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Registration number: 08013630

The New Ocean Hotel Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

The New Ocean Hotel Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

The New Ocean Hotel Limited

(Registration number: 08013630)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

908,298

967,561

Current assets

 

Stocks

5

4,500

4,500

Debtors

6

222,892

13,175

Cash at bank and in hand

 

85,569

473,439

 

312,961

491,114

Creditors: Amounts falling due within one year

7

(340,667)

(253,894)

Net current (liabilities)/assets

 

(27,706)

237,220

Total assets less current liabilities

 

880,592

1,204,781

Creditors: Amounts falling due after more than one year

7

(661,543)

(86,811)

Provisions for liabilities

(9,799)

(7,640)

Net assets

 

209,250

1,110,330

Capital and reserves

 

Called up share capital

8

100

300

Capital redemption reserve

200

-

Profit and loss account

208,950

1,110,030

Shareholders' funds

 

209,250

1,110,330

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 16 October 2024 and signed on its behalf by:
 

 

The New Ocean Hotel Limited

(Registration number: 08013630)
Statement of Financial Position as at 31 March 2024 (continued)


Mrs C Jordaan
Director

 

The New Ocean Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
26 Birnbeck Road
Weston super Mare
North Somerset
BS23 2BS

Principal activity

The principal activity of the company is that of a hotel.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

The New Ocean Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

The New Ocean Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property

4% straight line

Property Improvements

25% reducing balance

Fixtures, Fittings and Equipment

25% reducing balance

Impairment

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

 

The New Ocean Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2023 - 25).

 

The New Ocean Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Land and buildings
£

Property improvement
£

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 1 April 2023

1,659,208

57,419

170,423

1,887,050

Additions

-

-

24,933

24,933

At 31 March 2024

1,659,208

57,419

195,356

1,911,983

Depreciation

At 1 April 2023

730,050

46,552

142,887

919,489

Charge for the year

66,368

4,711

13,117

84,196

At 31 March 2024

796,418

51,263

156,004

1,003,685

Carrying amount

At 31 March 2024

862,790

6,156

39,352

908,298

At 31 March 2023

929,158

10,867

27,536

967,561

Included within the net book value of land and buildings above is £862,790 (2023 - £929,158) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Raw materials and consumables

4,500

4,500

6

Debtors

2024
£

2023
£

Other debtors

222,892

13,175

222,892

13,175

 

The New Ocean Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

63,454

39,933

Trade creditors

 

34,941

37,159

Taxation and social security

 

138,482

70,663

Other creditors

 

103,790

106,139

 

340,667

253,894

Other creditors in the prior year included certain balances which the directors believe are more appropriately classified as other taxation and social security. The directors have therefore adjusted
their presentation in the current year and adjusted the comparative to match, which has resulted in £53,881 being reclassified from other creditors to other tax and social security.

The bank loans and borrowings are secured by a fixed and floating charge over the assets of the Company.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

661,543

86,811

2024
£

2023
£

Due after more than five years

After more than five years by instalments

579,690

-

£0.00

£0.00

Interest is due on this loan at the Barclays Floating Basis Term Rate, subject to a minimum of 2.85%.

The bank loans and borrowings are secured by a fixed and floating charge over the assets of the Company.

 

The New Ocean Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

-

-

300

300

A Ordinary shares of £1 each

80

80

-

-

B Ordinary shares of £1 each

20

20

-

-

100

100

300

300

On 5 May 2023 the Company purchased 200 £1 Ordinary shares through a share buy back with a Director for £1,000,000.

On 25 August 2023, the 100 £1 Ordinary shares were reclassified as 80 £1 A Ordinary shares and 20 £1 B Ordinary shares.

9

Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses, net of dividends paid and other adjustments.


Capital redemption reserve

This reserve records the nominal value of the company's own shares purchased by the company out of distributable profits.

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

The New Ocean Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

661,543

86,811

Current loans and borrowings

2024
£

2023
£

Bank borrowings

63,454

39,933

Included in the loans and borrowings are the following amounts due after more than five years:

 

The New Ocean Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

11

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

Transfer balance for ex Director to other debtor
£

At 31 March 2024
£

Directors' loans

(593)

(9,923)

7,500

3,016

-

Directors' loans

10,280

(433,843)

216,666

-

(206,897)

 

9,687

(443,766)

224,166

3,016

(206,897)

         

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Directors' loans

9,750

(92,123)

81,780

(593)

Directors' loans

(47,236)

(13,963)

71,479

10,280

(37,486)

(106,086)

153,259

9,687

 

Interest is paid on the Directors' loans at a rate the same as or exceeding the HMRC beneficial loan rate.