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Company registration number: 07483103
Hampshire Boutique Hotels Ltd
Unaudited filleted financial statements
31 January 2024
Hampshire Boutique Hotels Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Hampshire Boutique Hotels Ltd
Directors and other information
Directors Mr A R Gray
Ms E S Gray
Mrs I I Gray
Mr J Bawa
Mr A D Gray
Company number 07483103
Registered office 28 Landport Terrace
Portsmouth
Hants
PO1 2RG
Business address Gray Manor Hotel
Parkhouse Cross
Cholderton
Hants
SP4 0EG
Accountants David Bailey Chartered Accountants
28 Landport Terrace
Portsmouth
Hants
PO1 2RG
Hampshire Boutique Hotels Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Hampshire Boutique Hotels Ltd
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 financial statements of Hampshire Boutique Hotels Ltd for the year ended 31 January 2024 which comprise the statement of financial position and related notes 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 /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Hampshire Boutique Hotels Ltd, as a body, in accordance with the terms of our engagement letter dated 16 October 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Hampshire Boutique Hotels Ltd and state those matters that we have agreed to state to the board of directors of Hampshire Boutique Hotels Ltd 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 Hampshire Boutique Hotels Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Hampshire Boutique Hotels Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Hampshire Boutique Hotels Ltd. You consider that Hampshire Boutique Hotels Ltd 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 financial statements of Hampshire Boutique Hotels Ltd. 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 financial statements.
David Bailey Chartered Accountants
28 Landport Terrace
Portsmouth
Hants
PO1 2RG
31 October 2024
Hampshire Boutique Hotels Ltd
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 1,447,271 1,456,684
_______ _______
1,447,271 1,456,684
Current assets
Stocks 8,111 8,500
Debtors 7 18,699 6,860
Cash at bank and in hand 5,055 3,149
_______ _______
31,865 18,509
Creditors: amounts falling due
within one year 8 ( 367,814) ( 271,862)
_______ _______
Net current liabilities ( 335,949) ( 253,353)
_______ _______
Total assets less current liabilities 1,111,322 1,203,331
Creditors: amounts falling due
after more than one year 9 ( 901,764) ( 951,535)
_______ _______
Net assets 209,558 251,796
_______ _______
Capital and reserves
Called up share capital 100 100
Revaluation reserve 573,928 573,928
Profit and loss account ( 364,470) ( 322,232)
_______ _______
Shareholders funds 209,558 251,796
_______ _______
For the 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 28 October 2024 , and are signed on behalf of the board by:
Mr A R Gray Ms E S Gray
Director Director
Company registration number: 07483103
Hampshire Boutique Hotels Ltd
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 28 Landport Terrace, Portsmouth, Hants, PO1 2RG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and representsamounts receivable for services rendered, stated net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 - The asset life is so long and the residual value such that any depreciation is immaterial.
Integral Features - 10 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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. 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 are largely independent of the cash inflows from other assets or groups of assets .
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 stocks to their 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.
Financial instruments
Financial instruments are classified by the Directors as basic or advanced following the conditions inFRS102 Section 11. Basic financial instruments are recognised at amortised costs using the effectiveinterest method. The only advanced instruments recognised by the company are derivatives beinginterest rate swaps and forward foreign exchange contracts. Derivate financial instruments are initiallyrecorded at cost and thereafter at fair value with charges recognised in arriving at profit before tax.Derivative assets are included in other debtors and derivative liabilities are included in other creditors.
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 in finance costs 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 20 (2023: 19 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 February 2023 and 31 January 2024 150,000 150,000
_______ _______
Amortisation
At 1 February 2023 and 31 January 2024 150,000 150,000
_______ _______
Carrying amount
At 31 January 2024 - -
_______ _______
At 31 January 2023 - -
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 February 2023 1,375,000 108,097 76,719 13,850 1,573,666
Additions - - 1,807 - 1,807
_______ _______ _______ _______ _______
At 31 January 2024 1,375,000 108,097 78,526 13,850 1,575,473
_______ _______ _______ _______ _______
Depreciation
At 1 February 2023 - 51,797 54,357 10,828 116,982
Charge for the year - 5,630 4,834 756 11,220
_______ _______ _______ _______ _______
At 31 January 2024 - 57,427 59,191 11,584 128,202
_______ _______ _______ _______ _______
Carrying amount
At 31 January 2024 1,375,000 50,670 19,335 2,266 1,447,271
_______ _______ _______ _______ _______
At 31 January 2023 1,375,000 56,300 22,362 3,022 1,456,684
_______ _______ _______ _______ _______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 31 January 2024
Aggregate cost 801,072 801,072
Aggregate depreciation - -
_______ _______
Carrying amount 801,072 801,072
_______ _______
At 31 January 2023
Aggregate cost 801,072 801,072
Aggregate depreciation - -
_______ _______
Carrying amount 801,072 801,072
_______ _______
The trading property held at the year end was revalued on 29 July 2020 by Anthony Turner of Sanderson Weatherall on a going concern basis at £1,375,000.
7. Debtors
2024 2023
£ £
Trade debtors 14,705 1,597
Other debtors 3,994 5,263
_______ _______
18,699 6,860
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 101,208 87,604
Trade creditors 7,135 10,004
Social security and other taxes 38,491 11,595
Other creditors 220,980 162,659
_______ _______
367,814 271,862
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 401,764 450,317
Other creditors 500,000 501,218
_______ _______
901,764 951,535
_______ _______
The bank loan totalling £390,548 (2023: £410,135) at the year end is secured by legal charges over the freehold property of the Company and by fixed and floating charges over the Company assets.
Other Creditors includes a long term loan, currently interest free, from the Directors, Mr Allan Gray and Mrs Ingrid Gray of £500,000.
Included within creditors: amounts falling due after more than one year is an amount of £ 237,378 (2023 £ 294,644 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The secured Bank Loan is repayable in instalments over 15 years with interest charged at 3% over the bank base rate.The Bounce Back Loan is repayable in instalments over 10 years with interest charged at 2.5% pa.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr A R Gray ( 76,142) ( 5,463) - ( 81,605)
Ms E S Gray ( 2,254) - 1,000 ( 1,254)
Mrs I I Gray ( 2,589) - 602 ( 1,987)
Mr J Bawa ( 13,621) - 326 ( 13,295)
_______ _______ _______ _______
( 94,606) ( 5,463) 1,928 ( 98,141)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr A R Gray ( 83,959) - 7,817 ( 76,142)
Ms E S Gray ( 2,345) - 91 ( 2,254)
Mrs I I Gray ( 3,159) - 570 ( 2,589)
Mr J Bawa ( 13,807) - 186 ( 13,621)
_______ _______ _______ _______
( 103,270) - 8,664 ( 94,606)
_______ _______ _______ _______
11. Controlling party
The Directors own all the Company shares as to 79.5% by Mr and Mrs A R Gray ,12.5% by Ms E Gray, 6% by Mr A Gray and 2% by Mr J Bawa .