Richmond Company 222 Limited 06506069 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of operating the Parade Park Hotel, Bath. Digita Accounts Production Advanced 6.30.9574.0 true true 06506069 2023-04-01 2024-03-31 06506069 2024-03-31 06506069 bus:OrdinaryShareClass1 2024-03-31 06506069 core:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 06506069 core:RetainedEarningsAccumulatedLosses 2024-03-31 06506069 core:RevaluationReserve 2024-03-31 06506069 core:ShareCapital 2024-03-31 06506069 core:CurrentFinancialInstruments 2024-03-31 06506069 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06506069 core:Non-currentFinancialInstruments 2024-03-31 06506069 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 06506069 core:FurnitureFittingsToolsEquipment 2024-03-31 06506069 core:LandBuildings 2024-03-31 06506069 core:OtherPropertyPlantEquipment 2024-03-31 06506069 bus:SmallEntities 2023-04-01 2024-03-31 06506069 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06506069 bus:FullAccounts 2023-04-01 2024-03-31 06506069 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06506069 bus:RegisteredOffice 2023-04-01 2024-03-31 06506069 bus:Director1 2023-04-01 2024-03-31 06506069 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 06506069 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06506069 core:FurtherSpecificReserve1ComponentTotalEquity 2023-04-01 2024-03-31 06506069 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 06506069 core:RevaluationReserve 2023-04-01 2024-03-31 06506069 core:ShareCapital 2023-04-01 2024-03-31 06506069 core:Goodwill 2023-04-01 2024-03-31 06506069 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 06506069 core:LandBuildings 2023-04-01 2024-03-31 06506069 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 06506069 core:PlantMachinery 2023-04-01 2024-03-31 06506069 countries:EnglandWales 2023-04-01 2024-03-31 06506069 2023-03-31 06506069 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 06506069 core:RetainedEarningsAccumulatedLosses 2023-03-31 06506069 core:RevaluationReserve 2023-03-31 06506069 core:ShareCapital 2023-03-31 06506069 core:FurnitureFittingsToolsEquipment 2023-03-31 06506069 core:LandBuildings 2023-03-31 06506069 core:OtherPropertyPlantEquipment 2023-03-31 06506069 2022-08-01 2023-03-31 06506069 2023-03-31 06506069 bus:OrdinaryShareClass1 2023-03-31 06506069 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 06506069 core:RetainedEarningsAccumulatedLosses 2023-03-31 06506069 core:RevaluationReserve 2023-03-31 06506069 core:ShareCapital 2023-03-31 06506069 core:CurrentFinancialInstruments 2023-03-31 06506069 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06506069 core:Non-currentFinancialInstruments 2023-03-31 06506069 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 06506069 core:FurnitureFittingsToolsEquipment 2023-03-31 06506069 core:LandBuildings 2023-03-31 06506069 core:OtherPropertyPlantEquipment 2023-03-31 06506069 core:FurtherSpecificReserve1ComponentTotalEquity 2022-08-01 2023-03-31 06506069 core:RetainedEarningsAccumulatedLosses 2022-08-01 2023-03-31 06506069 core:RevaluationReserve 2022-08-01 2023-03-31 06506069 core:ShareCapital 2022-08-01 2023-03-31 06506069 2022-07-31 06506069 core:FurtherSpecificReserve1ComponentTotalEquity 2022-07-31 06506069 core:RetainedEarningsAccumulatedLosses 2022-07-31 06506069 core:RevaluationReserve 2022-07-31 06506069 core:ShareCapital 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Richmond Company 222 Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2024

Registration number: 06506069

 

Richmond Company 222 Limited

Contents

Balance Sheet

1 to 2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 10

 

Richmond Company 222 Limited

Balance Sheet

31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

5,863,278

5,666,665

Investment property

5

225,500

225,500

 

6,088,778

5,892,165

Current assets

 

Stocks

6

-

4,325

Debtors

7

1,045,153

1,513,790

Cash at bank and in hand

 

68,637

1,225

 

1,113,790

1,519,340

Creditors: Amounts falling due within one year

8

(97,438)

(76,268)

Net current assets

 

1,016,352

1,443,072

Total assets less current liabilities

 

7,105,130

7,335,237

Creditors: Amounts falling due after more than one year

8

(3,133,150)

(3,133,150)

Provisions for liabilities

(966,976)

(966,976)

Net assets

 

3,005,004

3,235,111

Capital and reserves

 

Called up share capital

10

2

2

Revaluation reserve

3,119,874

3,119,874

Other reserves

126,109

126,109

Profit and loss account

(240,981)

(10,874)

Shareholders' funds

 

3,005,004

3,235,111

 

Richmond Company 222 Limited

Balance Sheet

31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 

.........................................
J J Bester
Director

   
     

Company Registration Number: 06506069

 

