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Company registration number: 05640910
Hyde Hotels Limited
Trading as The Seacliffe Hotel
Unaudited filleted financial statements
31 December 2023
Hyde Hotels Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Hyde Hotels Limited
Directors and other information
Directors Mr M A Hyde
Mrs J A Hyde
Secretary M A Hyde
Company number 05640910
Registered office 10 Cliff Parade
Wakefield
West Yorkshire
WF1 2TA
Business address 12 North Promenade
Whitby
YO21 3JX
Accountants Streets Andrew Wright
10 Cliff Parade
Wakefield
West Yorkshire
WF1 2TA
Hyde Hotels Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 58,800 67,200
Tangible assets 6 19,667 20,896
_______ _______
78,467 88,096
Current assets
Stocks 2,100 1,925
Debtors 7 2,991 3,490
Cash at bank and in hand 261,812 316,023
_______ _______
266,903 321,438
Creditors: amounts falling due
within one year 8 ( 108,848) ( 182,056)
_______ _______
Net current assets 158,055 139,382
_______ _______
Total assets less current liabilities 236,522 227,478
_______ _______
Net assets 236,522 227,478
_______ _______
Capital and reserves
Called up share capital 102 102
Profit and loss account 236,420 227,376
_______ _______
Shareholders funds 236,522 227,478
_______ _______
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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
Mr M A Hyde
Director
Company registration number: 05640910
Hyde Hotels Limited
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 & Wales. The address of the registered office is 10 Cliff Parade, Wakefield, West Yorkshire, WF1 2TA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 25 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Long leasehold property - Straight line over the life of the lease
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Computer equipment - 3 years straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Impairment
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 12 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2023 and 31 December 2023 210,000 210,000
_______ _______
Amortisation
At 1 January 2023 142,800 142,800
Charge for the year 8,400 8,400
_______ _______
At 31 December 2023 151,200 151,200
_______ _______
Carrying amount
At 31 December 2023 58,800 58,800
_______ _______
At 31 December 2022 67,200 67,200
_______ _______
6. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Computer equipment Total
£ £ £ £ £
Cost
At 1 January 2023 19,302 30,655 28,026 8,068 86,051
Additions - - 1,407 1,124 2,531
_______ _______ _______ _______ _______
At 31 December 2023 19,302 30,655 29,433 9,192 88,582
_______ _______ _______ _______ _______
Depreciation
At 1 January 2023 12,523 24,234 20,664 7,734 65,155
Charge for the year 773 963 1,315 709 3,760
_______ _______ _______ _______ _______
At 31 December 2023 13,296 25,197 21,979 8,443 68,915
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2023 6,006 5,458 7,454 749 19,667
_______ _______ _______ _______ _______
At 31 December 2022 6,779 6,421 7,362 334 20,896
_______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Other debtors 2,991 3,490
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors - 1,686
Corporation tax 4,756 35,471
Social security and other taxes 7,752 9,200
Other creditors 96,340 135,699
_______ _______
108,848 182,056
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr M A Hyde ( 119,903) - 36,072 ( 83,831)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr M A Hyde ( 99,962) ( 19,941) - ( 119,903)
_______ _______ _______ _______