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Registration number: 04607352

The Vincent Hotel Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

The Vincent Hotel Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

The Vincent Hotel Limited

Company Information

Director

P V Adams

Registered office

98 Lord Street
Southport
PR8 1JR

Accountants

Williams & Co Accountants
Pelican House
119c Eastbank Street
Southport
Merseyside
PR8 1DQ

 

The Vincent Hotel Limited

(Registration number: 04607352)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

6,000,000

6,000,000

Investments

5

100

100

 

6,000,100

6,000,100

Current assets

 

Debtors

6

2,378,898

2,341,907

Cash at bank and in hand

 

549

89,518

 

2,379,447

2,431,425

Creditors: Amounts falling due within one year

7

(197,149)

(212,046)

Net current assets

 

2,182,298

2,219,379

Total assets less current liabilities

 

8,182,398

8,219,479

Creditors: Amounts falling due after more than one year

7

(6,084,762)

(6,284,325)

Net assets

 

2,097,636

1,935,154

Capital and reserves

 

Called up share capital

8

2,000,000

2,000,000

Capital redemption reserve

566,548

770,065

Other reserves

(7,065,604)

(7,065,604)

Retained earnings

6,596,692

6,230,693

Shareholders' funds

 

2,097,636

1,935,154

 

The Vincent Hotel Limited

(Registration number: 04607352)
Balance Sheet as at 31 December 2023

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 September 2024
 

.........................................
P V Adams
Director

 

The Vincent Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales..

The address of its registered office is:
98 Lord Street
Southport
PR8 1JR

These financial statements were authorised for issue by the director on 24 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

The Vincent Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

The Vincent Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Investment properties

2023
£

At 1 January

6,000,000

At 31 December

6,000,000

The company's freehold property comprises hotel premises that are leased to its subsidiary company. The fair value of the freehold property has been arrived at on the basis of a valuation carried out in April 2015 by Savilles (UK) Limited, Chartered Surveyors, who are not connected with tha company. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.

The director is satisfied that there is no material difference between its carrying value and market value.

5

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

 

The Vincent Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Subsidiaries

£

Cost or valuation

At 1 January 2023

100

Provision

Carrying amount

At 31 December 2023

100

At 31 December 2022

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

The Vincent Hotel Southport Limited

98 Lord Street
Southport
PR8 1JR

Enfland

ordinary

100%

100%

Subsidiary undertakings

The Vincent Hotel Southport Limited

The principal activity of The Vincent Hotel Southport Limited is operating a hotel. The loss for the financial period of The Vincent Hotel Southport Limited was £96,466 and the aggregate amount of capital and reserves at the end of the period was £(2,512,875).

6

Debtors

2023
£

2022
£

Amount owed by group company

2,378,898

2,341,906

Other debtors

-

1

2,378,898

2,341,907

 

The Vincent Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

153,147

159,239

Taxation and social security

 

44,000

52,807

Other creditors

 

2

-

 

197,149

212,046

Due after one year

 

Loans and borrowings

10

6,084,762

6,284,325

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

6,084,762

6,284,325

The long-term loans are secured by fixed charges over the comapny's freehold property and fixed and floating charges over the assets and trade of the subsidiary undertaking. the terms of the loan limit the company from making repayments to the director's loan account to ensure the balance of that loan does not fall below an amount where a stable cash flow position can be maintained. The bank loan is repayable over 5 years at an interest rate of 4.02%

The director's loan is secured against the bank loan that has been measured at amortised cost in accordance with the FRS102 accounting policy on financial instruments. This has been discounted at an effective interest rate of 4% over the five year period of the bank loan. The financial effect of this accounting treatment is the recognition of a capital redemption reserve with a corresponding reduction to the directors loan account disclosed in the financial statements.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2,000,000

2,000,000

2,000,000

2,000,000

         
 

The Vincent Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Reserves

As a consequence of the bank facilities the director has agreed with the company's bankers, Barclays Bank plc, to limit the repayment of his director's loan account until such time as the bank borrowing has been repaid in full. As a result of this agreement the director's loan account has been reclassified as falling due after more than one year in accordance with section 11 of FRS102, the loan has been classified as a basic financial instrument by reference to the market rate of interest for a similar third party loan facility. The finacial impact of this reclassification was the creation of a capital redemption reserve, to be released over a 5 year period from the date of the loan agreement commenciing, to reflect the director's contribution to the capital of the company in the form of an interest free loan.

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,638,704

1,785,759

Other borrowings

4,446,058

4,498,566

6,084,762

6,284,325

2023
£

2022
£

Current loans and borrowings

Bank borrowings

153,147

159,239

11

Related party transactions

The company is controlled by Mr PV Adams who holds 100% of the company's share capital.