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Registered number:  00458246














CORONET HOLIDAYS LTD
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
CORONET HOLIDAYS LTD
 
 
COMPANY INFORMATION


Directors
S C Ackerley 
R G Ackerley 




Company secretary
R G Ackerley



Registered number
00458246



Registered office
Royal Victoria Hotel

Llanberis

Gwynedd

LL55 4TY




Independent auditors
Langtons Professional Services Limited
Chartered Accountants & Registered Auditor

100 Old Hall Street

Liverpool

L3 9QJ





 
CORONET HOLIDAYS LTD
 

CONTENTS



Page
Directors' report
 
1 - 2
Independent auditors' report
 
3 - 6
Statement of comprehensive income
 
7
Balance sheet
 
8
Statement of changes in equity
 
9
Notes to the financial statements
 
10 - 19

 
CORONET HOLIDAYS LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The directors who served during the year were:

S C Ackerley 
R G Ackerley 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Pensions - Defined Benefit Scheme - FRS 102
The costs of maintaining the company’s defined benefit pension scheme totalled £63,932 (2022 - £20,823) and comprised a special contribution to the scheme of £nil (2022 - £nil), regular contributions to the scheme of £4,733 (2022 - £7,050), fees and expenses for administration and actuarial advice £59,020 (2022 - £12,964), a levy of £nil (2022 - £240) to The Pension Scheme Regulator and a further levy of £179 to The Pension Protection Fund (2022 - £569).

Page 1

 
CORONET HOLIDAYS LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditors

The auditorsLangtons Professional Services Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 23 September 2024 and signed on its behalf.
 





R G Ackerley
Director
Page 2

 
CORONET HOLIDAYS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORONET HOLIDAYS LTD
 

Opinion


We have audited the financial statements of Coronet Holidays Ltd (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 3

 
CORONET HOLIDAYS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORONET HOLIDAYS LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 
CORONET HOLIDAYS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORONET HOLIDAYS LTD (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: 
• to identify and assess the risks of material misstatement of the financial statements due to fraud; 
• to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due
 to fraud, through designing and implementing appropriate responses; and 
• to respond appropriately to fraud or suspected fraud identified during the audit. 
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. 
Our approach was as follows: 
• We obtained an understanding of the legal and regulatory frameworks that are applicable to the     Company and determined that the most significant are those that relate to the reporting framework (FRS   102 and  the Companies Act 2006), the relevant tax compliance regulations in the UK and the UK     General Data Protection Regulation (GDPR). 
• We understood how the Company is complying with those frameworks by making enquiries of
  management. 
Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up.
Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved: 
• enquiries of management; and 
• journal entry testing, with a focus on journals indicating large or unusual transactions based on our
  understanding of the business. 
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.


Page 5

 
CORONET HOLIDAYS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORONET HOLIDAYS LTD (CONTINUED)


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mr Eifion Roberts (Senior statutory auditor)
  
for and on behalf of
Langtons Professional Services Limited
 
Chartered Accountants
Registered Auditor
  
100 Old Hall Street
Liverpool
L3 9QJ

25 September 2024
Page 6

 
CORONET HOLIDAYS LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
  
3,897,177
3,441,154

Cost of sales
  
(629,927)
(556,616)

Gross profit
  
3,267,250
2,884,538

Administrative expenses
  
(3,004,600)
(2,478,519)

Other operating income
  
-
6,000

Operating profit
  
262,650
412,019

Interest receivable and similar income
  
33,349
3,568

Profit before tax
  
295,999
415,587

Tax on profit
 5 
(71,411)
(77,953)

Profit for the financial year
  
224,588
337,634

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 10 to 19 form part of these financial statements.
Page 7

 
CORONET HOLIDAYS LTD
REGISTERED NUMBER: 00458246

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
1,395,482
1,497,093

  
1,395,482
1,497,093

Current assets
  

Stocks
 7 
26,993
28,172

Debtors: amounts falling due within one year
 8 
108,732
65,018

Cash at bank and in hand
 9 
1,572,109
1,291,539

  
1,707,834
1,384,729

Creditors: amounts falling due within one year
 10 
(685,919)
(660,954)

Net current assets
  
 
 
1,021,915
 
 
723,775

Total assets less current liabilities
  
2,417,397
2,220,868

Provisions for liabilities
  

Deferred tax
 11 
(44,702)
(61,127)

Other provisions
 12 
(63,545)
(73,481)

  
 
 
(108,247)
 
 
(134,608)

Net assets
  
2,309,150
2,086,260


Capital and reserves
  

Called up share capital 
  
12,125
12,125

Revaluation reserve
 14 
62,012
69,765

Capital redemption reserve
 14 
12,875
12,875

Profit and loss account
 14 
2,222,138
1,991,495

  
2,309,150
2,086,260


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.




S C Ackerley
Director

The notes on pages 10 to 19 form part of these financial statements.
Page 8

 
CORONET HOLIDAYS LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2022
12,125
12,875
77,518
1,647,861
1,750,379


Comprehensive income for the year

Profit for the year
-
-
-
337,634
337,634


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(1,753)
(1,753)

Transfer to profit and loss account
-
-
(7,753)
7,753
-



At 1 January 2023
12,125
12,875
69,765
1,991,495
2,086,260


Comprehensive income for the year

Profit for the year
-
-
-
224,588
224,588


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(1,698)
(1,698)

Transfer to profit and loss account
-
-
(7,753)
7,753
-


At 31 December 2023
12,125
12,875
62,012
2,222,138
2,309,150


The notes on pages 10 to 19 form part of these financial statements.
Page 9

 
CORONET HOLIDAYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England and Wales (no.00458246). The address of the registered office is Royal Victoria Hotel, Llanberis, Gwynedd LL55 4TY.
These financial statements present information about the company as an individual undertaking; it is not a member of a group of companies. The principal activities of the company during the year were in hotels and catering.
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company depends on its existing bank facilities to meet its day to day working capital requirements. Current forecasts indicate that the company expects to be able to operate within these facilities for whole of the foreseeable future. These facilities are renewed annually and are not guaranteed for the period covered by the going concern review. The directors are not aware, however, of any circumstances that may adversely affect the renewal of these facilities. Accordingly, the directors believe it is appropriate to prepare the financial statements on the going concern basis.
 

  
2.3

FRS 102 exemptions taken

The company has taken advantage of the exemption allowed under FRS 102 to not prepare an individual cashflow statement on the grounds that the company is small.
 

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 10

 
CORONET HOLIDAYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Revenue (continued)

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
 

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss
Page 11

 
CORONET HOLIDAYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Current and deferred taxation (continued)

except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2 - 10% straight line
Fixtures and fittings
-
5 - 20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 12

 
CORONET HOLIDAYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 13

 
CORONET HOLIDAYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors have made judgements regarding the depreciation and carrying value of fixed assets and the provision of bad and doubtful debts.


4.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Hotel staff
105
93

Page 14

 
CORONET HOLIDAYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
95,893
109,414

Adjustments in respect of previous periods
(8,057)
-


Total current tax
87,836
109,414

Deferred tax


Origination and reversal of timing differences
(16,425)
(31,461)


Taxation on profit on ordinary activities
71,411
77,953

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%) as set out below:

2023
2022
£
£


Profit on ordinary activities before tax
295,999
415,587


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
69,619
78,962

Effects of:


Expenses not deductible for tax purposes
848
1,917

Adjustments to tax charge in respect of prior periods
(8,057)
-

Effect of a change in tax rate leading to an increase (decrease) in taxation
11,338
(1,038)

Non-taxable income
(2,337)
(1,888)

Total tax charge for the year
71,411
77,953


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 15

 
CORONET HOLIDAYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Freehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
2,819,440
1,610,119
4,429,559



At 31 December 2023

2,819,440
1,610,119
4,429,559



Depreciation


At 1 January 2023
1,701,979
1,230,487
2,932,466


Charge for the year on owned assets
65,342
36,269
101,611



At 31 December 2023

1,767,321
1,266,756
3,034,077



Net book value



At 31 December 2023
1,052,119
343,363
1,395,482



At 31 December 2022
1,117,461
379,632
1,497,093




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
1,052,118
1,117,461

1,052,118
1,117,461


The company's freehold property, which cost £216,570, was valued in 1981 at £604,205. Further expenditure of £2,215,235 has been incurred since that date. All other fixed assets are stated at cost.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
2,431,760
2,431,760

Accumulated depreciation
(1,441,671)
(1,384,082)

Net book value
990,089
1,047,678

Page 16

 
CORONET HOLIDAYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Stocks

2023
2022
£
£

Finished goods and goods for resale
26,993
28,172

26,993
28,172



8.


Debtors

2023
2022
£
£


Trade debtors
80,523
45,813

Prepayments and accrued income
28,209
19,205

108,732
65,018



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,572,109
1,291,539

1,572,109
1,291,539



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
83,436
97,323

Corporation tax
95,893
109,357

Other taxation and social security
98,513
76,945

Other creditors
6,012
5,354

Accruals and deferred income
402,065
371,975

685,919
660,954


Page 17

 
CORONET HOLIDAYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Deferred taxation




2023


£






At beginning of year
(61,127)


Charged to profit or loss
16,425



At end of year
(44,702)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(70,908)
(87,176)

Short term timing differences
26,206
26,049

(44,702)
(61,127)


12.


Provisions




Grants

£





At 1 January 2023
73,481


Utilised in year
(9,936)



At 31 December 2023
63,545

Grants relating to tangible fixed assets are treated as deferred income and released to the profit and loss account over the expected useful lives of the assets concerned.


13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



12,125 (2022 - 12,125) Ordinary shares of £1.00 each
12,125
12,125


Page 18

 
CORONET HOLIDAYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Reserves

Revaluation reserve

Revaluation reserve includes all current and prior period revaluations.

Capital redemption reserve

The capital redemption reserve comprises the nominal value of the preference shares redeemed and the nominal value of the ordinary shares cancelled.

Profit and loss account

Profit and loss account includes all current and prior period profits and losses less dividends paid.


15.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
1,555
1,555

Later than 1 year and not later than 5 years
3,758
4,924

5,313
6,479


16.


Related party transactions

There were no related party transactions occurring in the year.


17.


Controlling party

The company is not controlled by any individual shareholder.
 
Page 19