Company Registration No. 11927888 (England and Wales)
LEEDS BRIDGE STREET HOTEL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LB GROUP
The Octagon
Suite E2, 2nd Floor
Middleborough
Colchester
CO1 1TG
LEEDS BRIDGE STREET HOTEL LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
LEEDS BRIDGE STREET HOTEL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
40,667
16,150
Current assets
Stocks
2,077
2,900
Debtors
5
1,236,329
443,437
Cash at bank and in hand
453,649
937,721
1,692,055
1,384,058
Creditors: amounts falling due within one year
6
(635,645)
(701,446)
Net current assets
1,056,410
682,612
Total assets less current liabilities
1,097,077
698,762
Provisions for liabilities
(10,167)
(4,038)
Net assets
1,086,910
694,724
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
1,086,909
694,723
Total equity
1,086,910
694,724
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
Hoh Chin Yiep
Director
Company Registration No. 11927888
LEEDS BRIDGE STREET HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Leeds Bridge Street Hotel Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7-10 Adam Street, The Strand, London, Greater London, UK, WC2N 6AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements and;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Heeton Holdings Limited. These consolidated financial statements are available from its registered office, 60 Paya Lebar Road, #08-36 Paya Lebar Square, Singapore 409051.
LEEDS BRIDGE STREET HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.2
Going concern
The company is in a net current asset position of £1,056,410 at the balance sheet date, the main asset being £1,115,508 due from connected companies, which the ultimate parent undertaking has confirmed in writing to the directors it will not recall until the companies are in a position to repay this and for at least 12 months from the date these financial statements are signed. true
At the balance sheet date, £83,403 is due to connected companies which the ultimate parent undertaking has confirmed in writing to the directors will not be recalled until the company is in a position to repay this and for at least 12 months from the date these financial statements are signed.
The directors have considered the forecasted future operations of the company and that the ultimate parent undertaking has confirmed to provide continuing financial support to the company, and have concluded that the company will have adequate resources to continue in business for the foreseeable future, being at least 12 months from the date of approval of these financial statements. The directors remain positive that the industry will recover within the foreseeable future as the UK economy becomes stronger. Therefore, the directors continue to adopt the going concern basis of accounting in preparing these financial statements.
1.3
Turnover
Turnover is the total income receivable net of VAT and trade discounts from the trading activities of the hotel. This arises primarily from the letting of rooms, sale of food, beverages and other hotel services. Income is recognised on the following basis:
Room revenue - As rooms are occupied. Where amounts are received in advance, revenue is deferred as a liability;
Food and beverage revenue - When goods and services have been delivered or rendered;
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
Over 5-20 years
Fixtures and fittings
Over 2-5 years
Computers
Over 3-5 years
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
LEEDS BRIDGE STREET HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets 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.
1.8
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 in the company's statement of financial position 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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
LEEDS BRIDGE STREET HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
The company has opted to adopt the amendment to FRS102 relating to recognition of changes to operating lease payments as a direct consequence of the Covid-19 pandemic.
The rent concession received has been recognised over the period the compensation relates to.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons employed by the company during the year was:
2023
2022
Number
Number
Total
29
28
LEEDS BRIDGE STREET HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2023
6,555
10,607
8,164
25,326
Additions
6,637
23,938
729
31,304
At 31 December 2023
13,192
34,545
8,893
56,630
Depreciation
At 1 January 2023
1,198
4,113
3,865
9,176
Depreciation charged in the year
1,274
3,795
1,718
6,787
At 31 December 2023
2,472
7,908
5,583
15,963
Carrying amount
At 31 December 2023
10,720
26,637
3,310
40,667
At 31 December 2022
5,357
6,494
4,299
16,150
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
28,337
34,315
Corporation tax recoverable
54,336
Other debtors
1,207,992
354,786
1,236,329
443,437
The ultimate parent company, being Heeton Holdings Limited, has agreed to provide continuing financial support to the company and guarantee those inter-company balances due to the company from other group companies. These balances are included in other debtors and amount to £1,115,508 at year end (2022: £285,340).
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
66,316
132,970
Taxation and social security
63,810
48,827
Other creditors
505,519
519,649
635,645
701,446
LEEDS BRIDGE STREET HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Creditors: amounts falling due within one year
(Continued)
- 7 -
The ultimate parent company, being Heeton Holdings Limited, has agreed to provide continuing financial support to the company and guarantee those inter-company balances due from the company to other group companies. These balances included in other creditors amount to £83,403 (2022: £147,542) at the year end.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Shaun Roberts and the auditor was LB Group (Colchester).
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
1,866,000
2,400,000
10
Directors' transactions
There were no guarantees with the directors in the period.
11
Parent company
The immediate parent of the company is Ease Treasure Holdings Limited, a company incorporated in British Virgin Islands.
The ultimate controlling parent of the company is Heeton Holdings Limited, a company incorporated in Singapore.
The smallest group into which Leeds Bridge Street Hotel Limited is consolidated is Heeton Holdings Limited.