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Registered number: 09699507
Norwood House Hotel Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09699507
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 953,995 715,603
953,995 715,603
CURRENT ASSETS
Debtors 5 42,144 86,903
Cash at bank and in hand 2,570 71,340
44,714 158,243
Creditors: Amounts Falling Due Within One Year 6 (171,647 ) (148,364 )
NET CURRENT ASSETS (LIABILITIES) (126,933 ) 9,879
TOTAL ASSETS LESS CURRENT LIABILITIES 827,062 725,482
Creditors: Amounts Falling Due After More Than One Year 7 (543,940 ) (481,735 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (12,446 ) (15,506 )
NET ASSETS 270,676 228,241
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 270,576 228,141
SHAREHOLDERS' FUNDS 270,676 228,241
Page 1
Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr John Watson
Director
Mrs Anita Swindley
Director
30 October 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Norwood House Hotel Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09699507 . The registered office is Pave Lane, Newport, Shropshire, TF10 9LQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 1% On cost of building
Leasehold 10 Years on cost
Plant & Machinery 25% Reducing balance
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 25% Reducing balance
Computer Equipment 3 Years on cost
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 February 2023 658,188 8,316 15,758 33,831
Additions 257,817 - 4,103 -
As at 31 January 2024 916,005 8,316 19,861 33,831
Depreciation
As at 1 February 2023 4,607 1,663 5,671 8,458
Provided during the period 7,186 832 3,547 6,343
As at 31 January 2024 11,793 2,495 9,218 14,801
Net Book Value
As at 31 January 2024 904,212 5,821 10,643 19,030
As at 1 February 2023 653,581 6,653 10,087 25,373
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 February 2023 28,612 5,529 750,234
Additions 100 - 262,020
As at 31 January 2024 28,712 5,529 1,012,254
...CONTINUED
Page 4
Page 5
Depreciation
As at 1 February 2023 10,279 3,953 34,631
Provided during the period 4,608 1,112 23,628
As at 31 January 2024 14,887 5,065 58,259
Net Book Value
As at 31 January 2024 13,825 464 953,995
As at 1 February 2023 18,333 1,576 715,603
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,884 81,213
Prepayments and accrued income 6,256 5,599
Other debtors 1,440 20
VAT 18,167 -
Directors' loan accounts 14,397 -
Amounts owed by other participating interests - 71
42,144 86,903
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 5,584 5,081
Trade creditors 46,678 40,845
Bank loans and overdrafts 30,001 28,479
Corporation tax 1,568 5,544
Other taxes and social security 8,993 5,131
VAT - 49,465
Accruals and deferred income 73,757 13,811
Directors' loan accounts - 8
Amounts owed to other participating interests 5,066 -
171,647 148,364
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 17,740 23,324
Bank loans 526,200 458,411
543,940 481,735
8. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 23,324 28,405
Bank loans and overdrafts 542,282 467,010
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Page 6
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 12,446 15,506
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Directors Advances, Credits and Guarantees
Included within Debtors is a loan to the director of £14,397 (2023: Nil)
The above loan is unsecured and repayable on demand. Interest has been charged at 2.25%.
Dividends paid to directors in the year were: £2,000 (2023: £4,000)
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