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Company No: 00710856 (England and Wales)

CRANTOCK BAY HOTEL LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

CRANTOCK BAY HOTEL LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

CRANTOCK BAY HOTEL LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
CRANTOCK BAY HOTEL LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Mrs B Eyles
Mrs N Eyles
Mr A D G Eyles
SECRETARY Mr A D G Eyles
REGISTERED OFFICE Crantock Bay Hotel
Crantock Newquay
Cornwall
TR8 5SE
United Kingdom
COMPANY NUMBER 00710856 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
CRANTOCK BAY HOTEL LIMITED

BALANCE SHEET

As at 31 December 2023
CRANTOCK BAY HOTEL LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 460,813 464,600
460,813 464,600
Current assets
Stocks 5 4,642 3,985
Debtors 6 7,974 18,445
Investments 105 105
Cash at bank and in hand 274,343 345,513
287,064 368,048
Creditors: amounts falling due within one year 7 ( 276,958) ( 309,028)
Net current assets 10,106 59,020
Total assets less current liabilities 470,919 523,620
Creditors: amounts falling due after more than one year 8 ( 194,302) ( 231,666)
Provision for liabilities ( 38,405) ( 40,371)
Net assets 238,212 251,583
Capital and reserves
Called-up share capital 15,000 15,000
Revaluation reserve 28,710 28,710
Profit and loss account 194,502 207,873
Total shareholders' funds 238,212 251,583

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.

Directors' responsibilities:

The financial statements of Crantock Bay Hotel Limited (registered number: 00710856) were approved and authorised for issue by the Board of Directors on 24 September 2024. They were signed on its behalf by:

Mrs N Eyles
Director
CRANTOCK BAY HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
CRANTOCK BAY HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Crantock Bay Hotel Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Crantock Bay Hotel, Crantock Newquay, Cornwall, TR8 5SE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of leisure and hospitality services. Turnover is shown net of 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 10 % reducing balance
Vehicles 4 years straight line
Fixtures and fittings 10 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete to sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 22 26

3. Intangible assets

Website costs Total
£ £
Cost
At 01 January 2023 2,100 2,100
At 31 December 2023 2,100 2,100
Accumulated amortisation
At 01 January 2023 2,100 2,100
At 31 December 2023 2,100 2,100
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 January 2023 417,680 9,239 1,000 216,155 644,074
Additions 0 0 0 16,396 16,396
0 0 0 0 0
At 31 December 2023 417,680 9,239 1,000 232,551 660,470
Accumulated depreciation
At 01 January 2023 70,710 924 500 107,340 179,474
Charge for the financial year 7,480 831 250 11,622 20,183
At 31 December 2023 78,190 1,755 750 118,962 199,657
Net book value
At 31 December 2023 339,490 7,484 250 113,589 460,813
At 31 December 2022 346,970 8,315 500 108,815 464,600

5. Stocks

2023 2022
£ £
Stocks 4,642 3,985

6. Debtors

2023 2022
£ £
Trade debtors 200 0
Corporation tax 0 5,255
Other debtors 7,774 13,190
7,974 18,445

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 33,860 30,965
Trade creditors 23,332 27,744
Other taxation and social security 26,975 25,881
Other creditors 192,791 224,438
276,958 309,028

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 192,427 230,166
Other creditors 1,875 1,500
194,302 231,666

Creditors include bank loans which are secured of £197,954 (2022 - £221,814). Security for this debt is held against all property owned by Crantock Bay Hotel Limited.