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REGISTERED NUMBER: 06457324 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

LOWENAC HOTEL LIMITED

LOWENAC HOTEL LIMITED (REGISTERED NUMBER: 06457324)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LOWENAC HOTEL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: D Faulkner
K N Faulkner
M P Faulkner





REGISTERED OFFICE: 5-7 Berry Road
Newquay
Cornwall
TR7 1AD





REGISTERED NUMBER: 06457324 (England and Wales)





ACCOUNTANTS: Whitakers
Chartered Accountants
Bryndon House
5/7 Berry Road
Newquay
Cornwall
TR7 1AD

LOWENAC HOTEL LIMITED (REGISTERED NUMBER: 06457324)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 389,903 329,987
389,903 329,987

CURRENT ASSETS
Stocks 2,850 2,850
Debtors 6 41,325 588
Cash at bank and in hand 127,209 22,609
171,384 26,047
CREDITORS
Amounts falling due within one year 7 224,093 237,862
NET CURRENT LIABILITIES (52,709 ) (211,815 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

337,194

118,172

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 337,094 118,072
SHAREHOLDERS' FUNDS 337,194 118,172

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LOWENAC HOTEL LIMITED (REGISTERED NUMBER: 06457324)

BALANCE SHEET - continued
31 DECEMBER 2023


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 23 September 2024 and were signed on its behalf by:




M P Faulkner - Director



K N Faulkner - Director


LOWENAC HOTEL LIMITED (REGISTERED NUMBER: 06457324)

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

1. STATUTORY INFORMATION

Lowenac Hotel 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, has been fully amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - Straight line over 25 years
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance

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 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.

LOWENAC HOTEL LIMITED (REGISTERED NUMBER: 06457324)

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

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 25,000
AMORTISATION
At 1 January 2023
and 31 December 2023 25,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings Totals
£    £    £    £   
COST
At 1 January 2023 341,268 19,850 36,658 397,776
Additions 63,139 15,402 2,544 81,085
At 31 December 2023 404,407 35,252 39,202 478,861
DEPRECIATION
At 1 January 2023 23,468 14,296 30,025 67,789
Charge for year 16,177 3,284 1,708 21,169
At 31 December 2023 39,645 17,580 31,733 88,958
NET BOOK VALUE
At 31 December 2023 364,762 17,672 7,469 389,903
At 31 December 2022 317,800 5,554 6,633 329,987

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Prepayments and accrued income 41,325 588

LOWENAC HOTEL LIMITED (REGISTERED NUMBER: 06457324)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 28,333 38,333
Trade creditors - 283
Other creditors 43,564 43,860
Tax 83,588 14,718
Social security & taxes 15,621 16,022
Directors' current accounts 50,796 76,972
Accruals & deferred income 2,191 47,674
224,093 237,862

8. RELATED PARTY DISCLOSURES

The company is controlled by its directors, by virtue of the fact that they own 100% of the company's ordinary issued share capital.

During the year the Company paid rent of £19,000 (2022:£4,000) to Rosemundy House Hotel Limited, a company wholly owned by Mr D Faulkner.