Company Registration No. 00089315 (England and Wales)
THE HOTEL YORK 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
THE HOTEL YORK LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
THE HOTEL YORK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
785,626
254,800
Current assets
Stocks
14,196
16,049
Debtors
6
65,521
61,582
Cash at bank and in hand
1,320,977
1,559,066
1,400,694
1,636,697
Creditors: amounts falling due within one year
7
(892,520)
(684,423)
Net current assets
508,174
952,274
Total assets less current liabilities
1,293,800
1,207,074
Provisions for liabilities
(67,658)
(61,289)
Net assets
1,226,142
1,145,785
Capital and reserves
Called up share capital
9
25,000
25,000
Profit and loss reserves
1,201,142
1,120,785
Total equity
1,226,142
1,145,785
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 and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
Luanne Fresco (Executive director)
Director
Company Registration No. 00089315
THE HOTEL YORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
The Hotel York Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Octagon Suite E2, 2nd Floor Middleborough, Colchester, Essex, CO1 1TG.
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.
1.2
Going concern
The directors have considered the going concern basis of preparation of the financial statements,true noting the result for the year, forecasts and plans going forward. The directors consider that the company has sufficient working capital and cash reserves to enable the company to continue trading for at least the next 12 months. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.
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 - Revenue is recognised on the date the 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;
Photography and other events - Revenue is recognised on date of completion of the event.
Office room let - The company enters into a licence agreement with tenants . The monthly licence fee is charged per contract during the term of the licence agreement and recognised as revenue on a monthly basis.
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:
Furniture and equipment
10% on reducing balance method
Motor vehicles
25% on reducing balance method
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.
THE HOTEL YORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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
Liquor & other consumable stocks held for consumption at the company's hotel are based on the cost at year end or where necessary stated at estimated cost, based on directors' valuation.
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.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
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.
THE HOTEL YORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
THE HOTEL YORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
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.
The directors have considered whether any impairment is required to tangible fixed assets and whether the depreciation rates used are the most appropriate. This is based on the client's assessment of the useful economic life of assets held and the value of the assets in use.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
33
26
4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
280,851
224,792
Adjustments in respect of prior periods
(46)
Total current tax
280,851
224,746
Deferred tax
Origination and reversal of timing differences
6,369
(2,984)
Total tax charge
287,220
221,762
THE HOTEL YORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Taxation
(Continued)
- 6 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
1,246,427
1,177,199
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
236,821
223,668
Tax effect of expenses that are not deductible in determining taxable profit
4,872
(329)
Effect of change in corporation tax rate
54,562
Permanent capital allowances in excess of depreciation
(22,936)
1,452
Under/(over) provided in prior years
(45)
Deferred tax adjustments in respect of prior years
(2,984)
Revenue items capitalised
7,532
Deferred tax charge in the year
6,369
Taxation charge for the year
287,220
221,762
5
Tangible fixed assets
Assets under construction
Furniture and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
973,751
4,600
978,351
Additions
454,907
112,698
567,605
At 31 December 2023
454,907
1,086,449
4,600
1,545,956
Depreciation and impairment
At 1 January 2023
719,145
4,406
723,551
Depreciation charged in the year
36,730
49
36,779
At 31 December 2023
755,875
4,455
760,330
Carrying amount
At 31 December 2023
454,907
330,574
145
785,626
At 31 December 2022
254,606
194
254,800
THE HOTEL YORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,613
9,549
Other debtors
57,908
52,033
65,521
61,582
All amounts shown under debtors fall due for payment within one year.
Within other debtors is £416 (2022: Nil), owed by the parent company The Hotel York Holdings Limited.
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
281,703
75,905
Corporation tax
280,851
224,792
Other taxation and social security
176,252
189,181
Other creditors
153,714
194,545
892,520
684,423
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
67,658
61,289
2023
Movements in the year:
£
Liability at 1 January 2023
61,289
Charge to profit or loss
6,369
Liability at 31 December 2023
67,658
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 25p each
100,000
100,000
25,000
25,000
THE HOTEL YORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
10
Pensions commitments
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £2,468 (2022 - £1,923) were outstanding for payment. They are included in other creditors.
11
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.
Senior Statutory Auditor:
Shaun Roberts
Statutory Auditor:
LB Group Limited (Colchester)
12
Capital commitments
As at 31 December 2023, the company has entered into agreement with supplier to undertake refurbishment work in the premises with balance payable amounting to £190,269 (2022: Nil). The work had not commenced at year end, but deposit of £81,543 was paid.
13
Parent company
The parent company of The Hotel York Limited is The Hotel York Holdings Limited, a company incorporated in England and Wales. The registered address is The Octagon Suite E2, 2nd Floor, Middleborough, Colchester, Essex, United Kingdom, CO1 1TG.
The ultimate controlling party of The Hotel York Holdings Limited is Luanne Fresco.
THE HOTEL YORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
14
Related party transactions
During the year the company paid total directors remuneration, including pension costs, of £227,000 (2022: £65,163).
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