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Company registration number:
02871510
Seymour Capital Limited
Trading as
Mour Hotel
Financial statements
31 December 2023
Seymour Capital Limited
Contents
Directors and other information
Directors report
Independent auditor's report to the members
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Seymour Capital Limited
Directors and other information
|
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Directors |
Mr Russell Allen |
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|
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Company number |
02871510 |
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Registered office |
18 Camp Road |
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Gerrards Cross |
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Buckinghamshire |
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SL9 7PE |
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Business address |
Lakeview Drive |
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Sherwood Business Park |
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Nottingham |
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NG15 0EA |
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Auditor |
Fletcher & Co (UK) Limited |
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Staffordshire House |
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Beechdale Road |
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Nottingham |
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NG8 3FH |
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Bankers |
Virgin Money |
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Symington House |
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7-8 North Avenue |
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Clydebank |
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G81 2NT |
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National Westminster Bank Plc |
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250 Bishopsgate |
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London |
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EC2M 4AA |
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|
Seymour Capital Limited
Directors report
Year ended 31 December 2023
The directors present their report and the financial statements of the company for the year ended 31 December 2023.
Directors
The directors who served the company during the year were as follows:
Employment of disabled persons
Our Equality Policy is at the heart of our committment to equal opportunities for all employees. The rights of disables persons and the responsibilities of the company are embedded in this policy. The needs of disables employees, including work place modifications, for example, are given priority and accomodated wherever possible.
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently; and
-
make judgments and accounting estimates that are reasonable and prudent.
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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
26 September 2024
and signed on behalf of the board by:
Mr Russell Allen
Director
Seymour Capital Limited
Independent auditor's report to the members of
Seymour Capital Limited
Year ended 31 December 2023
Opinion
We have audited the financial statements of Seymour Capital Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 loss 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 auditor’s 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 UK, including the FRC’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.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions 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 where 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 the 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 take advantage of the small companies exemption 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, 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.
Auditor's 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 auditor’s 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: 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:Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:o the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the hotel sector;we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, data protection, anti-bribery, employment and health and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; andidentified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;To address the risk of fraud through management bias and override of controls, we:performed analytical procedures to identify any unusual or unexpected relationships;tested journal entries to identify unusual transactions; investigated the rationale behind significant or unusual transactions; In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:agreeing financial statement disclosures to underlying supporting documentation;enquiring of management as to actual and potential litigation and claims;reviewing correspondence with HMRC, relevant regulators and the company's legal advisors; There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: -
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 2006. Our 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.
Sarah Fletcher FCCA
(Senior Statutory Auditor)
For and on behalf of
Fletcher & Co (UK) Limited
Chartered Certified Accountants and Statutory Auditors
Staffordshire House
Beechdale Road
Nottingham
NG8 3FH
26 September 2024
Seymour Capital Limited
Statement of comprehensive income
Year ended 31 December 2023
|
|
|
|
2023 |
|
2022 |
|
|
|
|
Note |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover |
|
4 |
|
2,450,592 |
|
2,392,594 |
|
|
Cost of sales |
|
|
|
(
1,060,907) |
|
(
1,033,119) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Gross profit |
|
|
|
1,389,685 |
|
1,359,475 |
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses |
|
|
|
(
916,337) |
|
(
800,963) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Operating profit |
|
5 |
|
473,348 |
|
558,512 |
|
|
|
|
|
|
|
|
|
|
|
Other interest receivable and similar income |
|
7 |
|
2,986 |
|
1,147 |
|
|
Interest payable and similar expenses |
|
8 |
|
(
582,817) |
|
(
261,850) |
|
|
(Loss)/profit before taxation |
|
|
|
(
106,483) |
|
297,809 |
|
|
|
|
|
|
|
|
|
|
|
Tax on (loss)/profit |
|
9 |
|
- |
|
- |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
(Loss)/profit for the financial year and total comprehensive income |
|
|
|
(
106,483) |
|
297,809 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
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|
All the activities of the company are from continuing operations.
