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REGISTERED NUMBER: 09573413 (England and Wales)















AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

SHERATON HOTEL (BLACKPOOL) LIMITED

SHERATON HOTEL (BLACKPOOL) LIMITED (REGISTERED NUMBER: 09573413)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SHERATON HOTEL (BLACKPOOL) LIMITED

COMPANY INFORMATION
for the year ended 30 April 2024







DIRECTORS: Mrs I Seddon
N A Seddon
Mrs E P Brown





REGISTERED OFFICE: 17 St Peters Place
Fleetwood
Lancashire
FY7 6EB





REGISTERED NUMBER: 09573413 (England and Wales)





AUDITORS: Xeinadin Audit Limited
Statutory Auditor
17 St Peters Place
Fleetwood
Lancashire
FY7 6EB

SHERATON HOTEL (BLACKPOOL) LIMITED (REGISTERED NUMBER: 09573413)

BALANCE SHEET
30 April 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 73,438 132,188
Tangible assets 5 2,220,410 2,163,698
2,293,848 2,295,886

CURRENT ASSETS
Stocks 24,181 25,390
Debtors 6 718,957 632,102
Cash at bank and in hand 375,040 397,279
1,118,178 1,054,771
CREDITORS
Amounts falling due within one year 7 (1,277,617 ) (1,202,483 )
NET CURRENT LIABILITIES (159,439 ) (147,712 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,134,409

2,148,174

CREDITORS
Amounts falling due after more than one
year

8

(1,693,245

)

(1,778,123

)

PROVISIONS FOR LIABILITIES (249,499 ) (246,457 )
NET ASSETS 191,665 123,594

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 191,664 123,593
191,665 123,594

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2024 and were signed on its behalf by:





N A Seddon - Director


SHERATON HOTEL (BLACKPOOL) LIMITED (REGISTERED NUMBER: 09573413)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 April 2024

1. STATUTORY INFORMATION

Sheraton Hotel (Blackpool) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The place of business is Hotel Sheraton, 54/62 Queens Promenade, Blackpool, FY2 9RP.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The balance sheet shows net current liabilities of £159,439 (2023: £147,712). Total net assets £191,665 (2023: £123,594).

The group is dependent upon the continuing support of its directors and other creditors to enable it to meet its day to day working capital requirements. The directors have indicated that they are willing to provide such support for the foreseeable future and therefore believe it is appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover representing the value of services is recognised to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where the service has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Turnover representing the sale of goods is shown net of VAT and trade discounts and is recognised when the goods are physically delivered to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Nil
Fixtures and fittings - 10% on cost
Computer equipment - 20% on cost

Tangible fixed assets are initially recognised at cost and depreciated to residual value over their useful economic lives. Depreciation is not provided for in respect of freehold properties. In the opinion of the directors, the residual value of the freehold properties at the end of their useful lives are expected to be such that any depreciation would be wholly immaterial.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


SHERATON HOTEL (BLACKPOOL) LIMITED (REGISTERED NUMBER: 09573413)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 86 (2023 - 82 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 587,500
AMORTISATION
At 1 May 2023 455,312
Charge for year 58,750
At 30 April 2024 514,062
NET BOOK VALUE
At 30 April 2024 73,438
At 30 April 2023 132,188

SHERATON HOTEL (BLACKPOOL) LIMITED (REGISTERED NUMBER: 09573413)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 May 2023 1,055,742 2,105,698 20,784 3,182,224
Additions 106,373 179,014 464 285,851
At 30 April 2024 1,162,115 2,284,712 21,248 3,468,075
DEPRECIATION
At 1 May 2023 - 1,000,038 18,488 1,018,526
Charge for year - 228,472 667 229,139
At 30 April 2024 - 1,228,510 19,155 1,247,665
NET BOOK VALUE
At 30 April 2024 1,162,115 1,056,202 2,093 2,220,410
At 30 April 2023 1,055,742 1,105,660 2,296 2,163,698

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 675,365 598,256
Other debtors 4,509 710
Prepayments and accrued income 39,083 33,136
718,957 632,102

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 84,311 78,110
Trade creditors 635,998 490,357
Amounts owed to group undertakings 297,668 297,668
Tax 53,704 81,046
Social security and other taxes 16,761 21,363
VAT 95,829 115,283
Other creditors 6,890 8,555
Accruals and deferred income 86,456 110,101
1,277,617 1,202,483

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 82,119 83,217
Bank loans - 2-5 years 1,611,126 1,694,906
1,693,245 1,778,123

SHERATON HOTEL (BLACKPOOL) LIMITED (REGISTERED NUMBER: 09573413)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 5,645 4,187
Between one and five years 21,641 698
27,286 4,885

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loan 1,777,555 1,856,233

The bank loan is secured against the freehold property.

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Charles F Bryning FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited

12. CONTINGENT LIABILITIES

A cross-company unlimited guarantee is in place in favour of one of the company's bankers between the company and Elgin Hotel Limited. At the balance sheet date monies owing to the bank totals £1,777,555 (2023 - £1,856,233).

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

14. ULTIMATE CONTROLLING PARTY

Sheraton Hotel (Blackpool) Limited is a subsidiary of Alf Seddon Limited of 17 St Peter's Place, Fleetwood, Lancashire, FY7 6EB.