Company Registration No. 13453220 (England and Wales)
WINCHESTER HOTEL AND SPA LIMITED
DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
WINCHESTER HOTEL AND SPA LIMITED
COMPANY INFORMATION
Directors
Mr J S Matharu
Mr T S Matharu
Mr R S Matharu
Miss S Matharu
(Appointed 22 September 2022)
Company number
13453220
Registered office
Winchester Hotel & Spa
Worthy Lane
Winchester
SO23 7AB
Auditor
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
WINCHESTER HOTEL AND SPA LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 18
WINCHESTER HOTEL AND SPA LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The directors present the strategic report for the year ended 31 March 2023.

Fair review of the business

The principal activity of the company is that of owning and operating a hotel.

 

Following the purchase of the The Winchester Hotel & Spa in July 2021 the company has continued with the operation of the hotel alongside alongside works to to modernise, expand and improve facilities at the property.

Principal risks and uncertainties

Supplier price risk and supply chain risk

This relates to the risk the company is unable to procure goods for the hotel, due to issues in the supply chain, or the cost of these goods have significant increases. The company mitigates this risk by using a variety of suppliers and aims to procure goods from locally sourcing suppliers where possible.

 

Political and regulatory environment - Brexit implications

Despite the exit from the EU on 31 January 2020, there still remains insufficient information, distorted by the intervening pandemic, about the longer term effects of the post-Brexit trading arrangements between the UK and the EU, particularly in respect of labour and passenger movement, and the impact on business and leisure travel trends, to draw any broad conclusions about the probable impact on the UK hospitality sector. The directors continue to monitor developments and consider that Brexit is not expected to have a material long term impact on the company.

 

Inflation

Along with others in the sector since the year end, the company is experiencing significant inflationary pressures arising from the current Cost of Living crisis affecting the UK which has arisen from the post COVID-19 recovery effects alongside the war in Ukraine.

 

Labour supply

The hotel and hospitality industry, alongside other sectors, is still experiencing challenges in retaining and recruiting staff and is currently experiencing acute staff shortages. The directors are exploring all avenues available to recruit more staff and alongside measures to retain retain existing staff where practical.

Development and performance

The company's loss / (profit) on ordinary activities after taxation was £1,094,345 (2022: (£546,731)). At the balance sheet date the company had net current liabilities of £11,952,174 (2022: £9,540,487) and net total liabilities/ (assets) shareholders funds were £547,613 (2022: (£546,732)).

Key performance indicators

Whilst the company does not place significant value or weight on the KPIs used widely throughout the Hotel Operating and Leisure Industry, it does monitor performance against some published data on some KPIs to indicate its relative performance against its competitors. In addition, such data is used in the management of costs and working capital to improve operating profit. The major KPIs which it uses for these purposes are:

 

The directors have due regard to these ratios and aim to improve them on a continuing basis. .

WINCHESTER HOTEL AND SPA LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

On behalf of the board

Mr R S Matharu
Director
10 October 2024
WINCHESTER HOTEL AND SPA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J S Matharu
Mr T S Matharu
Mr R S Matharu
Miss S Matharu
(Appointed 22 September 2022)
Auditor

John Cumming Ross Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

WINCHESTER HOTEL AND SPA LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
On behalf of the board
Mr R S Matharu
Director
10 October 2024
WINCHESTER HOTEL AND SPA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF WINCHESTER HOTEL AND SPA LIMITED
- 5 -
Opinion

We have audited the financial statements of Winchester Hotel and Spa Limited (the 'company') for the year ended 31 March 2023 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty relating to going concern

We draw attention to note 1.2 in the financial statements, which indicates that as at 31 March 2022 the Company had net current liabilities. As stated in note 1.2, these events or conditions, along with other matters as set forth in note 1.2, indicate that a material uncertainty exists that may cast doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

WINCHESTER HOTEL AND SPA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF WINCHESTER HOTEL AND SPA LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Discussions were held with the managing director with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. The outcomes of these discussions and enquiries were shared with the engagement team. During the engagement briefing it was considered how and where fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the year end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

WINCHESTER HOTEL AND SPA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF WINCHESTER HOTEL AND SPA LIMITED
- 7 -

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. There is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with the ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member for our audit work, for this report, or for the opinions we have formed.

