Company registration number 2831713 (England and Wales)
IONIC HOTELS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
IONIC HOTELS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
IONIC HOTELS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
28,807,851
28,780,184
Investment property
6
798,211
798,211
29,606,062
29,578,395
Current assets
Debtors
7
414,844
115,853
Cash at bank and in hand
3,938,717
3,506,014
4,353,561
3,621,867
Creditors: amounts falling due within one year
8
(667,907)
(1,260,005)
Net current assets
3,685,654
2,361,862
Total assets less current liabilities
33,291,716
31,940,257
Creditors: amounts falling due after more than one year
9
(8,061,778)
(8,516,588)
Net assets
25,229,938
23,423,669
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
25,229,838
23,423,569
Total equity
25,229,938
23,423,669

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
Mr Mansoor Popat
Director
Company registration number 2831713 (England and Wales)
IONIC HOTELS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

IONIC HOTELS LTD is a private company limited by shares incorporated in England and Wales. The registered office is 68-69 Queen's Gate, LONDON, SW7 5JT.

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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
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.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
Nil
Fixtures, fittings & equipment
20% on reducing balance
Computer equipment
25% on cost
No Depreciation is provided for the buildings that are valued as an operational entity as the directors believe them to be appreciating in value.

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.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

IONIC HOTELS LTD
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 and intangible 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
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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.7
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 profit and loss account 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.

IONIC HOTELS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.8
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.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 19 (2022 - 27).

2023
2022
Number
Number
Total
19
27
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
5,000
Amortisation and impairment
At 1 January 2023 and 31 December 2023
5,000
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
IONIC HOTELS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
27,984,479
2,575,369
30,559,848
Additions
-
0
233,510
233,510
At 31 December 2023
27,984,479
2,808,879
30,793,358
Depreciation and impairment
At 1 January 2023
-
0
1,779,664
1,779,664
Depreciation charged in the year
-
0
205,843
205,843
At 31 December 2023
-
0
1,985,507
1,985,507
Carrying amount
At 31 December 2023
27,984,479
823,372
28,807,851
At 31 December 2022
27,984,479
795,705
28,780,184
6
Investment property
2023
£
Cost
At 1 January 2023 and 31 December 2023
798,211

Investment property comprises of two flats. Due to undue cost and effort, no revaluation has taken place.

7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
414,844
115,853
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
61,117
232,035
Corporation tax
431,812
369,379
Other taxation and social security
111,736
217,242
Other creditors
63,242
441,349
667,907
1,260,005
IONIC HOTELS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
8,061,778
8,516,588

The term of the first loan is 5 years. However the repayment profile of the Loan has been calculated on the basis of a 25 year amortisation profile. The interest rate is 1.99% above the base rate. The loan is secured against the assets of the company.

 

The term of the second loan is 5 years and it is a fixed interest rate loan. The interest is 3.232%. The loan is secured against the assets of the company.

 

10
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
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:
Anthony Epton
Statutory Auditor:
Goldwins Limited
Date of audit report:
24 September 2024
2023-12-312023-01-01false24 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedMr Mansoor PopatMr Abid Alibhaifalsefalse28317132023-01-012023-12-3128317132023-12-3128317132022-12-312831713core:LandBuildings2023-12-312831713core:OtherPropertyPlantEquipment2023-12-312831713core:LandBuildings2022-12-312831713core:OtherPropertyPlantEquipment2022-12-312831713core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-312831713core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-312831713core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-312831713core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-312831713core:CurrentFinancialInstruments2023-12-312831713core:CurrentFinancialInstruments2022-12-312831713core:ShareCapital2023-12-312831713core:ShareCapital2022-12-312831713core:RetainedEarningsAccumulatedLosses2023-12-312831713core:RetainedEarningsAccumulatedLosses2022-12-312831713core:ShareCapitalOrdinaryShares2023-12-312831713core:ShareCapitalOrdinaryShares2022-12-312831713bus:ChiefExecutive2023-01-012023-12-312831713core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-312831713core:FurnitureFittings2023-01-012023-12-312831713core:ComputerEquipment2023-01-012023-12-3128317132022-01-012022-12-312831713core:NetGoodwill2022-12-312831713core:NetGoodwill2023-12-312831713core:NetGoodwill2022-12-312831713core:LandBuildings2022-12-312831713core:OtherPropertyPlantEquipment2022-12-3128317132022-12-312831713core:LandBuildings2023-01-012023-12-312831713core:OtherPropertyPlantEquipment2023-01-012023-12-312831713core:WithinOneYear2023-12-312831713core:WithinOneYear2022-12-312831713core:Non-currentFinancialInstruments2023-12-312831713core:Non-currentFinancialInstruments2022-12-312831713bus:OrdinaryShareClass12023-01-012023-12-312831713bus:OrdinaryShareClass12023-12-312831713bus:PrivateLimitedCompanyLtd2023-01-012023-12-312831713bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-312831713bus:FRS1022023-01-012023-12-312831713bus:Audited2023-01-012023-12-312831713bus:Director12023-01-012023-12-312831713bus:Director22023-01-012023-12-312831713bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP