32 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 10315576 2023-01-01 2023-12-31 10315576 2023-12-31 10315576 2022-12-31 10315576 2022-01-01 2022-12-31 10315576 2022-12-31 10315576 2021-12-31 10315576 core:NetGoodwill 2023-01-01 2023-12-31 10315576 core:PlantMachinery 2023-01-01 2023-12-31 10315576 core:MotorVehicles 2023-01-01 2023-12-31 10315576 bus:Director1 2023-01-01 2023-12-31 10315576 core:NetGoodwill 2022-12-31 10315576 core:NetGoodwill 2023-12-31 10315576 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 10315576 core:PlantMachinery 2022-12-31 10315576 core:FurnitureFittings 2022-12-31 10315576 core:MotorVehicles 2022-12-31 10315576 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 10315576 core:PlantMachinery 2023-12-31 10315576 core:FurnitureFittings 2023-12-31 10315576 core:MotorVehicles 2023-12-31 10315576 core:FurnitureFittings 2023-01-01 2023-12-31 10315576 core:WithinOneYear 2023-12-31 10315576 core:WithinOneYear 2022-12-31 10315576 core:AfterOneYear 2023-12-31 10315576 core:AfterOneYear 2022-12-31 10315576 core:ShareCapital 2023-12-31 10315576 core:ShareCapital 2022-12-31 10315576 core:RetainedEarningsAccumulatedLosses 2023-12-31 10315576 core:RetainedEarningsAccumulatedLosses 2022-12-31 10315576 core:NetGoodwill 2022-12-31 10315576 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 10315576 core:PlantMachinery 2022-12-31 10315576 core:FurnitureFittings 2022-12-31 10315576 core:MotorVehicles 2022-12-31 10315576 bus:SmallEntities 2023-01-01 2023-12-31 10315576 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 10315576 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10315576 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10315576 bus:FullAccounts 2023-01-01 2023-12-31 10315576 core:IntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 10315576 core:IntangibleAssetsOtherThanGoodwill 2023-12-31 10315576 core:IntangibleAssetsOtherThanGoodwill 2022-12-31 10315576 core:KeyManagementPersonnel 2023-01-01 2023-12-31 10315576 core:AllAssociates 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 10315576
The Rose Hotel Limited
Filleted Unaudited Financial Statements
31 December 2023
The Rose Hotel Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
The Rose Hotel Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
99,123
123,883
Tangible assets
6
303,198
314,641
---------
---------
402,321
438,524
Current assets
Stocks
7,713
12,500
Debtors
7
362,515
354,998
Cash at bank and in hand
111,480
261,514
---------
---------
481,708
629,012
Creditors: amounts falling due within one year
8
( 352,110)
( 584,681)
---------
---------
Net current assets
129,598
44,331
---------
---------
Total assets less current liabilities
531,919
482,855
Creditors: amounts falling due after more than one year
9
( 42,154)
( 90,193)
Provisions
( 19,585)
( 17,208)
---------
---------
Net assets
470,180
375,454
---------
---------
Capital and reserves
Called up share capital
999
999
Profit and loss account
469,181
374,455
---------
---------
Shareholders funds
470,180
375,454
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Rose Hotel Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 14 October 2024 , and are signed on behalf of the board by:
C Hicks
Director
Company registration number: 10315576
The Rose Hotel Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kingsdown Place, Kingsdown Park Upper Street, Kingsdown, Deal, CT14 8EU, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
Other Intangiable Assets
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Fixtures, fittings and equipment
-
20% & 33% reducing balance
Motor vehicles
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 32 (2022: 28 ).
5. Intangible assets
Goodwill
Other Intangible Assets
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
240,000
7,603
247,603
---------
-------
---------
Amortisation
At 1 January 2023
120,000
3,720
123,720
Charge for the year
24,000
760
24,760
---------
-------
---------
At 31 December 2023
144,000
4,480
148,480
---------
-------
---------
Carrying amount
At 31 December 2023
96,000
3,123
99,123
---------
-------
---------
At 31 December 2022
120,000
3,883
123,883
---------
-------
---------
6. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
187,463
174,757
84,277
61,961
508,458
Additions
1,410
10,174
6,210
17,794
---------
---------
--------
--------
---------
At 31 December 2023
187,463
176,167
94,451
68,171
526,252
---------
---------
--------
--------
---------
Depreciation
At 1 January 2023
112,406
51,739
29,672
193,817
Charge for the year
12,611
8,926
7,700
29,237
---------
---------
--------
--------
---------
At 31 December 2023
125,017
60,665
37,372
223,054
---------
---------
--------
--------
---------
Carrying amount
At 31 December 2023
187,463
51,150
33,786
30,799
303,198
---------
---------
--------
--------
---------
At 31 December 2022
187,463
62,351
32,538
32,289
314,641
---------
---------
--------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
10,818
19,880
Other debtors
351,697
335,118
---------
---------
362,515
354,998
---------
---------
Included within Other Debtors is a loan balance of £172,140 which falls due for payment after more than one year.
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
84,535
83,068
Corporation tax
48,438
56,540
Social security and other taxes
72,043
78,846
Other creditors
137,094
356,227
---------
---------
352,110
584,681
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,000
25,000
Other creditors
27,154
65,193
--------
--------
42,154
90,193
--------
--------
10. Related party transactions
As at the end of the year, the company owed the Directors £99,612 (2022: £359,733) which included £27,154 (2022: £65,193) due after one year. No interest was charged on this balance. As at the end of the year the company was owed £186,172 (2022: £145,533) by entities associated through common control and owed £25,503 (2022: £Nil) to entities associated through common control.