Acorah Software Products - Accounts Production 15.0.600 false true true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 08111333 B J Powis J Powis iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08111333 frs-core:Non-currentFinancialInstruments frs-core:MoreThanFiveYears 2024-03-31 08111333 2023-03-31 08111333 2024-03-31 08111333 2023-04-01 2024-03-31 08111333 frs-core:CurrentFinancialInstruments 2024-03-31 08111333 frs-core:Non-currentFinancialInstruments 2024-03-31 08111333 frs-core:FurnitureFittings 2023-04-01 2024-03-31 08111333 frs-core:NetGoodwill 2024-03-31 08111333 frs-core:NetGoodwill 2023-04-01 2024-03-31 08111333 frs-core:NetGoodwill 2023-03-31 08111333 frs-core:LandBuildings 2024-03-31 08111333 frs-core:LandBuildings 2023-04-01 2024-03-31 08111333 frs-core:LandBuildings 2023-03-31 08111333 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08111333 frs-core:MotorVehicles 2023-04-01 2024-03-31 08111333 frs-core:PlantMachinery 2024-03-31 08111333 frs-core:PlantMachinery 2023-04-01 2024-03-31 08111333 frs-core:PlantMachinery 2023-03-31 08111333 frs-core:ShareCapital 2024-03-31 08111333 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 08111333 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08111333 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 08111333 frs-bus:SmallEntities 2023-04-01 2024-03-31 08111333 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 08111333 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08111333 frs-core:UnlistedNon-exchangeTraded 2024-03-31 08111333 frs-core:UnlistedNon-exchangeTraded 2023-03-31 08111333 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-03-31 08111333 frs-core:AdditionsToInvestments frs-core:UnlistedNon-exchangeTraded 2024-03-31 08111333 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-03-31 08111333 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-03-31 08111333 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-03-31 08111333 frs-bus:Director1 2023-04-01 2024-03-31 08111333 frs-bus:Director2 2023-04-01 2024-03-31 08111333 frs-countries:EnglandWales 2023-04-01 2024-03-31 08111333 frs-core:Non-currentFinancialInstruments frs-core:MoreThanFiveYears 2023-03-31 08111333 2022-03-31 08111333 2023-03-31 08111333 2022-04-01 2023-03-31 08111333 frs-core:CurrentFinancialInstruments 2023-03-31 08111333 frs-core:Non-currentFinancialInstruments 2023-03-31 08111333 frs-core:ShareCapital 2023-03-31 08111333 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 08111333
Powis Hotels Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 08111333
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 46,334 167,334
Tangible Assets 5 13,298,875 13,185,891
Investments 6 240 40
13,345,449 13,353,265
CURRENT ASSETS
Stocks 73,771 66,259
Debtors 7 179,870 975,691
Cash at bank and in hand 139,520 132,233
393,161 1,174,183
Creditors: Amounts Falling Due Within One Year 8 (5,407,651 ) (6,123,072 )
NET CURRENT ASSETS (LIABILITIES) (5,014,490 ) (4,948,889 )
TOTAL ASSETS LESS CURRENT LIABILITIES 8,330,959 8,404,376
Creditors: Amounts Falling Due After More Than One Year 9 (4,497,226 ) (4,789,263 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (212,268 ) (245,533 )
NET ASSETS 3,621,465 3,369,580
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 3,621,365 3,369,480
SHAREHOLDERS' FUNDS 3,621,465 3,369,580
Page 1
Page 2
For the 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.
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.
On behalf of the board
B J Powis
Director
2 October 2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Powis Hotels Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08111333 . The registered office is Riviera Hotel, Belgrave Road, Torquay, TQ2 5HJ.
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. Going Concern Disclosure
The directors consider that in their opinion the company has sufficient working capital facilities in place to be able to continue to trade for the foreseeable future and therefore the financial statements have been prepared on a going concern basis, albeit that there are net current liabilities reported on the balance sheet of £5,014,490. This is dependent on the ongoing support from the directors through their loans to the company (£712,501 balance as at 31 March 2024) and that of the company's bankers.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.5. 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 Not provided
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 25% Reducing balance
Land and buildings are not depreciated, on the basis of immateriality due to the directors' policy of annual upkeep and refurbishment of the company's properties, resulting in high residual values and long useful economic lives.
2.6. 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.
Page 3
Page 4
2.7. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 1,210,001
As at 31 March 2024 1,210,001
Amortisation
As at 1 April 2023 1,042,667
Provided during the period 121,000
As at 31 March 2024 1,163,667
Net Book Value
As at 31 March 2024 46,334
As at 1 April 2023 167,334
Page 4
Page 5
5. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost
As at 1 April 2023 12,008,873 2,935,839 14,944,712
Additions 278,779 152,559 431,338
As at 31 March 2024 12,287,652 3,088,398 15,376,050
Depreciation
As at 1 April 2023 - 1,758,821 1,758,821
Provided during the period - 318,354 318,354
As at 31 March 2024 - 2,077,175 2,077,175
Net Book Value
As at 31 March 2024 12,287,652 1,011,223 13,298,875
As at 1 April 2023 12,008,873 1,177,018 13,185,891
6. Investments
Unlisted
£
Cost
As at 1 April 2023 40
Additions 200
As at 31 March 2024 240
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 240
As at 1 April 2023 40
Investments represent holdings in associate undertakings and subsidiaries which are recognised at cost.
Page 5
Page 6
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 6,049 22,465
Other debtors 173,821 953,226
179,870 975,691
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,334,265 2,074,673
Bank loans and overdrafts 1,717,712 1,222,353
Other creditors 2,159,952 2,567,552
Taxation and social security 195,722 258,494
5,407,651 6,123,072
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 4,497,226 4,789,263
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 3,777,727 3,591,971
10. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
The bank borrowings are secured against the assets of the company.
2024 2023
£ £
Bank loans and overdrafts 5,652,438 5,199,116
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 6
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12. Related Party Transactions
During the year loans subsisted between the company and another company in which the company holds a 40% shareholding as follows:
Amounts Received from/(loaned to) the related party £810,050 (2023 - £(469,826))
Balance due from the related party at the balance sheet date £NIL (2023 - £810,050)
The loan is unsecured, interest free and repayable on demand.
Page 7