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REGISTERED NUMBER: 00978501 (England and Wales)















AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

ELGIN HOTEL LIMITED

ELGIN HOTEL LIMITED (REGISTERED NUMBER: 00978501)






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


ELGIN HOTEL LIMITED

COMPANY INFORMATION
for the year ended 30 April 2024







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





SECRETARY: Mr N A Seddon





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





REGISTERED NUMBER: 00978501 (England and Wales)





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

ELGIN HOTEL LIMITED (REGISTERED NUMBER: 00978501)

BALANCE SHEET
30 April 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 3,210,085 2,933,277
3,210,085 2,933,277

CURRENT ASSETS
Stocks 30,046 26,590
Debtors 6 692,577 681,830
Cash at bank and in hand 250,794 382,914
973,417 1,091,334
CREDITORS
Amounts falling due within one year 7 (1,864,847 ) (1,770,487 )
NET CURRENT LIABILITIES (891,430 ) (679,153 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,318,655

2,254,124

CREDITORS
Amounts falling due after more than one
year

8

(587,750

)

(621,636

)

PROVISIONS FOR LIABILITIES (351,466 ) (302,443 )
NET ASSETS 1,379,439 1,330,045

CAPITAL AND RESERVES
Called up share capital 50,300 50,300
Share premium 5,100 5,100
Revaluation reserve 10 1,029,633 1,051,572
Other reserves 2,500 2,500
Retained earnings 291,906 220,573
SHAREHOLDERS' FUNDS 1,379,439 1,330,045

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:





Mr N A Seddon - Director


ELGIN HOTEL LIMITED (REGISTERED NUMBER: 00978501)

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

1. STATUTORY INFORMATION

Elgin Hotel 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.

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 £891,430 (2023: £679,153). Total net assets £1,379,439 (2023: £1,330,045).

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.

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
Motor vehicles - 20% on reducing balance
Computer equipment - 20% on cost

Land and buildings are stated at cost (or deemed cost for land and buildings held at valuation at the date of transition to FRS 102).

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.

Financial instruments
Other debtors contains a bond which is recognised at cost, this matures in under 12 months and is therefore recognised as current asset.

ELGIN HOTEL LIMITED (REGISTERED NUMBER: 00978501)

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 62 (2023 - 64 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 27,500
AMORTISATION
At 1 May 2023
and 30 April 2024 27,500
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

ELGIN HOTEL LIMITED (REGISTERED NUMBER: 00978501)

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

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2023 2,239,216 3,176,399 43,890 102,500 5,562,005
Additions 186,535 250,083 - 3,102 439,720
At 30 April 2024 2,425,751 3,426,482 43,890 105,602 6,001,725
DEPRECIATION
At 1 May 2023 - 2,514,457 15,800 98,471 2,628,728
Charge for year - 154,384 5,618 2,910 162,912
At 30 April 2024 - 2,668,841 21,418 101,381 2,791,640
NET BOOK VALUE
At 30 April 2024 2,425,751 757,641 22,472 4,221 3,210,085
At 30 April 2023 2,239,216 661,942 28,090 4,029 2,933,277

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 297,668 297,668
Other debtors 385,493 373,283
Prepayments and accrued income 9,416 10,879
692,577 681,830

Other debtors contains £380,657 (2023 - £362,642) which represents a cash backed bond issued to ABTA Insurance PCC Ltd, this will mature March 2025.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 28,104 26,037
Hire purchase contracts 5,503 4,786
Trade creditors 781,389 806,601
Amounts owed to group undertakings 799,107 712,897
Tax 77,629 60,222
Social security and other taxes 17,245 16,015
VAT 82,688 63,210
Other creditors 265 105
Accruals and deferred income 72,917 80,614
1,864,847 1,770,487

ELGIN HOTEL LIMITED (REGISTERED NUMBER: 00978501)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 29,941 27,739
Bank loans - 2-5 years 534,473 564,969
Hire purchase contracts 23,336 28,928
587,750 621,636

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 28,839 33,714
Bank Loans 592,519 618,744
621,358 652,458

Assets financed under hire purchase are secured upon the assets to which they relate.

10. RESERVES
Revaluation
reserve
£   
At 1 May 2023 1,051,572
Movement on deferred tax (21,939 )

At 30 April 2024 1,029,633

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 Sheraton Hotel (Blackpool) limited. At the balance sheet date monies owing to the bank totals £592,519 (2023 - £618,744).

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. CONTROLLING PARTY

Elgin Hotel Limited is a subsidiary of Alf Seddon Limited of 17 St Peters Place, Fleetwood, Lancashire, FY7 6EB.