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Parade Park Hotel Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2024

Registration number: 14144262

 

Parade Park Hotel Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

Accountants' Report

6

 

Parade Park Hotel Limited

Balance Sheet

31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

3,666,521

3,666,521

Current assets

 

Debtors

5

240,213

293,223

Cash at bank and in hand

 

37,140

135

 

277,353

293,358

Creditors: Amounts falling due within one year

6

(4,006,662)

(4,003,194)

Net current liabilities

 

(3,729,309)

(3,709,836)

Net liabilities

 

(62,788)

(43,315)

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

(62,888)

(43,415)

Shareholders' deficit

 

(62,788)

(43,315)

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: 14144262

 

Parade Park Hotel 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

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.

The financial statements are prepared in pounds sterling which is the functional currency of the company.

Monetary amounts in these financial statements are rounded to the nearest pound.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Going concern

At the balance sheet date the company had net liabilities of £62,788 (2023 - £43,315).

The company continues to operate as a going concern by virtue of the continued support of the shareholders who have extended loans to the company to fund acquisitions in the period and working capital.

Investments

Investments in subsidiaries are carried at cost less impairment.

 

Parade Park Hotel Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Amounts due from group undertakings,
• Cash and bank balances.
• Loans from connected entities

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.

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.


 

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.

In the opinion of the Directors, at a company level there are no areas where there exists any key areas of judgement or estimation uncertainty.

3

Staff numbers

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

 

Parade Park Hotel Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

4

Investments

2024
£

2023
£

Investments in subsidiaries

3,666,521

3,666,521

Subsidiaries

£

Cost or valuation

At 1 April 2023 and 31 March 2024

3,666,521

Carrying amount

At 31 March 2024

3,666,521

At 31 March 2023

3,666,521

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Richmond Company 222 Limited

England and Wales

100%

100%

The Kennard (Bath) Limited

England and Wales

100%

100%

The registered office of both Richmond Company 222 Limited and the Kennard (Bath) Limited is 2nd Floor, 10 Bridge Street, Bath, Somerset, United Kingdom, BA2 4AS.

The principal operation of both of these entities is that of a hotelier.

The year end of all group undertakings is 31 March.

 

Parade Park Hotel Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

5

Debtors

2024
£

2023
£

Amounts owed by group undertakings

233,999

263,999

Other debtors

6,214

29,224

240,213

293,223

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

31 March 2023
 £

Due within one year

 

Loans and borrowings

7

2,943,951

2,523,951

Trade creditors

 

17,633

-

Amounts due to group undertakings

1,014,964

1,477,743

Other creditors

 

27,114

-

Accrued expenses

 

3,000

1,500

 

4,006,662

4,003,194

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

2,943,951

2,523,951

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.01 each

10,000

100

10,000

100

         
 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Parade Park Hotel Limited

Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Parade Park Hotel Limited for the year ended 31 March 2024 as set out on pages 1 to 5 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Parade Park Hotel Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Parade Park Hotel Limited and state those matters that we have agreed to state to the Board of Directors of Parade Park Hotel Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parade Park Hotel Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Parade Park Hotel Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Parade Park Hotel Limited. You consider that Parade Park Hotel Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Parade Park Hotel Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

24 September 2024