owed to associates 999,278 757,904
Other creditors 4,750 4,750
1,064,803 770,362

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 2,864,750 3,157,665
Other creditors 1,517,500 1,217,500
4,382,250 4,375,165

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 1,517,500 1,217,500

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 2,888,000 3,157,665

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary shares £1 1,000 1,000

HOTEL COLESSIO (HOLDINGS) LIMITED (REGISTERED NUMBER: 11369669)

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


11. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 (2,014,839 ) 1,216,500 (798,339 )
Deficit for the year (280,379 ) (280,379 )
At 31 December 2023 (2,295,218 ) 1,216,500 (1,078,718 )

12. 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

13. 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.

At the balance sheet date, included in creditors is an amount of £100,000 (2022: £100,000) owed to A H Hotel and Spa Limited. A company in which the directors have beneficial interest. This is unsecured, interest free and repayable on demand.

At the balance sheet date, included in creditors is an amount of £100,000 (2022: £100,000) owed to Ampthill Investments Limited. A company in which the directors have beneficial interest. This is unsecured, interest free and repayable on demand.

14. POST BALANCE SHEET EVENTS

The following non-adjusting events have occurred since 31 December 2023:

-Between 27 February 2024 and 7 May 2024, the shareholders provided additional loans amounting to
£300,000 in total. These loans are unsecured, interest-free and have been given to provide additional
working capital to the company.

Since the year end date, Hotel Colessio (Castle) Limited, a wholly owned subsidiary 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.

15. ULTIMATE CONTROLLING PARTY

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