Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true182023-08-01falsehotel proprietors20truefalse 01305524 2023-08-01 2024-07-31 01305524 2022-08-01 2023-07-31 01305524 2024-07-31 01305524 2023-07-31 01305524 2022-08-01 01305524 c:Director3 2023-08-01 2024-07-31 01305524 d:Buildings 2023-08-01 2024-07-31 01305524 d:Buildings 2024-07-31 01305524 d:Buildings 2023-07-31 01305524 d:Buildings d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 01305524 d:FurnitureFittings 2023-08-01 2024-07-31 01305524 d:FurnitureFittings 2024-07-31 01305524 d:FurnitureFittings 2023-07-31 01305524 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 01305524 d:OfficeEquipment 2023-08-01 2024-07-31 01305524 d:OfficeEquipment 2024-07-31 01305524 d:OfficeEquipment 2023-07-31 01305524 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 01305524 d:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 01305524 d:OtherPropertyPlantEquipment 2024-07-31 01305524 d:OtherPropertyPlantEquipment 2023-07-31 01305524 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 01305524 d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 01305524 d:FreeholdInvestmentProperty 2024-07-31 01305524 d:FreeholdInvestmentProperty 2023-07-31 01305524 d:FreeholdInvestmentProperty 2 2023-08-01 2024-07-31 01305524 d:CurrentFinancialInstruments 2024-07-31 01305524 d:CurrentFinancialInstruments 2023-07-31 01305524 d:Non-currentFinancialInstruments 2024-07-31 01305524 d:Non-currentFinancialInstruments 2023-07-31 01305524 d:Non-currentFinancialInstruments 1 2024-07-31 01305524 d:Non-currentFinancialInstruments 1 2023-07-31 01305524 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 01305524 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 01305524 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 01305524 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 01305524 d:ShareCapital 2024-07-31 01305524 d:ShareCapital 2023-07-31 01305524 d:InvestmentPropertiesRevaluationReserve 2024-07-31 01305524 d:InvestmentPropertiesRevaluationReserve 2023-07-31 01305524 d:RetainedEarningsAccumulatedLosses 2024-07-31 01305524 d:RetainedEarningsAccumulatedLosses 2023-07-31 01305524 d:AcceleratedTaxDepreciationDeferredTax 2024-07-31 01305524 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 01305524 d:TaxLossesCarry-forwardsDeferredTax 2024-07-31 01305524 d:TaxLossesCarry-forwardsDeferredTax 2023-07-31 01305524 d:RetirementBenefitObligationsDeferredTax 2024-07-31 01305524 d:RetirementBenefitObligationsDeferredTax 2023-07-31 01305524 c:OrdinaryShareClass1 2023-08-01 2024-07-31 01305524 c:OrdinaryShareClass1 2024-07-31 01305524 c:PreferenceShareClass1 2023-08-01 2024-07-31 01305524 c:PreferenceShareClass1 2024-07-31 01305524 c:FRS102 2023-08-01 2024-07-31 01305524 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 01305524 c:FullAccounts 2023-08-01 2024-07-31 01305524 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 01305524 f:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 01305524









LENSFIELD HOTEL CO LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
LENSFIELD HOTEL CO LIMITED
REGISTERED NUMBER: 01305524

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
1,854,107
1,895,982

Investment property
 5 
2,000,000
1,600,000

  
3,854,107
3,495,982

CURRENT ASSETS
  

Stocks
  
1,755
1,701

Debtors: amounts falling due within one year
 6 
44,994
62,979

Cash at bank and in hand
 7 
32,683
72,948

  
79,432
137,628

Creditors: amounts falling due within one year
 8 
(965,664)
(320,195)

NET CURRENT LIABILITIES
  
 
 
(886,232)
 
 
(182,567)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,967,875
3,313,415

Creditors: amounts falling due after more than one year
 9 
(762,362)
(1,414,820)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 10 
(311,736)
(154,716)

  
 
 
(311,736)
 
 
(154,716)

NET ASSETS
  
1,893,777
1,743,879


CAPITAL AND RESERVES
  

Called up share capital 
 11 
100
100

Investment property reserve
  
1,303,634
1,003,634

Profit and loss account
  
590,043
740,145

  
1,893,777
1,743,879

Page 1

 
LENSFIELD HOTEL CO LIMITED
REGISTERED NUMBER: 01305524
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S Papson
Director

Date: 15 November 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
LENSFIELD HOTEL CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


GENERAL INFORMATION

Lensfield Hotel Co. Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 53 Lensfield Road, Cambridge, CB2 1EN.
The Company's funtional and presentational currency is GBP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover comprises revenue recognised by the Company in respect of hotel accommodation, spa income and other sundry complimentary products during the year, exclusive of Value Added Tax. Revenue is recognised as the fair value of the consideration received or receivable and is recognised over the period of the guest's stay.

