Company Registration No. 11022698 (England and Wales)
Richmond Harbour Hotel Management Limited
Annual Report and Financial Statements
For the year ended 31 December 2023
Richmond Harbour Hotel Management Limited
Company information
Directors
M O Warren
G A Hall
Company number
11022698
Registered office
Harbour House
60 Purewell
Christchurch
England
BH23 1ES
Auditor
Fiander Tovell Limited
Stag Gates House
63 - 64 The Avenue
Southampton
SO17 1XS
Richmond Harbour Hotel Management Limited
Contents
Page
Directors' report
1
Independent auditor's report
2 - 4
Income statement
5
Statement of financial position
6
Statement of changes in equity
7
Notes to the financial statements
8 - 15
Richmond Harbour Hotel Management Limited
Directors' report
For the year ended 31 December 2023
- 1 -
The Directors present their annual report and financial statements for the year ended 31 December 2023.
Directors
The Directors who held office during the year and up to the date of signature of the financial statements were as follows:
M O Warren
G A Hall
Auditor
The auditor, Fiander Tovell Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The Directors are responsible for preparing the annual 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 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 and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
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 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.
Statement of disclosure to auditor
So far as each person who was a Director at the date of approving this report is aware, there is no relevant audit information of which the Company’s auditor is unaware. Additionally, the Directors individually have taken all the necessary steps that they ought to have taken as Directors in order to make themselves aware of all relevant audit information and to establish that the Company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
G A Hall
Director
24 September 2024
Richmond Harbour Hotel Management Limited
Independent auditor's report
to the member of Richmond Harbour Hotel Management Limited
- 2 -
Opinion
We have audited the financial statements of Richmond Harbour Hotel Management Limited (the 'Company') for the year ended 31 December 2023 which comprise the income statement, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 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.
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.
The Directors are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. 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. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Richmond Harbour Hotel Management Limited
Independent auditor's report (continued)
to the member of Richmond Harbour Hotel Management Limited
- 3 -
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 by the Company, or returns adequate for our audit have not been received from branches not visited by us; or
the Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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' exemption in preparing the directors' report and take advantage of the small companies exemption 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.
Extent to which the audit was capable of detecting irregularities, including fraud
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:
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.
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 the Companies Act 2006, taxation legislation, data protection, employment, environmental and health and safety legislation.
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management.
Richmond Harbour Hotel Management Limited
Independent auditor's report (continued)
to the member of Richmond Harbour Hotel Management Limited
- 4 -
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.
Audit response to risks identified
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.
tested a sample of BACS payments to identify payments being made to unexpected bank accounts.
performed testing on payroll costs in respect of those employees with responsibility or authority in connection with the payroll function.
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.
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:
There are inherent limitations in our audit procedures described above. The more removed those 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the Company's member 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 member those matters we are required to state to the member in an auditor's 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 member for our audit work, for this report, or for the opinions we have formed.
Andrew Jay ACA FCCA (Senior Statutory Auditor)
For and on behalf of Fiander Tovell Limited
24 September 2024
Chartered Accountants
Statutory Auditor
Stag Gates House
63 - 64 The Avenue
Southampton
SO17 1XS
Richmond Harbour Hotel Management Limited
Income statement
For the year ended 31 December 2023
- 5 -
2023
2022
Notes
£
£
Turnover
3
8,034,470
7,045,915
Cost of sales
(3,682,357)
(3,410,350)
Gross profit
4,352,113
3,635,565
Administrative expenses
(3,586,965)
(3,183,337)
Other operating income
3
296,000
Profit before taxation
765,148
748,228
Tax on profit
5
(79,565)
434,987
Profit for the financial year
685,583
1,183,215
Richmond Harbour Hotel Management Limited
Statement of financial position
As at 31 December 2023
31 December 2023
- 6 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
6
1,023,393
753,192
Current assets
Stocks
47,632
49,479
Debtors
7
2,917,459
1,622,622
Cash at bank and in hand
64,594
309,560
3,029,685
1,981,661
Creditors: amounts falling due within one year
8
(6,176,472)
(5,543,830)
Net current liabilities
(3,146,787)
(3,562,169)
Net liabilities
(2,123,394)
(2,808,977)
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
11
(2,123,395)
(2,808,978)
Total equity
(2,123,394)
(2,808,977)
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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:
G A Hall
Director
Company Registration No. 11022698
Richmond Harbour Hotel Management Limited
Statement of changes in equity
For the year ended 31 December 2023
- 7 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
1
(3,992,193)
(3,992,192)
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
1,183,215
1,183,215
Balance at 31 December 2022
1
(2,808,978)
(2,808,977)
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
685,583
685,583
Balance at 31 December 2023
1
(2,123,395)
(2,123,394)
Richmond Harbour Hotel Management Limited
Notes to the financial statements
For the year ended 31 December 2023
- 8 -
1
Accounting policies
Company information
Richmond Harbour Hotel Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Harbour House, 60 Purewell, Christchurch, England, BH23 1ES.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
Notwithstanding the net liabilities at 31 December 2023, the truefinancial statements have been prepared on the going concern basis which the directors consider to be appropriate.
The directors of the company and the wider group have prepared cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements. These demonstrate the Group has sufficient cash reserves to enable the Group to meet its obligations as they fall due for a period of at least 12 months from the date of approval of the financial statements. In addition and where necessary, the company’s parent has issued a letter of support confirming that should the company require financial support to meet its liabilities as they fall due in the next 12 months that such support will be provided.
