REGISTERED NUMBER: |
HIDEAWAY COUNTRY HOLIDAYS LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
REGISTERED NUMBER: |
HIDEAWAY COUNTRY HOLIDAYS LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
HIDEAWAY COUNTRY HOLIDAYS LTD (REGISTERED NUMBER: 01084447) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Page |
Balance Sheet | 1 | to | 2 |
Notes to the Financial Statements | 3 | to | 6 |
HIDEAWAY COUNTRY HOLIDAYS LTD (REGISTERED NUMBER: 01084447) |
BALANCE SHEET |
31ST DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve | 11 |
Capital reserves |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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. |
HIDEAWAY COUNTRY HOLIDAYS LTD (REGISTERED NUMBER: 01084447) |
BALANCE SHEET - continued |
31ST DECEMBER 2023 |
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 |
HIDEAWAY COUNTRY HOLIDAYS LTD (REGISTERED NUMBER: 01084447) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Hideaway Country Holidays Ltd is a |
Registered number: |
Registered office: |
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. |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. |
These accounts have been prepared on the going concern basis on the understanding that the parent group will continue to provide additional funding as and when required and will not seek repayment of monies owing to them until such funds are available. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from lodgings and guest services are recognised on the departure date when final payment is taken. Deposits including non-refundable deposits are recognised at the event date. |
Tangible fixed assets and depreciation |
Tangible fixed assets are stated at cost less accumulated depreciation or valuation. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
Fixtures and fittings | - 20% on reducing balance |
Motor vehicles | - 20% on reducing balance |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
HIDEAWAY COUNTRY HOLIDAYS LTD (REGISTERED NUMBER: 01084447) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Investments |
The investments, comprising antique furniture, are measured at cost less impairment. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1st January 2023 |
Reclassification | ( |
) | ( |
) |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
Impairments |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
Cost or valuation at 31st December 2023 is represented by: |
Plant and |
machinery |
etc |
£ |
Valuation in 1998 | 380,960 |
The freehold land and buildings has been reclassified as an investment property in the year. |
5. | FIXED ASSET INVESTMENTS |
The investments comprise antique furniture and other items held and used used in the company's land and buildings. |
The cost and net book value of the fixed asset investments at 31st December 2023 were £50,732 (2022: £50,732). |
HIDEAWAY COUNTRY HOLIDAYS LTD (REGISTERED NUMBER: 01084447) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Reclassification/transfer | 1,875,814 |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
Investment property represents land and buildings transferred from tangible fixed assets. |
Fair value at 31st December 2023 is represented by: |
£ |
Valuation in 2023 | 942,878 |
Cost | 932,936 |
1,875,814 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
Preference - 3.5% |
non-cumulative | £1 | 100 | 100 |
200 | 200 |
11. | RESERVES |
The revaluation reserve is a non-distributable reserve arising on revaluations of the company's investment property. |
The capital reserve is a non-distributable reserve arising on capitalization of a loan. |
HIDEAWAY COUNTRY HOLIDAYS LTD (REGISTERED NUMBER: 01084447) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
12. | RELATED PARTY DISCLOSURES |
Included in other debtors is a balance due from the immediate parent of £711,979. The balance is interest free and repayable on demand. |
Included in other creditors is a balance due to Infinesse Corporation, a fellow subsidiary, of £2,255,218 (2022: £2,141,789). The balance is interest free and repayable on demand. |
13. | ULTIMATE CONTROLLING PARTY |
The immediate parent company is Infinesse LLC, a company incorporated in the USA. |
The ultimate controlling parties are the directors by virtue of being Trustees of the controlling Trust of Infinesse LLC. |
14. | CONTINGENT LIABILITY |
In connection with the acquisition of the entire share capital of the company by Infinesse LLC, the company has given a debenture in favour of the Royal Bank of Scotland plc securing its obligations under a guarantee for monies lent to its immediate parent, Infinesse LLC. Under this debenture, the company charges the whole and any part of its undertaking, property and assets to The Royal Bank of Scotland plc. No liability is s recognised in this respect. |