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REGISTRAR OF COMPANIES

Registration number: 13825970

The Ashburnham Hotel Limited

Unaudited Financial Statements

31 January 2024

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The Ashburnham Hotel Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Ashburnham Hotel Limited
for the Year Ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Ashburnham Hotel Limited for the year ended 31 January 2024 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Ashburnham Hotel Limited, as a body, in accordance with the terms of our engagement letter dated 14 January 2022. Our work has been undertaken solely to prepare for your approval the accounts of The Ashburnham Hotel Limited and state those matters that we have agreed to state to the Board of Directors of The Ashburnham Hotel Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Ashburnham Hotel Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Ashburnham Hotel Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of The Ashburnham Hotel Limited. You consider that The Ashburnham Hotel Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Ashburnham Hotel Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

24 October 2024

 

The Ashburnham Hotel Limited

(Registration number: 13825970)
Balance Sheet as at 31 January 2024

Note

31 January 2024
£

31 January 2023
£

Fixed assets

 

Intangible assets

4

57,167

64,167

Tangible assets

5

600,736

615,176

 

657,903

679,343

Current assets

 

Stocks

15,000

15,000

Debtors

6

1,279

-

Cash at bank and in hand

 

2,586

-

 

18,865

15,000

Creditors: Amounts falling due within one year

7

(573,229)

(430,034)

Net current liabilities

 

(554,364)

(415,034)

Total assets less current liabilities

 

103,539

264,309

Creditors: Amounts falling due after more than one year

7

(378,095)

(392,113)

Net liabilities

 

(274,556)

(127,804)

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

(274,656)

(127,904)

Total equity

 

(274,556)

(127,804)

 

The Ashburnham Hotel Limited

(Registration number: 13825970)
Balance Sheet as at 31 January 2024 (continued)

For the financial year ending 31 January 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 Profit and Loss Account.

Approved and authorised by the Board on 24 October 2024 and signed on its behalf by:
 

.........................................

N Graham-Burrell

Director

.........................................

BJ Burrell

Director

 

The Ashburnham Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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:
Ashburnham Hotel
Ashburnham Road
Pembrey
BURRY PORT
SA16 0TH

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 company has net liabilities at 31 January 2024 and meets its day to day working capital requirements through its bank loans. In addition the directors have provided financial support by way of short term loans. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its bankers, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

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 sales/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.

 

The Ashburnham Hotel Limited

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

Tangible assets

Tangible assets are stated in the balance sheet 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

Land and buildings

Not depreciated

Office equipment

3 years straight line basis

Fixtures and fittings

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

The Ashburnham Hotel Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

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 profit and loss account 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2023 - 18).

 

The Ashburnham Hotel Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

70,000

70,000

At 31 January 2024

70,000

70,000

Amortisation

At 1 February 2023

5,833

5,833

Amortisation charge

7,000

7,000

At 31 January 2024

12,833

12,833

Carrying amount

At 31 January 2024

57,167

57,167

At 31 January 2023

64,167

64,167

5

Tangible assets

Land and buildings
£

Office equipment
 £

Fixtures and fittings
 £

Total
£

Cost or valuation

At 1 February 2023

502,100

1,337

126,985

630,422

Additions

-

-

3,150

3,150

At 31 January 2024

502,100

1,337

130,135

633,572

Depreciation

At 1 February 2023

-

194

15,052

15,246

Charge for the year

-

446

17,144

17,590

At 31 January 2024

-

640

32,196

32,836

Carrying amount

At 31 January 2024

502,100

697

97,939

600,736

At 31 January 2023

502,100

1,143

111,933

615,176

6

Debtors

31 January 2024
£

31 January 2023
£

Other debtors

1,279

-

1,279

-

 

The Ashburnham Hotel Limited

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

7

Creditors

Note

31 January 2024
£

31 January 2023
£

Due within one year

 

Loans and borrowings

8

501,514

350,619

Trade creditors

 

41,796

70,777

Taxation and social security

 

21,291

6,638

Other creditors

 

8,628

2,000

 

573,229

430,034

Due after one year

 

Loans and borrowings

8

378,095

392,113

8

Loans and borrowings

31 January 2024
£

31 January 2023
£

Current loans and borrowings

Bank borrowings

82,587

64,717

Bank overdrafts

-

5,487

Other borrowings

418,927

280,415

501,514

350,619

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

31 January 2024
£

31 January 2023
£

Bank borrowings

17,266

16,717

Bank overdrafts

-

5,487

17,266

22,204

Bank borrowings are secured by fixed and floating charges over the company's assets.

Bank overdrafts are secured by fixed and floating charges over the company's assets.

 

 

The Ashburnham Hotel Limited

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

31 January 2024
£

31 January 2023
£

Non-current loans and borrowings

Bank borrowings

378,095

392,113

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

31 January 2024
£

31 January 2023
£

Bank borrowings

378,095

392,113

Bank borrowings are secured by fixed and floating charges over the company's assets.