Rare Bird Hotels Limited 08258851 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is that of an investment company. Digita Accounts Production Advanced 6.30.9574.0 true 08258851 2023-02-01 2024-01-31 08258851 2024-01-31 08258851 core:CurrentFinancialInstruments 2024-01-31 08258851 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 08258851 core:Non-currentFinancialInstruments 2024-01-31 08258851 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 08258851 bus:SmallEntities 2023-02-01 2024-01-31 08258851 bus:Audited 2023-02-01 2024-01-31 08258851 bus:FullAccounts 2023-02-01 2024-01-31 08258851 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 08258851 bus:RegisteredOffice 2023-02-01 2024-01-31 08258851 bus:CompanySecretaryDirector1 2023-02-01 2024-01-31 08258851 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 08258851 countries:EnglandWales 2023-02-01 2024-01-31 08258851 2022-02-01 2023-01-31 08258851 2023-01-31 08258851 core:CurrentFinancialInstruments 2023-01-31 08258851 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 08258851 core:Non-currentFinancialInstruments 2023-01-31 08258851 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 08258851

Rare Bird Hotels Limited

Filleted Financial Statements

for the Year Ended 31 January 2024

 

Rare Bird Hotels Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Rare Bird Hotels Limited

(Registration number: 08258851)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

2,293,164

2,203,501

Cash at bank and in hand

 

45,452

120,410

 

2,338,616

2,323,911

Creditors: Amounts falling due within one year

5

(150,991)

(129,819)

Total assets less current liabilities

 

2,187,625

2,194,092

Creditors: Amounts falling due after more than one year

5

(180,000)

(300,000)

Net assets

 

2,007,625

1,894,092

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

1,997,625

1,884,092

Shareholders' funds

 

2,007,625

1,894,092

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 30 October 2024 and signed on its behalf by:
 

.........................................
A P Bradshaw
Company secretary and director

 

Rare Bird Hotels Limited

Notes to the 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:
23 Beaumont Mews
First Floor
London
W1G 6EN
England

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.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 30 October 2024 was Dean Blunden BFP FCA, who signed for and on behalf of UHY Ross Brooke.

Revenue recognition

Revenue from management services is recognised at the point at which the services are provided and when the amount of revenue can be measured reliably and it is probable that the Company will receive the consideration due under the contract. Revenue is shown net of sales/value added tax, returns, rebates and discounts.

Tax

Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements.

Deferred tax is recognised on all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

 

Rare Bird Hotels Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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.

Debtors

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

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.

 

Rare Bird Hotels Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Financial instruments

Classification
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and investments in ordinary shares. They are classified according to the substance of the contractual arrangements entered into.

 Recognition and measurement
Basic financial assets and liabilities including trade and other receivables, cash and bank balances, trade and other payables and loans from other group companies are initially measured at transaction price (including transaction costs) unless the arrangement constitutes a financing arrangement. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments which meet the conditions of being 'basic' financial instruments as defined in FRS 102.11.9 are subsequently measured at amortised cost using the effective interest method.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled; or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party; or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


 Impairment
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date. The impairment loss is recognised in profit and loss.


3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Rare Bird Hotels Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

4

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

7

2,290,644

2,200,644

Other debtors

 

2,520

2,857

   

2,293,164

2,203,501

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

120,000

120,000

Trade creditors

3,054

954

Other creditors

27,937

8,865

150,991

129,819


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £300,000 (2023 - £120,000).

 

Rare Bird Hotels Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

6

180,000

300,000

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £nil (2023 - £300,000).

6

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

120,000

120,000

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

180,000

300,000

The liabilities are secured on the freehold property at Streatley.

7

Related party transactions

Under FRS 102 Section 33, the Company is exempt from disclosing related party transactions with its Parent Company and fellow wholly owned subsidiaries, as 100% of the voting rights are controlled by CCO Trading Limited.

At the year end a balance of £2,520 (2023: £2,520) was due from SCP Newbury Manor Limited, a company with common directors.