Company registration number 07545511 (England and Wales)
EXCEPTIONAL HOTELS AND RESORTS (UK) LIMITED
TRADING AS DOUBLETREE BY HILTON HOTEL NOTTINGHAM - GATEWAY
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
EXCEPTIONAL HOTELS AND RESORTS (UK) LIMITED
TRADING AS DOUBLETREE BY HILTON HOTEL NOTTINGHAM - GATEWAY
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
EXCEPTIONAL HOTELS AND RESORTS (UK) LIMITED
TRADING AS DOUBLETREE BY HILTON HOTEL NOTTINGHAM - GATEWAY
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,511,332
4,455,779
Current assets
Stocks
22,520
17,834
Debtors
4
556,874
531,139
Cash at bank and in hand
77,184
59,325
656,578
608,298
Creditors: amounts falling due within one year
5
(11,812,941)
(12,368,114)
Net current liabilities
(11,156,363)
(11,759,816)
Net liabilities
(7,645,031)
(7,304,037)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
6
(7,645,131)
(7,304,137)
Total equity
(7,645,031)
(7,304,037)
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.
EXCEPTIONAL HOTELS AND RESORTS (UK) LIMITED
TRADING AS DOUBLETREE BY HILTON HOTEL NOTTINGHAM - GATEWAY
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
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 number 07545511 (England and Wales)
EXCEPTIONAL HOTELS AND RESORTS (UK) LIMITED
TRADING AS DOUBLETREE BY HILTON HOTEL NOTTINGHAM - GATEWAY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Exceptional Hotels and Resorts (UK) 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
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
Thetrue financial statements have been prepared on a going concern basis not withstanding the net liabilities at 31 December 2023. This is because a financing loan is provided by a related party, which has pledged its ongoing support for Exceptional Hotels and Resorts (UK) Limited and, as such, the directors are confident that the company will be able to meet it's liabilities as and when they fall due. Accordingly the financial statements have been prepared on a going concern basis.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT.
Revenue from the 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 accommodation 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.
EXCEPTIONAL HOTELS AND RESORTS (UK) LIMITED
TRADING AS DOUBLETREE BY HILTON HOTEL NOTTINGHAM - GATEWAY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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:
Property improvements
4 to 10 years
Plant, fixtures and fittings
1 to 7 years
Computer equipment
1 to 8 years
Motor vehicles
3 years
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 costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Cash at bank and in hand
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
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 are classified according to the substance of the contractual arrangements entered into.
EXCEPTIONAL HOTELS AND RESORTS (UK) LIMITED
TRADING AS DOUBLETREE BY HILTON HOTEL NOTTINGHAM - GATEWAY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
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
83
88
EXCEPTIONAL HOTELS AND RESORTS (UK) LIMITED
TRADING AS DOUBLETREE BY HILTON HOTEL NOTTINGHAM - GATEWAY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Property improvements
Plant, fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
12,049,654
888,340
50,487
14,175
13,002,656
Additions
72,378
157,873
29,351
259,602
At 31 December 2023
12,122,032
1,046,213
79,838
14,175
13,262,258
Depreciation and impairment
At 1 January 2023
8,043,395
449,209
40,098
14,175
8,546,877
Depreciation charged in the year
1,046,780
147,870
9,399
1,204,049
At 31 December 2023
9,090,175
597,079
49,497
14,175
9,750,926
Carrying amount
At 31 December 2023
3,031,857
449,134
30,341
3,511,332
At 31 December 2022
4,006,259
439,131
10,389
4,455,779
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
93,235
61,394
Other debtors
72,215
78,321
165,450
139,715
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
391,424
391,424
Total debtors
556,874
531,139
EXCEPTIONAL HOTELS AND RESORTS (UK) LIMITED
TRADING AS DOUBLETREE BY HILTON HOTEL NOTTINGHAM - GATEWAY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
391,297
427,053
Taxation and social security
302,675
283,362
Other creditors
11,118,969
11,657,699
11,812,941
12,368,114
Included within taxation and social security are amounts owed to the defined contribution pension scheme of £nil (2022 - £4,954).
6
Profit and loss reserves
This comprises the opening accumulated losses and the profit or loss for the year.
7
Related party transactions
Transactions with related parties
At the balance sheet date, the company owed a related party £938,672.72 (2022 - £1,698,673). The interest free loan is repayable on demand and is included within other creditors.
At the balance sheet date, the company owed one of the directors £312,246 (2022 - £312,246). The interest free loan is repayable on demand and is included within other creditors.
The company has paid management charges of £182,703 (2022 - £146,919) to Alnosafa Management Ltd, a company based in the United Arab Emirates and controlled by a related party. At the balance sheet date, the company owed £nil (2022 - £84,216) to Alnosafa Management Ltd.
The company owes a loan of £9,491,665 (2022: £9,222,736) to Exceptional Hotels and Resorts Limited, a company based in Guernsey and controlled by a related party. The company was charged rent by Exceptional Hotels and Resorts Limited of £425,000 (2022 - £375,000). At the balance sheet date, the company is owed £106,250 (2022 - owed £93,750) to the Guernsey company which is included within trade creditors. Interest is charged on the loan at 6% above the Bank of England base rate. During the year interest of £480,000 (2022 - £422,254) is payable which relates to the year ended 31 December 2023. The loan is repayable on demand and is included within other creditors.