32 25 October 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2022-11-01 Sage Accounts Production Advanced 2023 - FRS102_2023 70,000 6,417 3,500 9,917 60,083 63,583 xbrli:pure xbrli:shares iso4217:GBP 10622253 2022-11-01 2023-10-31 10622253 2023-10-31 10622253 2022-10-31 10622253 2022-01-01 2022-10-31 10622253 2022-10-31 10622253 2021-12-31 10622253 core:LandBuildings core:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 10622253 core:FurnitureFittings 2022-11-01 2023-10-31 10622253 bus:Director2 2022-11-01 2023-10-31 10622253 core:PatentsTrademarksLicencesConcessionsSimilar 2022-10-31 10622253 core:PatentsTrademarksLicencesConcessionsSimilar 2023-10-31 10622253 core:LandBuildings core:OwnedOrFreeholdAssets 2022-10-31 10622253 core:FurnitureFittings 2022-10-31 10622253 core:LandBuildings core:OwnedOrFreeholdAssets 2023-10-31 10622253 core:FurnitureFittings 2023-10-31 10622253 core:WithinOneYear 2023-10-31 10622253 core:WithinOneYear 2022-10-31 10622253 core:AfterOneYear 2023-10-31 10622253 core:AfterOneYear 2022-10-31 10622253 core:ShareCapital 2023-10-31 10622253 core:ShareCapital 2022-10-31 10622253 core:RetainedEarningsAccumulatedLosses 2023-10-31 10622253 core:RetainedEarningsAccumulatedLosses 2022-10-31 10622253 core:PatentsTrademarksLicencesConcessionsSimilar 2022-11-01 2023-10-31 10622253 core:PatentsTrademarksLicencesConcessionsSimilar 2022-10-31 10622253 core:LandBuildings core:OwnedOrFreeholdAssets 2022-10-31 10622253 core:FurnitureFittings 2022-10-31 10622253 bus:SmallEntities 2022-11-01 2023-10-31 10622253 bus:Audited 2022-11-01 2023-10-31 10622253 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 10622253 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 10622253 bus:FullAccounts 2022-11-01 2023-10-31
COMPANY REGISTRATION NUMBER: 10622253
Genr8 Smithfield Hotel Limited
Filleted Financial Statements
31 October 2023
Genr8 Smithfield Hotel Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
60,083
63,583
Tangible assets
6
17,760,348
18,470,615
-------------
-------------
17,820,431
18,534,198
Current assets
Stocks
16,452
24,470
Debtors
7
538,906
576,114
Cash at bank and in hand
348,303
393,049
---------
---------
903,661
993,633
Creditors: amounts falling due within one year
8
1,145,514
1,645,189
------------
------------
Net current liabilities
241,853
651,556
-------------
-------------
Total assets less current liabilities
17,578,578
17,882,642
Creditors: amounts falling due after more than one year
9
20,268,550
19,359,411
Provisions
( 336,704)
( 381,443)
-------------
-------------
Net liabilities
( 2,353,268)
( 1,095,326)
-------------
-------------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
( 2,354,268)
( 1,096,326)
------------
------------
Shareholders deficit
( 2,353,268)
( 1,095,326)
------------
------------
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Genr8 Smithfield Hotel Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 25 October 2024 , and are signed on behalf of the board by:
Mr R D Ingham
Director
Company registration number: 10622253
Genr8 Smithfield Hotel Limited
Notes to the Financial Statements
Year ended 31 October 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 Parsonage Chambers, 3 Parsonage, Manchester, M3 2HW, England.
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 Directors confirm that, after reviewing expenditure commitments, expected cash flows and borrowing facilities and discussion with key stakeholders in the company, they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the next financial year and the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The company recognises revenue on an accruals basis net of VAT, when the amount of revenue can be reliably measured and it is probable that the future economic benefits will flow to the company. Revenue comprises room rental and other allied service in the hotel and which is recognised in the profit and loss account when specific criteria have been met for each of the companies activities.
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. 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.
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:
Patents, trademarks and licences
-
Over 20 years
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:
Freehold property
-
2% straight line
Fixtures and fittings
-
20% straight line
Equipment
-
10% 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.
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
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 32 (2022: 3 ).
5. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 November 2022 and 31 October 2023
70,000
--------
Amortisation
At 1 November 2022
6,417
Charge for the year
3,500
--------
At 31 October 2023
9,917
--------
Carrying amount
At 31 October 2023
60,083
--------
At 31 October 2022
63,583
--------
6. Tangible assets
Freehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 November 2022
16,296,951
3,051,018
439,558
19,787,527
Additions
8,050
8,050
-------------
------------
---------
-------------
At 31 October 2023
16,296,951
3,059,068
439,558
19,795,577
-------------
------------
---------
-------------
Depreciation
At 1 November 2022
597,554
558,187
161,171
1,316,912
Charge for the year
325,939
304,466
87,912
718,317
-------------
------------
---------
-------------
At 31 October 2023
923,493
862,653
249,083
2,035,229
-------------
------------
---------
-------------
Carrying amount
At 31 October 2023
15,373,458
2,196,415
190,475
17,760,348
-------------
------------
---------
-------------
At 31 October 2022
15,699,397
2,492,831
278,387
18,470,615
-------------
------------
---------
-------------
7. Debtors
2023
2022
£
£
Trade debtors
60,532
92,831
Amounts owed by group undertakings and undertakings in which the company has a participating interest
324,594
Other debtors
478,374
158,689
---------
---------
538,906
576,114
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
125,000
500,000
Trade creditors
212,359
390,679
Social security and other taxes
40,723
104,508
Other creditors
767,432
650,002
------------
------------
1,145,514
1,645,189
------------
------------
The following liabilities disclosed under creditors falling due within one year are secured by the company:
2023
2022
£
£
Bank loans
125,000
500,000
These liabilities are secured by a fixed and floating charge over the assets of the company.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
18,291,244
17,001,843
Other creditors
1,977,306
2,357,568
-------------
-------------
20,268,550
19,359,411
-------------
-------------
The following liabilities disclosed under creditors falling due over one year are secured by the company:
2023
2022
£
£
Bank loans
18,291,244
17,001,843
These liabilities are secured by a fixed and floating charge over the assets of the company.
10. Summary audit opinion
The auditor's report dated 25 October 2024 was unqualified .
The senior statutory auditor was Andrew Wild BA FCA , for and on behalf of TLP Consulting Limited .
11. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS102.
12. Controlling party
The company's immediate controlling party is Genr8 Holdings Limited, a limited company registered in England and Wales. Genr8 Holdings Limited is controlled by its directors and as such there is no one controlling party.