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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
4,543,137
1,615,988
2,927,149
2,927,149
xbrli:pure
xbrli:shares
iso4217:GBP
04542725
2023-01-01
2023-12-31
04542725
2023-12-31
04542725
2022-12-31
04542725
2022-01-01
2022-12-31
04542725
2022-12-31
04542725
2021-12-31
04542725
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-01-01
2023-12-31
04542725
bus:OrdinaryShareClass1
2023-01-01
2023-12-31
04542725
bus:OrdinaryShareClass2
2023-01-01
2023-12-31
04542725
bus:Director1
2023-01-01
2023-12-31
04542725
bus:Director2
2023-01-01
2023-12-31
04542725
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-12-31
04542725
core:FurnitureFittings
2022-12-31
04542725
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-12-31
04542725
core:FurnitureFittings
2023-12-31
04542725
core:WithinOneYear
2023-12-31
04542725
core:WithinOneYear
2022-12-31
04542725
core:ShareCapital
2023-12-31
04542725
core:ShareCapital
2022-12-31
04542725
core:SharePremium
2023-12-31
04542725
core:SharePremium
2022-12-31
04542725
core:RetainedEarningsAccumulatedLosses
2023-12-31
04542725
core:RetainedEarningsAccumulatedLosses
2022-12-31
04542725
core:FurnitureFittings
2023-01-01
2023-12-31
04542725
core:CostValuation
core:Non-currentFinancialInstruments
2023-12-31
04542725
core:Non-currentFinancialInstruments
core:ProvisionsForImpairmentInvestments
2023-12-31
04542725
core:Non-currentFinancialInstruments
2023-12-31
04542725
core:Non-currentFinancialInstruments
2022-12-31
04542725
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-12-31
04542725
core:FurnitureFittings
2022-12-31
04542725
bus:SmallEntities
2023-01-01
2023-12-31
04542725
bus:AuditExempt-NoAccountantsReport
2023-01-01
2023-12-31
04542725
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
04542725
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
04542725
bus:FullAccounts
2023-01-01
2023-12-31
04542725
bus:OrdinaryShareClass1
2023-12-31
04542725
bus:OrdinaryShareClass1
2022-12-31
04542725
bus:OrdinaryShareClass2
2023-12-31
04542725
bus:OrdinaryShareClass2
2022-12-31
04542725
bus:AllOrdinaryShares
2023-12-31
04542725
bus:AllOrdinaryShares
2022-12-31
COMPANY REGISTRATION NUMBER:
04542725
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
4 |
4,667,544 |
4,840,218 |
Investments |
5 |
2,927,149 |
2,927,149 |
|
------------ |
------------ |
|
7,594,693 |
7,767,367 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
5,766,364 |
6,116,364 |
|
------------ |
------------ |
Net current liabilities |
5,766,364 |
6,116,364 |
|
------------ |
------------ |
Total assets less current liabilities |
1,828,329 |
1,651,003 |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
7 |
4,342,146 |
4,342,146 |
Share premium account |
8 |
220,765 |
220,765 |
Profit and loss account |
8 |
(
2,734,582) |
(
2,911,908) |
|
------------ |
------------ |
Shareholders funds |
1,828,329 |
1,651,003 |
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
16 September 2024
, and are signed on behalf of the board by:
R Singhpathom |
S Singhpathom |
Director |
Director |
|
|
Company registration number:
04542725
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Broadgate, Broadway Business Park, Chadderton, Oldham, OL9 9XA.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of an EEA State.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Freehold property |
- |
2% straight line |
|
Fixtures and fittings |
- |
|
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Tangible assets
|
Investment property |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2023 and 31 December 2023 |
5,598,582 |
2,992,622 |
8,591,204 |
|
------------ |
------------ |
------------ |
Depreciation |
|
|
|
At 1 January 2023 |
931,038 |
2,819,948 |
3,750,986 |
Charge for the year |
– |
172,674 |
172,674 |
|
------------ |
------------ |
------------ |
At 31 December 2023 |
931,038 |
2,992,622 |
3,923,660 |
|
------------ |
------------ |
------------ |
Carrying amount |
|
|
|
At 31 December 2023 |
4,667,544 |
– |
4,667,544 |
|
------------ |
------------ |
------------ |
At 31 December 2022 |
4,667,544 |
172,674 |
4,840,218 |
|
------------ |
------------ |
------------ |
|
|
|
|
The Directors believe the carrying value of investment property is not materially different from the market value at year end.
5.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
4,543,137 |
|
------------ |
Impairment |
|
At 1 January 2023 and 31 December 2023 |
1,615,988 |
|
------------ |
|
|
Carrying amount |
|
At 31 December 2023 |
2,927,149 |
|
------------ |
At 31 December 2022 |
2,927,149 |
|
------------ |
|
|
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Amounts owed to group undertakings |
5,766,364 |
6,116,364 |
|
------------ |
------------ |
|
|
|
7.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 0.10 each |
8,836,302 |
883,630 |
8,836,302 |
883,630 |
Deferred shares of £ 0.90 each |
3,842,795 |
3,458,516 |
3,842,795 |
3,458,516 |
|
------------- |
------------ |
------------- |
------------ |
|
12,679,097 |
4,342,146 |
12,679,097 |
4,342,146 |
|
------------- |
------------ |
------------- |
------------ |
|
|
|
|
|
8.
Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.
9.
Contingencies
The company has a contingent liability of an unlimited cross guarantee in respect of the long term loan of Legacy Capital Limited. The potential liability at 31st December 2022 amounted to £4,363,526 (2021: £4,363,526). The company has a contingent liability of an unlimited cross guarantee in respect of the long term loan of Legacy Capital Limited. The potential liability at 31st December 2022 amounted to £235,887 (2021: £2,677,730).
10.
Related party transactions
Included within creditors due within one year are balances of £4,363,526 (2021 : £4,363,526) and £1,752,838 (2021: £2,102,838) due to the parent company, Legacy Hotel Limited and the wholly owned subsidiary, Hawkwell House Hotels Limited respectively. These balances are unsecured, interest free and repayable on demand. During the year the company charged rent of £350,000 (2021 : £175,000) to Hawkwell House Hotels Limited.
11.
Controlling party
The company is a wholly owned subsidiary of Legacy Capital Limited, a company incorporated in England & Wales. Excel Key International Limited, a company incorporated in Hong Kong, is the ultimate parent company.