Registration number:
The Great House At Sonning Limited
for the Year Ended 31 December 2023
The Great House At Sonning Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
The Great House At Sonning Limited
(Registration number: 00767681)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
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Investment property |
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|
|
Current assets |
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Debtors |
|
|
|
Other financial assets |
793,651 |
1,015,873 |
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Cash at bank and in hand |
|
|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Net assets |
|
|
|
Capital and reserves |
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Called up share capital |
500,000 |
500,000 |
|
Investment property revaluation reserve |
1,992,130 |
1,992,130 |
|
Profit and loss account |
(1,484,730) |
(1,587,089) |
|
Shareholders' funds |
1,007,400 |
905,041 |
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
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The Great House At Sonning Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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.
The functional and presentational currency of the company is the pound sterling rounded to the nearest pound.
Going concern
As at 31 December 2023, the Company had net assets of £1,007,400 (2022: £905,041) and a profit after taxation of £102,359 (2022: £168,458). The company is currently making operating profits and the Directors have prepared forecasts that anticipate that the business will continue to be profitable and cash generative going forward.
The parent company, Mudlark Hotels Limited, has confirmed, in writing, that it will not call in its intercompany loan within 12 months from the date of approval of the financial statements unless there are sufficient funds to be able to do so.
In addition, loans and borrowings within current liabilities of £2,326,368 were renegotiated after the balance sheet date such that a signficant proportion of this balance has been converted to a long term liability.
On this basis, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, and for at least 12 months from the date of approval of the financial statements and continue to adopt the going concern basis in preparing the financial statements.
Audit report
Revenue recognition
Revenue is recognised at the point at which accommodation and related services are provided and when the amount of revenue can be measured reliably and it is probable that the Company will receive the consideration due under the contract. Revenue is shown net of sales/value added tax, returns, rebates and discounts.
The Great House At Sonning Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Investment property
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 creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
The Great House At Sonning Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Investment properties |
2023 |
|
At 1 January |
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At 31 December |
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There has been no valuation of investment property by an independent valuer. The valuation has been made by the director at the year end based on predicted rental yields.
Other financial assets (current and non-current) |
2023 |
2022 |
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Listed investments |
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Valuation as at 1 January 2023 |
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Fair value adjustment |
( |
( |
Valuation as at 31 December 2023 |
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At the date of approval of these financial statements, these investments had a market value of approximately £0.56 million.
The Great House At Sonning Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Debtors |
Note |
2023 |
2022 |
|
Amounts owed by group undertakings |
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|
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Prepayments |
- |
|
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Other debtors |
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|
|
|
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
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Loans and borrowings |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
- |
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In April 2024, the company's loan and borrowings were renegotiated into a new five year bank loan.
The Great House At Sonning Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Loans and borrowings |
Current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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Non-current loans and borrowings
2023 |
2022 |
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Bank borrowings |
- |
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Bank borrowings are secured against the investment property.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
|
|
|
450,000 |
|
450,000 |
|
|
50,000 |
|
50,000 |
|
|
|
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Related party transactions |
The company has taken advantage of the exemption available under Section 33 of FRS 102 and has not disclosed related party transactions with wholly owned members of the group.
Summary of transactions with other related parties
The company paid professional fees of £18,000 (2022: £18,000) to Osmond Capital Limited, a related party through common control and directors in common.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The ultimate controlling party is