Year Ended
Registration number:
Richmond Company 222 Limited
Contents
Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Richmond Company 222 Limited
Balance Sheet
31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Revaluation reserve |
3,119,874 |
3,119,874 |
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Other reserves |
126,109 |
126,109 |
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Profit and loss account |
(240,981) |
(10,874) |
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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:
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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
......................................... |
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 |
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At 1 April 2023 |
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( |
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Loss for the year |
- |
- |
- |
( |
( |
At 31 March 2024 |
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( |
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Share capital |
Revaluation reserve |
Other reserves |
Profit and loss account |
Total |
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At 1 August 2022 |
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Loss for the year |
- |
- |
- |
( |
( |
Other comprehensive income |
- |
( |
( |
- |
( |
Total comprehensive income |
- |
( |
( |
( |
( |
At 31 March 2023 |
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( |
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Richmond Company 222 Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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
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
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
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- |
- |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
- |
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At 31 March 2024 |
- |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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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.
Investment properties |
2024 |
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At 1 April 2023 |
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At 31 March 2024 |
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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
Stocks |
2024 |
2023 |
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Other inventories |
- |
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Debtors |
2024 |
2023 |
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Trade debtors |
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- |
Amounts due from group undertakings |
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Other debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
2024 |
31 March 2023 |
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Due within one year |
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Trade creditors |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Other creditors |
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Accrued expenses |
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Payments on account |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Richmond Company 222 Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2024
Loans and borrowings |
2024 |
2023 |
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Loans and borrowings due after one year |
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Bank borrowings |
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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).
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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2 |
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2 |