Balvantkumar B Patel (Senior Statutory Auditor)
For and on behalf of John Cumming Ross Limited
Chartered Certified Accountants and Statutory Auditors
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
11 October 2024
WINCHESTER HOTEL AND SPA LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
Year
period
ended
ended
31 March
31 March
2023
2022
Notes
£
£
Turnover
3
3,322,934
2,789,825
Cost of sales
(2,539,832)
(1,499,292)
Gross profit
783,102
1,290,533
Administrative expenses
(1,426,861)
(1,063,096)
Other operating income
-
0
11,766
(Loss)/profit before taxation
(643,759)
239,203
Tax on (loss)/profit
6
(450,586)
307,528
(Loss)/profit for the financial year
(1,094,345)
546,731

The profit and loss account has been prepared on the basis that all operations are continuing operations.

WINCHESTER HOTEL AND SPA LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
7
11,547,619
10,087,219
Current assets
Stocks
8
16,470
20,780
Debtors
9
895,578
1,040,783
Cash at bank and in hand
242,701
114,984
1,154,749
1,176,547
Creditors: amounts falling due within one year
10
(13,106,923)
(10,717,034)
Net current liabilities
(11,952,174)
(9,540,487)
Total assets less current liabilities
(404,555)
546,732
Provisions for liabilities
Deferred tax liability
11
143,058
-
0
(143,058)
-
Net (liabilities)/assets
(547,613)
546,732
Capital and reserves
Called up share capital
13
1
1
Profit and loss reserves
(547,614)
546,731
Total equity
(547,613)
546,732
The financial statements were approved by the board of directors and authorised for issue on 10 October 2024 and are signed on its behalf by:
Mr R S Matharu
Director
Company Registration No. 13453220
WINCHESTER HOTEL AND SPA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 14 June 2021
-
0
-
0
-
0
Period ended 31 March 2022:
Profit and total comprehensive income for the period
-
546,731
546,731
Issue of share capital
13
1
-
1
Balance at 31 March 2022
1
546,731
546,732
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
(1,094,345)
(1,094,345)
Balance at 31 March 2023
1
(547,614)
(547,613)
WINCHESTER HOTEL AND SPA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
1
Accounting policies
Company information

Winchester Hotel and Spa Limited is a private company limited by shares incorporated in England and Wales. The registered office is Winchester Hotel & Spa, Worthy Lane, Winchester, SO23 7AB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

Winchester Hotel and Spa Limited is a wholly owned subsidiary of New Gem Holdings Limited and the results of Winchester Hotel and Spa Limited are included in the consolidated financial statements of New Gem Holdings Limited which are available from Lion House, 72-75 Red Lion Street London WC1R 4NA.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company incurred a loss for the year ended 31 March 2023 and had net total liabilities at that date. The company is a wholly owned subsidiary of Jastar Capital Limited and an ultimate subsidiary undertaking of New Gem Holdings Limited. Jastar Capital Limited has agreed to provide ongoing financial support to the company. Hence, the company has chosen to continue to adopt the going concern basis of accounting in preparing the financial statements. true

1.3
Turnover

Turnover is derived from hotel operations, primarily from the rental of rooms, conference and banqueting, the spa, food and beverage sales, and is recognised at the fair value of the consideration received or receivable for goods and services provided, and is shown net of VAT and other sales related taxes.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

WINCHESTER HOTEL AND SPA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 12 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
1% per annum on a straight line basis
Plant and equipment
20% per annum on a straight line basis
Fixtures and fittings
20% per annum on a straight line basis
Computers
20% per annum on a straight line basis

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

WINCHESTER HOTEL AND SPA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

WINCHESTER HOTEL AND SPA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 14 -
1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Hotel operating income
3,322,934
2,789,825

The whole of the turnover is attributable to the United Kingdom market.

