Company registration number 13567423 (England and Wales)
LONDON SILK HOTELS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LONDON SILK HOTELS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
LONDON SILK HOTELS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,438,359
2,442,087
Current assets
Stocks
6,604
6,863
Debtors
4
35,648
120,927
Cash at bank and in hand
52,854
122,018
95,106
249,808
Creditors: amounts falling due within one year
5
(2,409,252)
(1,330,702)
Net current liabilities
(2,314,146)
(1,080,894)
Total assets less current liabilities
124,213
1,361,193
Creditors: amounts falling due after more than one year
6
-
0
(1,250,000)
Provisions for liabilities
(4,638)
(9,780)
Net assets
119,575
101,413
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
119,475
101,313
Total equity
119,575
101,413
LONDON SILK HOTELS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered 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  Arksey
Director
Company Registration No. 13567423
LONDON SILK HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

London Silk Hotels Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o DoubleTree by Hilton Hotel, Nuthall Road, Nottingham, NG8 6AZ.

1.1
Reporting period

These financial statements are prepared for the 12 month period 1st January 2023 to 31st December 2023. The comparative period was from 16 August 2021, to the 31 December 2022.

1.2
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.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from sale of goods in the bar and restaurant is recognised when the goods are sold to the customer. Revenue from sale of goods on account are recognised at the end of the customer's stay or the date of the event.

Revenue from contracts for the provision of services is recognised on the date the service is provided to the customer. For weddings and events this is recognised on the date of the event. Revenue from accomodation is recognised on the date of the overnight stay.

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 of assets less their residual values over their useful lives on a straight line basis as follows:

Freehold improvements
4 years useful life
Plant and equipment
3 years useful life
Fixtures and fittings
4 years useful life
Computers
3 years useful life
LONDON SILK HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

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.

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).

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from related party companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less

1.8
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.

LONDON SILK HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.11
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
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
51
46
LONDON SILK HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
2,405,522
49,886
2,455,408
Additions
15,463
11,190
26,653
At 31 December 2023
2,420,985
61,076
2,482,061
Depreciation and impairment
At 1 January 2023
3,263
10,058
13,321
Depreciation charged in the year
15,288
15,093
30,381
At 31 December 2023
18,551
25,151
43,702
Carrying amount
At 31 December 2023
2,402,434
35,925
2,438,359
At 31 December 2022
2,402,259
39,828
2,442,087
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
880
4,154
Other debtors
34,768
116,773
35,648
120,927
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
63,911
51,863
Corporation tax
9,602
15,100
Other taxation and social security
74,516
71,690
Other creditors
2,261,223
1,192,049
2,409,252
1,330,702
LONDON SILK HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
1,250,000

Bank loans are secured by a fixed and floating charge over the company's assets.

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