Seymour Capital Limited
Statement of financial position
31 December 2023
|
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2023 |
|
|
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2022 |
|
|
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Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
11 |
11,875,114 |
|
|
|
11,873,046 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
11,875,114 |
|
|
|
11,873,046 |
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|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
12 |
20,504 |
|
|
|
13,800 |
|
|
Debtors |
|
13 |
116,394 |
|
|
|
64,466 |
|
|
Cash at bank and in hand |
|
|
257,712 |
|
|
|
732,840 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
394,610 |
|
|
|
811,106 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
14 |
(
1,071,581) |
|
|
|
(
653,979) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current (liabilities)/assets |
|
|
|
|
(
676,971) |
|
|
|
157,127 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
11,198,143 |
|
|
|
12,030,173 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
15 |
|
|
(
9,843,589) |
|
|
|
(
10,569,136) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
1,354,554 |
|
|
|
1,461,037 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
16 |
|
|
100,000 |
|
|
|
100,000 |
Revaluation reserve |
|
17 |
|
|
512,000 |
|
|
|
512,000 |
Profit and loss account |
|
17 |
|
|
742,554 |
|
|
|
849,037 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
1,354,554 |
|
|
|
1,461,037 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the
board of directors
and authorised for issue on
26 September 2024
, and are signed on behalf of the board by:
Mr Russell Allen
Director
Company registration number:
02871510
Seymour Capital Limited
Statement of changes in equity
Year ended 31 December 2023
|
|
Called up share capital |
|
Revaluation reserve |
|
Profit and loss account |
Total |
|
|
|
|
|
£ |
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2022 |
|
100,000 |
|
512,000 |
|
551,228 |
1,163,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/profit for the year |
|
|
|
|
|
297,809 |
297,809 |
|
|
|
|
|
_______ |
|
_______ |
|
_______ |
_______ |
|
|
|
Total comprehensive income for the year |
|
- |
|
- |
|
297,809 |
297,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
|
_______ |
_______ |
|
|
|
At 31 December 2022 and 1 January 2023 |
|
100,000 |
|
512,000 |
|
849,037 |
1,461,037 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/profit for the year |
|
|
|
|
|
(
106,483) |
(
106,483) |
|
|
|
|
|
_______ |
|
_______ |
|
_______ |
_______ |
|
|
|
Total comprehensive income for the year |
|
- |
|
- |
|
(
106,483) |
(
106,483) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
|
_______ |
_______ |
|
|
|
At 31 December 2023 |
|
100,000 |
|
512,000 |
|
742,554 |
1,354,554 |
|
|
|
|
|
_______ |
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Seymour Capital Limited
Notes to the financial statements
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in UK. The address of the registered office is 18 Camp Road, Gerrards Cross, Buckinghamshire, SL9 7PE.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has a reasonable expectation that the company has adequate resources and available facilities to continue on operational existence for the foreseeable future. For these reasons, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Long leasehold property |
- |
0.01 % |
straight line |
|
Fittings fixtures and equipment |
- |
25 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Turnover
Turnover arises from:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Sale of goods |
|
2,450,592 |
2,386,594 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Operating loss/profit
Operating loss/profit is stated after charging/(crediting):
|
|
|
|
2023 |
2022 |
|
|
|
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
39,912 |
30,904 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
6.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
|
|
|
2023 |
2022 |
|
Administrative staff |
|
40 |
48 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The aggregate payroll costs incurred during the year were:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Wages and salaries |
|
785,389 |
724,421 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Other interest receivable and similar income
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank deposits |
|
2,986 |
1,147 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Interest payable and similar expenses
|
|
|
|
2023 |
2022 |
|
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
|
582,817 |
261,850 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
9.
Tax on loss/profit
Reconciliation of tax expense
The tax assessed on the loss/profit for the year is higher than (2022: lower than) the
standard rate of corporation tax in the UK
of
19.00
% (2022: 19.00%).
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
(Loss)/profit before taxation |
|
(
106,483) |
297,809 |
|
|
|
_______ |
_______ |
|
|
|
|
|
|
(Loss)/profit multiplied by rate of tax |
|
(
20,232) |
56,584 |
|
Effect of expenses not deductible for tax purposes |
|
120,000 |
45,515 |
|
Effect of capital allowances and depreciation |
|
2,048 |
19,602 |
|
|
|
_______ |
_______ |
|
Tax on loss/profit |
|
101,816 |
121,701 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Earnings per share
Basic earnings/(loss) per share
The earnings/(loss) and weighted average number of shares used in the calculation of basic earnings/(loss) per share are as follows:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
(Loss)/profit for the year attributable to the owners of the company |
|
(
106,483) |
297,809 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Diluted earnings/(loss) per share
The earnings/(loss) and weighted average number of shares used in the calculation of diluted earnings/(loss) per share are as follows:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Earnings/(loss) used in calculation of basic earnings/(loss) per share |
|
(
106,483) |
297,809 |
|
|
|
_______ |
_______ |
|
|
|
|
|
11.
Tangible assets
|
|
Long leasehold property |
Fixtures, fittings and equipment |
Total |
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 January 2023 |
11,898,300 |
417,122 |
12,315,422 |
|
|
|
|
|
Additions |
- |
41,980 |
41,980 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 December 2023 |
11,898,300 |
459,102 |
12,357,402 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 January 2023 |
95,280 |
347,096 |
442,376 |
|
|
|
|
|
Charge for the year |
11,910 |
28,002 |
39,912 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 December 2023 |
107,190 |
375,098 |
482,288 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2023 |
11,791,110 |
84,004 |
11,875,114 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 December 2022 |
11,803,020 |
70,026 |
11,873,046 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
12.
Stocks
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Finished goods and goods for resale |
|
20,504 |
13,800 |
|
|
|
_______ |
_______ |
|
|
|
|
|
13.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
8,957 |
- |
|
Prepayments and accrued income |
|
11,152 |
3,808 |
|
Other debtors |
|
96,285 |
60,658 |
|
|
|
_______ |
_______ |
|
|
|
116,394 |
64,466 |
|
|
|
_______ |
_______ |
|
|
|
|
|
14.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
498,610 |
235,345 |
|
Trade creditors |
|
213,856 |
133,044 |
|
Accruals and deferred income |
|
188,328 |
111,508 |
|
Social security and other taxes |
|
143,665 |
140,952 |
|
Director loan accounts |
|
92 |
19 |
|
Other creditors |
|
27,030 |
33,111 |
|
|
|
_______ |
_______ |
|
|
|
1,071,581 |
653,979 |
|
|
|
_______ |
_______ |
|
|
|
|
|
15.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Other creditors |
|
9,843,589 |
10,569,136 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The bank loan is secured by a debenture creating a fixed and floating charge over the assets of the company and a firt legal charge over the hotel.
16.
Called up share capital
Issued, called up and fully paid
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares shares of £
1.00 each |
|
100,000 |
|
100,000 |
|
100,000 |
|
100,000 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
17.
Reserves
Revaluation reserve £512,000
18.
Directors advances, credits and guarantees
Transactions during the year in respect of the directors loan account with Russell Allen is cleared by capital loan repayments.
19.
Controlling party
In the opinion of the directors, the ultimate controlling party is Mr R Allen by virtue of his shareholding.