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Registration number: 02300438

Pullman Premier Leisure Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Pullman Premier Leisure Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Pullman Premier Leisure Ltd

(Registration number: 02300438)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,023,675

4,023,675

Investments

5

501,000

501,000

 

4,524,675

4,524,675

Current assets

 

Debtors

6

1,297

68,545

Cash at bank and in hand

 

54

16,811

 

1,351

85,356

Creditors: Amounts falling due within one year

7

(698,349)

(673,291)

Net current liabilities

 

(696,998)

(587,935)

Total assets less current liabilities

 

3,827,677

3,936,740

Creditors: Amounts falling due after more than one year

7

(68,341)

(328,790)

Net assets

 

3,759,336

3,607,950

Capital and reserves

 

Called up share capital

8

286,337

286,337

Share premium reserve

25,066

25,066

Capital redemption reserve

150,000

150,000

Retained earnings

3,297,933

3,146,547

Shareholders' funds

 

3,759,336

3,607,950

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 Profit and Loss Account.

Approved and authorised by the Board on 4 September 2024 and signed on its behalf by:
 

 

Pullman Premier Leisure Ltd

(Registration number: 02300438)
Balance Sheet as at 31 March 2024

.........................................
G Roper
Company secretary and director

 

Pullman Premier Leisure Ltd

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.

The address of its registered office is:
97 The Esplanade
Weymouth
Dorset
DT4 7AT

The principal place of business is:
12-16 Dorchester Road
Weymouth
Dorset
DT4 7JU

These financial statements were authorised for issue by the Board on 4 September 2024.

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.

Group accounts not prepared

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the groupof which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group..

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 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.

 

Pullman Premier Leisure Ltd

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

Government grants

Government grants are recognised under the accruals model resulting in income being recognised on a systematic basis over the period in which the related costs are incurred for which th grant is compensating. The income from the scheme is recognised as other income in the profit and loss and timing differences are presented as other debtors or deferred income within the balance sheet.

Tax

The current income tax charge is calculated ion 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.

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.

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 not provided on land or buildings as the properties are maintained in a continual state of sound repair and have a residual value not materially different from the amount that the properties are included in the accounts. The directors also consider that the remaining useful lives of the properties are more than 50 years and therefore the depreciation charge would be insignificant.

Asset class

Depreciation method and rate

Land and buildings

as note above

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.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Pullman Premier Leisure Ltd

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold 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.

Trade creditors

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Pullman Premier Leisure Ltd

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

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 11).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 April 2023

4,023,675

4,023,675

At 31 March 2024

4,023,675

4,023,675

Depreciation

Carrying amount

At 31 March 2024

4,023,675

4,023,675

At 31 March 2023

4,023,675

4,023,675

Included within the net book value of land and buildings above is £4,023,675 (2023 - £4,023,675) in respect of freehold land and buildings.
 

 

Pullman Premier Leisure Ltd

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

5

Investments

2024
£

2023
£

Investments in subsidiaries

501,000

501,000

Subsidiaries

£

Cost or valuation

At 1 April 2023

501,000

Provision

Carrying amount

At 31 March 2024

501,000

At 31 March 2023

501,000

At the balance sheet date the company had 3 (2023 - 3) wholly owned subsidiaries. There has been no movement during the year.

6

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

11

-

66,493

Prepayments

 

647

522

Other debtors

 

650

1,530

 

1,297

68,545

 

Pullman Premier Leisure Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

517,142

474,800

Trade creditors

 

20,601

34,966

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

94,396

118,386

Taxation and social security

 

32,507

25,335

Accruals and deferred income

 

33,703

19,804

 

698,349

673,291

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

68,341

328,790

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary "A" shares of £1 each

286,337

286,337

286,337

286,337

       
 

Pullman Premier Leisure Ltd

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

68,341

328,790

Current loans and borrowings

2024
£

2023
£

Bank borrowings

257,755

254,800

Bank overdrafts

39,603

-

Other borrowings

219,784

220,000

517,142

474,800

10

Dividends

2024

2023

£

£

Interim dividend of £0.09 (2023 - £0.09) per ordinary share

25,768

25,768

 

 

11

Related party transactions

Summary of transactions with subsidiaries