As such, the directors are satisfied that the company has adequate resources to continue to operate for the foreseeable future. For this reason the company continues to adopt the going concern basis in preparing these financial statements.
1.3
Turnover
Turnover represents amounts receivable from the provision of hotel services, recognised net of VAT at the point of service to the customer.
1.4
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.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
6% straight line
Fixtures and fittings
15% straight line
Computers
25% straight line
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.
Richmond Harbour Hotel Management Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(continued)
- 9 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
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.
1.7
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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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 income statement 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.
Richmond Harbour Hotel Management Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(continued)
- 10 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Government grants
Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the statement of income and retained earnings 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 income and retained earnings in the same period as the related expenditure.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors 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.
Richmond Harbour Hotel Management Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
2
Judgements and key sources of estimation uncertainty
(continued)
- 11 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Disposal of assets
Where an asset is replaced and historic cost information pertaining to the original asset is not readily available, then the value is assigned to the year seen as most appropiate, and an RPI adjustment is made to determine the original purchase price.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Provision of hotel services
8,034,470
7,045,915
2023
2022
£
£
Other significant revenue
Grants received
6,000
Business interruption proceeds
-
290,000
Turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
The company received monies during the previous year in respect of Business Rates Relief support grants.
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
131
99
5
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
72,554
168,873
Adjustment in respect of prior periods
7,011
(603,860)
Total deferred tax
79,565
(434,987)
The Finance Act 2021 introduced an increase to the main rate of corporation tax to 25% from 1 April 2023.
Richmond Harbour Hotel Management Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
5
Taxation
(continued)
- 12 -
The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
765,148
748,228
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
179,810
142,163
Tax effect of expenses that are not deductible in determining taxable profit
1
42
Adjustments in respect of prior years
7,011
Effect of change in corporation tax rate
4,451
40,530
Group relief
(111,253)
Permanent capital allowances in excess of depreciation
(455)
(13,862)
Deferred tax adjustments in respect of prior years
(603,860)
Taxation charge/(credit) for the year
79,565
(434,987)
The company has tax losses of approximately £3.9m (2022 - £4.3m) available to carry forward against future taxable profits.
6
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2023
225,352
583,947
33,495
842,794
Additions
456,345
37,102
3,072
496,519
Disposals
(91,912)
(12,057)
(2,150)
(106,119)
At 31 December 2023
589,785
608,992
34,417
1,233,194
Depreciation and impairment
At 1 January 2023
6,545
78,467
4,590
89,602
Depreciation charged in the year
26,501
89,804
8,497
124,802
Eliminated in respect of disposals
(2,669)
(1,620)
(314)
(4,603)
At 31 December 2023
30,377
166,651
12,773
209,801
Carrying amount
At 31 December 2023
559,408
442,341
21,644
1,023,393
At 31 December 2022
218,807
505,480
28,905
753,192
Richmond Harbour Hotel Management Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 13 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
58,815
189,568
Amounts owed by group undertakings
1,905,581
20,872
Other debtors
43,285
490,884
Prepayments and accrued income
145,140
77,095
2,152,821
778,419
Deferred tax asset (note 9)
764,638
844,203
2,917,459
1,622,622
Amounts owed by group undertakings are interest free and repayable on demand.
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
180,255
180,529
Amounts owed to group undertakings
5,215,031
4,443,875
Taxation and social security
309,366
344,873
Other creditors
204,270
190,512
Accruals and deferred income
267,550
384,041
6,176,472
5,543,830
Amounts owed to group undertakings are interest free and repayable on demand.
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2023
2022
Balances:
£
£
Accelerated capital allowances
(222,641)
(146,297)
Tax losses
986,643
989,482
Other short term timing differences
636
1,018
764,638
844,203
Richmond Harbour Hotel Management Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
9
Deferred taxation
(continued)
- 14 -
2023
Movements in the year:
£
Asset at 1 January 2023
(844,203)
Charge to profit or loss
79,565
Asset at 31 December 2023
(764,638)
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
11
Profit and loss reserves
The profit and loss account represents cumulative profits and losses, net of any dividends and other adjustments.
12
Financial commitments, guarantees and contingent liabilities
The bank loans of Harbour Hotels Group Limited, an intermediate parent company, are secured by a cross guarantee and a fixed and floating charge debenture over the company's assets.
13
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Capital costs
Management charges
2023
2022
2023
2022
£
£
£
£
Entities with control, joint control or significant influence over the company
-
28,250
-
301
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
-
648
Other information
Richmond Harbour Hotel Management Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
13
Related party transactions
(continued)
- 15 -
The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not disclosed transactions between group companies who are wholly owned within the group.
14
Ultimate controlling party
The company is a wholly owned subsidiary of Harbour Hospitality Group Limited. The ultimate parent company is Global Reach UK Holdings Limited, a company in which Turnstone (Isle of Man) Limited is considered the ultimate controlling party. The financial statements for Global Reach UK Holdings Limited are publicly available from Companies House, Crown Way, Cardiff, CF14 3UZ.
The smallest group in which the results of the company are consolidated is that headed by Harbour Hospitality Group Limited and the largest group in which the results of the company are consolidated is that headed by Global Reach UK Holdings Limited. The registered office of Harbour Hospitality Group Limited is 60 Purewell, Christchurch, England, BH23 1ES. The registered office of Global Reach UK Holdings Limited is c/o Zedra, Booths Hall, Booths Park 3, Chelford Road, Knutsford, Cheshire, England, WA16 8GS.
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