4
Operating (loss)/profit
2023
2022
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(1)
-
0
Fees payable to the company's auditor for the audit of the company's financial statements
8,075
7,500
Depreciation of owned tangible fixed assets
176,007
100,150
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Administration
1
8
Hotel operations
72
76
Total
73
84
WINCHESTER HOTEL AND SPA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Employees
(Continued)
- 15 -

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
1,677,314
1,021,257
Social security costs
88,188
48,762
Pension costs
39,278
16,565
1,804,780
1,086,584
6
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
450,586
(307,528)

The actual charge/(credit) for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
(Loss)/profit before taxation
(643,759)
239,203
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(122,314)
45,449
Tax effect of expenses that are not deductible in determining taxable profit
-
0
1,345
Unutilised tax losses carried forward
275,734
-
0
Group relief
-
0
(31,733)
Capital allowances in excess of depreciation
(153,420)
(15,061)
Deferred tax charge
450,586
(307,528)
Taxation charge/(credit) for the year
450,586
(307,528)
WINCHESTER HOTEL AND SPA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 16 -
7
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 April 2022
9,803,378
27,122
350,228
6,641
10,187,369
Additions
157,433
351
1,458,688
19,935
1,636,407
At 31 March 2023
9,960,811
27,473
1,808,916
26,576
11,823,776
Depreciation and impairment
At 1 April 2022
53,152
2,615
43,779
604
100,150
Depreciation charged in the year
81,014
3,072
84,871
7,050
176,007
At 31 March 2023
134,166
5,687
128,650
7,654
276,157
Carrying amount
At 31 March 2023
9,826,645
21,786
1,680,266
18,922
11,547,619
At 31 March 2022
9,750,226
24,507
306,449
6,037
10,087,219
8
Stocks
2023
2022
£
£
Finished goods and goods for resale
16,470
20,780
9
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
26,648
85,052
Amounts owed by group undertakings
630,000
630,000
Other debtors
97,694
18,203
Prepayments and accrued income
141,236
-
0
895,578
733,255
Deferred tax asset (note 11)
-
0
307,528
895,578
1,040,783
WINCHESTER HOTEL AND SPA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 17 -
10
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
780,570
234,045
Amounts owed to group undertakings
12,009,230
10,162,390
Other creditors
133,849
96,006
Accruals and deferred income
183,274
224,593
13,106,923
10,717,034
11
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accelerated capital allowances
143,058
-
-
307,528
2023
Movements in the year:
£
Asset at 1 April 2022
(307,528)
Charge to profit or loss
450,586
Liability at 31 March 2023
143,058
12
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
39,278
16,565

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

13
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
WINCHESTER HOTEL AND SPA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 18 -
14
Related party transactions

The company has taken advantage of the exemptions provided by Section 33 of FRS 102 'Related Party Disclosures' and has not disclosed transactions entered into between two or more members of a group, providing that any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group.

 

At the balance sheet date the amount due to Jastar Capital Limited, the immediate parent undertaking, was £12,009,230 (2022: £10,162,390).

 

At the balance sheet date the amount due from Richmond & Hampshire Limited, a fellow group undertaking, was £630,000 (2022: £630,000)

15
Ultimate controlling party

The immediate parent undertaking is Jastar Capital Limited, a company incorporated in England and Wales, and ultimate parent undertaking is New Gem Holdings Limited, a company also incorporated in England and Wales. New Gem Holdings Limited also heads the smallest and largest group for which consolidated financial statements are prepared. The consolidated financial statements of New Gem Holdings Limited are available from its registered office Lion House, 72-75 Red Lion Street, London SW1P 1JU, United Kingdom.

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