Richmond Company 222 Limited

Statement of Changes in Equity

Year Ended 31 March 2024

Share capital
£

Revaluation reserve
£

Other reserves
£

Profit and loss account
£

Total
£

At 1 April 2023

2

3,119,874

126,109

(10,874)

3,235,111

Loss for the year

-

-

-

(230,107)

(230,107)

At 31 March 2024

2

3,119,874

126,109

(240,981)

3,005,004

Share capital
£

Revaluation reserve
£

Other reserves
£

Profit and loss account
£

Total
£

At 1 August 2022

2

3,500,779

141,505

148,468

3,790,754

Loss for the year

-

-

-

(159,342)

(159,342)

Other comprehensive income

-

(380,905)

(15,396)

-

(396,301)

Total comprehensive income

-

(380,905)

(15,396)

(159,342)

(555,643)

At 31 March 2023

2

3,119,874

126,109

(10,874)

3,235,111

 

Richmond Company 222 Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

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:
2nd Floor
10 Bridge Street
Bath
Somerset
BA2 4AS
United Kingdom

The principal place of business is:
The Parade Park Hotel
8,9,10 North Parade
Bath
BA2 4AL

These financial statements were authorised for issue by the Board 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates, and requires management to exercise judgement in applying the company's accounting policies. Further commentary is provided later in this note.

The functional currency of the company is considered to be pounds sterling because this is the currency of the primary economic environment in which the company operates. Monetary accounts in these financial statements are rounded to the nearest pound.

 

Richmond Company 222 Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Going concern

The directors have considered the appropriateness of the application of going concern assertion. In making this assessment management have reviewed plans for an extensive refurbishment of the hotel, which will be funded by additional borrowings.

On the basis of the above, coupled with shareholder support, management continue to apply the going concern assertion in the preparation of the financial statements.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Accommodation revenue is recognised at the point of the customer staying in the room. Deposits received in advance of customer stays are treated as payments on account and recognised within creditors due within one year.

Food, beverage and other income is recognised at the point of sale.

Rental income is recognised on a straight line basis.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Richmond Company 222 Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Tangible assets

Tangible fixed assets under the cost model are stated at valuation less accumulated depreciation and any accumulated impairment losses. The valuation includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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

Freehold land and buildings

Not depreciated

Plant and machinery

5% to 25% straight line basis

Fixtures and fittings

5% to 25% straight line basis

Revaluation of tangible fixed assets

Properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent impairment losses. Revaluations are performed with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in the statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life. The goodwill on the balance sheet is fully amortised.

Asset class

Amortisation method and rate

Goodwill

10 year straight line basis

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.

 

Richmond Company 222 Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Defined contribution pension obligation

Defined contribution pension scheme costs are recognised on an accruals basis in profit and loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled. Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

Critical judgement and estimation uncertainty

In applying the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

Richmond Company 222 Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 6).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

5,574,500

12,581

212,712

5,799,793

Additions

196,613

-

-

196,613

At 31 March 2024

5,771,113

12,581

212,712

5,996,406

Depreciation

At 1 April 2023

-

1,889

131,239

133,128

At 31 March 2024

-

1,889

131,239

133,128

Carrying amount

At 31 March 2024

5,771,113

10,692

81,473

5,863,278

At 31 March 2023

5,574,500

10,692

81,473

5,666,665

Included within the net book value of land and buildings above is £5,771,113 (2023 - £5,574,500) in respect of freehold land and buildings.
 

5

Investment properties

2024
£

At 1 April 2023

225,500

At 31 March 2024

225,500

Investment property valued on an open market basis on 31 July 2018 by the directors.

The open market value of the investment property has been considered by the directors with a conclusion that any change since the last valuation is not material.

There has been no valuation of investment property by an independent valuer.

 

Richmond Company 222 Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

6

Stocks

2024
£

2023
£

Other inventories

-

4,325

7

Debtors

2024
£

2023
£

Trade debtors

10,175

-

Amounts due from group undertakings

1,014,964

1,477,743

Other debtors

16,640

13,563

Prepayments

3,374

22,484

1,045,153

1,513,790

8

Creditors

Creditors: amounts falling due within one year

2024
£

31 March 2023
 £

Due within one year

Trade creditors

66,476

2,656

Social security and other taxes

10,148

1,467

Outstanding defined contribution pension costs

57

57

Other creditors

396

54,563

Accrued expenses

13,671

11,275

Payments on account

6,690

6,250

97,438

76,268

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

3,133,150

3,133,150

 

Richmond Company 222 Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

9

Loans and borrowings

2024
£

2023
£

Loans and borrowings due after one year

Bank borrowings

3,133,150

3,133,150

The amounts shown as bank borrowings are secured by means of:

- Fixed and floating charges over the property owned by the company;
- Guarantee and share charge provided by Parade Park Hotel Limited (being the parent undertaking to Richmond 222 Company Limited).

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2