Kew Green VCT (Stansted) Limited
Registered number: 04494798
Information for filing with the
Registrar
For the year ended 31 December 2023
|
|
|
04494798
31 December 2023
|
KEW GREEN VCT (STANSTED) LIMITED
REGISTERED NUMBER: 04494798
BALANCE SHEET
AS AT 31 DECEMBER 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 1 -
|
|
|
04494798
31 December 2023
|
KEW GREEN VCT (STANSTED) LIMITED
REGISTERED NUMBER: 04494798
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 11 form part of these financial statements.
- 2 -
|
|
|
04494798
31 December 2023
|
KEW GREEN VCT (STANSTED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Kew Green VCT (Stansted) Limited is a private Company limited by shares, incorporated in England and Wales. The registration number is 04494798. The registered office is C/O Albion Capital Group LLP, 1 Benjamin Street, London, EC1M 5QL.
The Company operates a Holiday Inn Express at a long leasehold site at Stansted Airport.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the Company operates, and are rounded to the nearest pound.
The following principal accounting policies have been applied:
The directors have assessed the Company's ability to continue as a going concern and have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and a period of at least 12 months from the approval of these financial statements. In doing this, they have considered the results for the period, expectations of future trading and the availability of continued funding. On the basis of this information the directors are satisfied that the Company will continue as a going concern and so the financial statements have been prepared on this basis.
Turnover comprises revenue recognised by the Company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Hotel revenue, including the rental of rooms and food and beverage sales, is recognised when rooms are occupied and food and beverage is sold.
|
|
Operating leases: the Company as lessee
|
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.
|
|
Interest receivable and similar income
|
Interest receivable and similar income is recognised in the Statement of Comprehensive Income using the effective interest method.
- 3 -
|
|
|
04494798
31 December 2023
|
KEW GREEN VCT (STANSTED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
|
|
Interest payable and similar expenses
|
Interest payable and similar expenses are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the country where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax
allowances have been met.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
- 4 -
|
|
|
04494798
31 December 2023
|
KEW GREEN VCT (STANSTED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
|
|
Tangible fixed assets (continued)
|
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
5 to 12 years straight line
|
The directors have assessed the residual value of the long leasehold property at 40%, depreciation has been calculated on this basis.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Depreciation is included in 'administrative expenses' in the Statement of Comprehensive Income.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price. The impairment loss is recognised immediately in the Statement of comprehensive income.
|
|
Debtors: amounts falling due within one year
|
Short term debtors are measured at transaction price, less any impairment.
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
|
|
Creditors: amounts falling due after more than one year
|
Short term creditors are measured at the transaction price.
- 5 -
|
|
|
04494798
31 December 2023
|
KEW GREEN VCT (STANSTED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
|
|
Provisions for liabilities
|
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
As the hotel is subject to a long lease, and the Company has a commitment to the landlord to keep the hotel in sound repair and condition, provision is made to dilapidation and other repairs.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.
Financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is identified, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and its recoverable amount, which is an estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.
- 6 -
|
|
|
04494798
31 December 2023
|
KEW GREEN VCT (STANSTED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Company has taken advantage of the governments' Coronavirus Business Interruption Loan Scheme (CBILS). This has been accounted for as a basic financial instrument under the amortised cost method using an effective interest rate as permitted by FRS 102. The loan secured by the Company is debited to cash and credited to other loans within the Balance sheet. Any finance charge occurred is presented in the Statement of comprehensive income within 'interest payable and similar expenses'.
|
The average monthly number of employees, including directors, during the year was 34 (2022 - 27).
|
- 7 -
|
|
|
04494798
31 December 2023
|
KEW GREEN VCT (STANSTED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
Amounts owed by related party undertaking
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by related party undertaking are unsecured, interest free and repayable on demand.
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments received on account
|
|
|
|
|
|
|
|
Amounts owed to related party undertaking
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to related party undertaking are unsecured, interest free and repayable on demand.
|
- 8 -
|
|
|
04494798
31 December 2023
|
KEW GREEN VCT (STANSTED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
Secured loans
Included within bank loans is £299,910 (2022: £499,950) received pursuant to the Coronavirus Business Interruption Loan Scheme (CBILS). The loan was interest free for the first 12 months and subsequently subject to an interest rate of 2.87% over Base Rate (2022: 2.87% over Base Rate) per annum and is to be repaid by 11 September 2026.
A bank loan of £5,205,000 (2022: £5,385,000) is interest bearing at SONIA + 2.65% (2022: SONIA + 2.65%) per annum and is to be repaid by 11 September 2026.
The Company's loan facilities are secured by way of a fixed and floating charge over all the assets and undertakings of Kew Green VCT (Stansted) Limited including the Holiday Inn Express and its associated assets.
|
|
|
|
Analysis of the maturity of loans is given below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts falling due within one year
|
|
|
|
|
|
|
|
Amounts falling due 1-2 years
|
|
|
|
|
|
|
|
Amounts falling due 2-5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 9 -
|
|
|
04494798
31 December 2023
|
KEW GREEN VCT (STANSTED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credited to Statement of comprehensive income
|
|
|
|
|
|
|
|
The provision for deferred taxation is made up as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed asset timing differences
|
|
|
|
Short term timing differences
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
10,598,495 (2022: 10,598,495) Ordinary shares of £0.20 each
|
|
|
|
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.
|
|
Related party transactions
|
|
The hotel is managed by Kew Green Hotels (Stansted) Limited, which has a 50% interest in the Company, incurring management charges of £183,964 (2022: £183,284) in the year, of which £157,502 (2022: £39,876) was outstanding at the year end.
Monitoring fees of £15,000 (2022: £15,000) in the year, of which £nil (2022: £nil) was outstanding at the year end, were paid to Albion Capital Group LLP, a business in which Mr H J A Stanford is a member.
|
|
Post balance sheet events
|
There have been no significant events affecting the Company since the year end.
- 10 -
|
|
|
04494798
31 December 2023
|
KEW GREEN VCT (STANSTED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors do not deem there to be a single controlling party for the Company.
The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 28 August 2024 by Stephen Mills (Senior statutory auditor) on behalf of Forvis Mazars LLP.
- 11 -
|