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COMPANY REGISTRATION NUMBER: 09870973
THE TALBOT HOTEL (SURREY) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 November 2023
THE TALBOT HOTEL (SURREY) LIMITED
FINANCIAL STATEMENTS
Year ended 30 November 2023
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
3
THE TALBOT HOTEL (SURREY) LIMITED
BALANCE SHEET
30 November 2023
2023
2022
Note
£
£
FIXED ASSETS
Intangible assets
5
5
Tangible assets
6
3,363,110
3,406,070
------------
------------
3,363,110
3,406,075
CURRENT ASSETS
Stocks
17,868
22,360
Debtors
7
559,261
480,237
Cash at bank and in hand
239,624
339,256
---------
---------
816,753
841,853
CREDITORS: amounts falling due within one year
8
( 3,053,073)
( 2,893,489)
------------
------------
NET CURRENT LIABILITIES
( 2,236,320)
( 2,051,636)
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,126,790
1,354,439
CREDITORS: amounts falling due after more than one year
9
( 3,353,700)
( 3,349,984)
------------
------------
NET LIABILITIES
( 2,226,910)
( 1,995,545)
------------
------------
CAPITAL AND RESERVES
Called up share capital
1
1
Revaluation reserve
1,130,709
1,130,709
Profit and loss account
( 3,357,620)
( 3,126,255)
------------
------------
SHAREHOLDERS FUNDS
( 2,226,910)
( 1,995,545)
------------
------------
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 profit and loss account has not been delivered.
For the year ending 30 November 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 TALBOT HOTEL (SURREY) LIMITED
BALANCE SHEET (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 24 October 2024 , and are signed on behalf of the board by:
Mr S L Littlefair
Director
Company registration number: 09870973
THE TALBOT HOTEL (SURREY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 30 November 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 210 Cygnet Court, Centre Park, Warrington, WA1 1PP.
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.
Going concern
The accounts have been prepared on the going concern basis. The accounts show that the company had net liabilities of £2,226,910 at the balance sheet date. The directors have therefore had to consider the appropriateness of the going concern basis. The company has been able to finance its operations largely because of the support from the shareholders and other creditors. The directors are satisfied that these creditors will continue to support the company for at least the next twelve months and that, with this continuing support, the company will be able to meet its liabilities as they fall due. On the basis of the above, the directors consider it appropriate to prepare the accounts on a going concern basis.
Turnover
The turnover shown in the profit and loss account is derived from ordinary activities and represents the value of income due in the financial period, exclusive of Value Added Tax. Room income is recognised at the end of the financial day. Bar and restaurant takings are recognised at the point of sale.
Taxation
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. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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:
Freehold property
-
2% straight line
Fixtures & Fittings
-
20% straight line
Equipment
-
33% straight line
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 at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 48 (2022: 49 ).
5. INTANGIBLE ASSETS
Trademarks
£
Cost
At 1 December 2022
5
Additions
Disposals
( 5)
----
At 30 November 2023
----
Amortisation
Charge for the year
5
Disposals
( 5)
----
At 30 November 2023
----
Carrying amount
At 30 November 2023
----
At 30 November 2022
5
----
6. TANGIBLE ASSETS
Freehold property
Fixtures and fittings
Equipment
User defined asset
Total
£
£
£
£
£
Cost
At 1 December 2022
3,400,000
586,022
11,959
1
3,997,982
Additions
17,585
17,585
------------
---------
--------
----
------------
At 30 November 2023
3,400,000
603,607
11,959
1
4,015,567
------------
---------
--------
----
------------
Depreciation
At 1 December 2022
45,333
534,620
11,959
591,912
Charge for the year
45,334
15,211
60,545
------------
---------
--------
----
------------
At 30 November 2023
90,667
549,831
11,959
652,457
------------
---------
--------
----
------------
Carrying amount
At 30 November 2023
3,309,333
53,776
1
3,363,110
------------
---------
--------
----
------------
At 30 November 2022
3,354,667
51,402
1
3,406,070
------------
---------
--------
----
------------
7. DEBTORS
2023
2022
£
£
Trade debtors
16,623
9,655
Other debtors
542,638
470,582
---------
---------
559,261
480,237
---------
---------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
915,584
958,169
Trade creditors
108,644
123,925
Social security and other taxes
40,742
29,793
Other creditors
1,988,103
1,781,602
------------
------------
3,053,073
2,893,489
------------
------------
The above includes secured creditors of £915,584 (2022 - £958,169).
9. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Other creditors
3,353,700
3,349,984
------------
------------
10. RELATED PARTY TRANSACTIONS
Included within creditors due after more than one year are balances amounting to £3,353,700 (2022 - £3,349,984) due to shareholders and related companies. Interest is being charged annually on these loans at a rate of 8% per annum.