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Registered number: 01952213
The Beaufort Hotel Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 December 2023
Jaffer & Co
Unaudited Financial Statements
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—6
Page 1
Abridged Balance Sheet
Registered number: 01952213
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 27,560,487 27,482,477
27,560,487 27,482,477
CURRENT ASSETS
Stocks 375 375
Debtors 1,797,010 4,579,289
Cash at bank and in hand 34,722 58,036
1,832,107 4,637,700
Creditors: Amounts Falling Due Within One Year (468,393 ) (7,000,065 )
NET CURRENT ASSETS (LIABILITIES) 1,363,714 (2,362,365 )
TOTAL ASSETS LESS CURRENT LIABILITIES 28,924,201 25,120,112
PROVISIONS FOR LIABILITIES
Deferred Taxation - (3,900,000 )
NET ASSETS 28,924,201 21,220,112
CAPITAL AND RESERVES
Called up share capital 5 100 100
Revaluation reserve 6 20,693,085 20,693,085
Profit and Loss Account 8,231,016 526,927
SHAREHOLDERS' FUNDS 28,924,201 21,220,112
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For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Balance Sheet for the year end 31 December 2023 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Ahmed Jajbhay
Director
02/10/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
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Notes to the Abridged Financial Statements
1. General Information
The Beaufort Hotel Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01952213 . The registered office is 32 Woodstock Grove, Shepherds Bush, London, W14 8LE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Nil.
Fixtures & Fittings 15% on reducing balance.
2.4. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the
lease.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 32 (2022: 50)
32 50
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4. Tangible Assets
Total
£
Cost
As at 1 January 2023 28,762,471
Additions 125,005
As at 31 December 2023 28,887,476
Depreciation
As at 1 January 2023 1,279,994
Provided during the period 46,995
As at 31 December 2023 1,326,989
Net Book Value
As at 31 December 2023 27,560,487
As at 1 January 2023 27,482,477
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
Cost or valuation as at 31 December 2023 represented by:
Land & Property
Freehold Fixtures & Fittings Total
£ £ £
At cost 27,294,184 1,593,292 28,887,476
27,294,184 1,593,292 28,887,476
The bank borrowings of the ultimate holding company, amounting to £10,248,040 at 31st December 2023, are
secured by a first legal charge over the freehold property of the Beaufort Hotel Limited and by a debenture
comprising fixed and floating charges over all the assets and undertakings of The Beaufort Hotel Limited and by
unlimited guarantees between the Beaufort Hotel Limited and its ultimate parent company.
5. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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6. Reserves
Revaluation Reserve
£
As at 1 January 2023 20,693,085
As at 31 December 2023 20,693,085
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