 
2.3

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following bases:.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Fixtures and fittings
-
17% straight line
Tenant improvements
-
over the period of the lease
Other fixed assets
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3

 
LENSFIELD HOTEL CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by the directors based on professional advice received and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.5

STOCKS

Stocks comprise food, drink and sundry consumables and are valued at the lower of cost and net realisable value after making due allowances for obsolete and slow moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

 
2.6

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
LENSFIELD HOTEL CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 20 (2023 - 18).

Page 5

 
LENSFIELD HOTEL CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


TANGIBLE FIXED ASSETS





Freehold property
Fixtures and fittings
Tenant Improvements
Other fixed assets
Total

£
£
£
£
£



COST OR VALUATION


At 1 August 2023
2,327,322
445,953
345,386
2,600
3,121,261


Additions
-
1,132
-
3,336
4,468


Disposals
-
-
-
(2,600)
(2,600)



At 31 July 2024

2,327,322
447,085
345,386
3,336
3,123,129



DEPRECIATION


At 1 August 2023
464,140
440,431
318,108
2,600
1,225,279


Charge for the year on owned assets
42,350
1,922
1,445
626
46,343


Disposals
-
-
-
(2,600)
(2,600)



At 31 July 2024

506,490
442,353
319,553
626
1,269,022



NET BOOK VALUE



At 31 July 2024
1,820,832
4,732
25,833
2,710
1,854,107



At 31 July 2023
1,863,182
5,522
27,278
-
1,895,982

Page 6

 
LENSFIELD HOTEL CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


INVESTMENT PROPERTY


Freehold investment property

£



VALUATION


At 1 August 2023
1,600,000


Surplus on revaluation
400,000



AT 31 JULY 2024
2,000,000

The 2024 valuations were made by the directors, on an open market value for existing use basis, based on professional advice received.






6.


DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£


Trade debtors
12,351
46,910

Other debtors
14,371
-

Prepayments and accrued income
18,272
16,069

44,994
62,979



7.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
32,683
72,948

Less: bank overdrafts
-
(94,914)

32,683
(21,966)


Page 7

 
LENSFIELD HOTEL CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank overdrafts
-
94,914

Bank loans
800,292
60,813

Trade creditors
24,940
22,142

Corporation tax
-
14,345

Other taxation and social security
51,261
51,733

Other creditors
35,123
31,347

Accruals and deferred income
54,048
44,901

965,664
320,195


Other creditors include contributions of £NIL (2023 - £1,347) payable to the Company's defined contribution pension scheme at the balance sheet date.
Included within bank loans are the following:
- An interest only facility, which is repayable in October 2024. Interest is charged at 3.25% above base rate. The loan is secured against the freehold properties owned by the company.
- A Government backed 'bounce back' loan which was drawn down in May 2020. This loan is 100% guaranteed by the Government and there were no fees or interest payable in the first 12 months. Now this period has passed, interest is charged at 2.5% per annum. The first instalment was made in June 2021.


9.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans
8,775
659,064

Other creditors
303,587
305,756

Share capital treated as debt
450,000
450,000

762,362
1,414,820


Share capital treated as debt represents 450,000 non-cumulative redeemable preference shares of £1 each. They are entitled to annual interest of 3%, subject to sufficient distributable reserves, before any dividends can be declared on the ordinary shares.
Included within bank loans are the following:
- A Government backed 'bounce back' loan which was drawn down in May 2020. This loan is 100% guaranteed by the Government and there were no fees or interest payable in the first 12 months. Now this period has passed, interest is charged at 2.5% per annum. The first instalment was made in June 2021.

Page 8

 
LENSFIELD HOTEL CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

10.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
154,716
154,716


Charged to profit or loss
157,020
-



AT END OF YEAR
311,736
154,716

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
116,034
58,000

Investment property unrealised gains
196,716
96,716

Losses and other deductions
(1,014)
-

311,736
154,716


11.


SHARE CAPITAL

2024
2023
£
£
SHARES CLASSIFIED AS EQUITY

ALLOTTED, CALLED UP AND FULLY PAID



100 Ordinary shares of £1 each
100
100

2024
2023
£
£
SHARES CLASSIFIED AS DEBT

ALLOTTED, CALLED UP AND FULLY PAID



450,000 Preference shares of £1 each
450,000
450,000



12.OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies that are not included on the balance sheet amount to £178,630 (2023 - £188,630). 

 
Page 9