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Registration number: 05620887

The Vincent Hotel Southport Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

The Vincent Hotel Southport Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

The Vincent Hotel Southport Ltd

Company Information

Director

Paul Vincent Adams

Registered office

98 Lord Street
Southport
PR8 1JR

Accountants

Williams & Co Accountants
Pelican House
119c Eastbank Street
Southport
Merseyside
PR8 1DQ

 

The Vincent Hotel Southport Ltd

(Registration number: 05620887)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

247,473

294,868

Current assets

 

Stocks

5

29,650

45,496

Debtors

6

114,918

103,853

Cash at bank and in hand

 

34,814

55,283

 

179,382

204,632

Creditors: Amounts falling due within one year

7

(2,939,730)

(2,915,909)

Net current liabilities

 

(2,760,348)

(2,711,277)

Net liabilities

 

(2,512,875)

(2,416,409)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(2,512,975)

(2,416,509)

Shareholders' deficit

 

(2,512,875)

(2,416,409)

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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director on 24 September 2024
 

 

The Vincent Hotel Southport Ltd

(Registration number: 05620887)
Balance Sheet as at 31 December 2023

.........................................
Paul Vincent Adams
Director

 

The Vincent Hotel Southport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales..

The address of its registered office is:
98 Lord Street
Southport
PR8 1JR

These financial statements were authorised for issue by the director on 24 September 2024.

2

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.

Going concern

At the time of preparing these financial statements the director has a reasonable expectation that the company has adequate resources ot enable it to continue its operations for the foreseeable future. The director has adopted the going concern basis in preparing these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

The Vincent Hotel Southport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% straight line

Office equipment

10% straight line

Furniture and fittings

10% straight line

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 debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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 and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

The Vincent Hotel Southport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 49 (2022 - 63).

 

The Vincent Hotel Southport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

582,874

131,069

713,943

At 31 December 2023

582,874

131,069

713,943

Depreciation

At 1 January 2023

328,253

90,821

419,074

Charge for the year

39,562

7,834

47,396

At 31 December 2023

367,815

98,655

466,470

Carrying amount

At 31 December 2023

215,059

32,414

247,473

At 31 December 2022

254,620

40,248

294,868

5

Stocks

2023
£

2022
£

Raw materials and consumables

29,650

45,496

6

Debtors

Current

2023
£

2022
£

Trade debtors

65,033

50,806

Prepayments

33,591

44,069

Other debtors

16,294

8,978

 

114,918

103,853

 

The Vincent Hotel Southport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

trade creditors

 

213,638

377,692

Amounts owed to parent undertaking

11

2,420,026

2,341,906

Taxation and social security

 

156,906

90,520

Other creditors

 

149,160

105,791

 

2,939,730

2,915,909

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

440,000

440,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £440,000 (2022 - £440,000).

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,652,666 (2022 - £1,751,688). The company has provided a fixed and floating charge over all property and assets to Barclays Bank plc in respect of liabilities of its parent undertaking, The Vincent Hotel Limited.

 

The Vincent Hotel Southport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

11

Related party transactions

The company is a wholly owned subsidiary of The Vincent Hotel Limited which holds 100% of its share capital, the parent company is controlled by Mr PV Adams who holds 100% of its share capital.

Summary of transactions with parent

The company occupies premises owned by its parent company for which it pays rent of £440,000 per year