20 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,066,979 9,869 1,265,298 84,028 895,578 895,578 2,066,979 xbrli:pure xbrli:shares iso4217:GBP 00675063 2023-04-01 2024-03-31 00675063 2024-03-31 00675063 2023-03-31 00675063 2022-04-01 2023-03-31 00675063 2023-03-31 00675063 2022-03-31 00675063 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00675063 core:PlantMachinery 2023-04-01 2024-03-31 00675063 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 00675063 core:MotorVehicles 2023-04-01 2024-03-31 00675063 bus:Director1 2023-04-01 2024-03-31 00675063 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 00675063 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 00675063 core:PlantMachinery 2023-03-31 00675063 core:FurnitureFittingsToolsEquipment 2023-03-31 00675063 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 00675063 core:LandBuildings core:LongLeaseholdAssets 2024-03-31 00675063 core:PlantMachinery 2024-03-31 00675063 core:FurnitureFittingsToolsEquipment 2024-03-31 00675063 core:MotorVehicles 2024-03-31 00675063 core:WithinOneYear 2024-03-31 00675063 core:WithinOneYear 2023-03-31 00675063 core:AfterOneYear 2024-03-31 00675063 core:AfterOneYear 2023-03-31 00675063 core:ShareCapital 2024-03-31 00675063 core:ShareCapital 2023-03-31 00675063 core:RevaluationReserve 2024-03-31 00675063 core:RevaluationReserve 2023-03-31 00675063 core:CapitalRedemptionReserve 2024-03-31 00675063 core:CapitalRedemptionReserve 2023-03-31 00675063 core:RetainedEarningsAccumulatedLosses 2024-03-31 00675063 core:RetainedEarningsAccumulatedLosses 2023-03-31 00675063 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 00675063 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-03-31 00675063 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2024-03-31 00675063 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-03-31 00675063 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 00675063 core:Non-currentFinancialInstruments 2024-03-31 00675063 core:Non-currentFinancialInstruments 2023-03-31 00675063 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 00675063 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 00675063 core:PlantMachinery 2023-03-31 00675063 core:FurnitureFittingsToolsEquipment 2023-03-31 00675063 bus:Director1 2023-03-31 00675063 bus:Director1 2024-03-31 00675063 bus:Director1 2022-03-31 00675063 bus:Director1 2023-03-31 00675063 bus:Director1 2022-04-01 2023-03-31 00675063 bus:SmallEntities 2023-04-01 2024-03-31 00675063 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 00675063 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 00675063 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00675063 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 00675063
Lodge Hotels (London) Limited
Filleted Unaudited Financial Statements
31 March 2024
Lodge Hotels (London) Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
15,075,696
13,937,806
Investments
6
895,578
2,066,979
---------------
---------------
15,971,274
16,004,785
Current assets
Stocks
8,000
8,000
Debtors
7
1,358,933
1,074,989
Cash at bank and in hand
548,697
531,764
--------------
--------------
1,915,630
1,614,753
Creditors: amounts falling due within one year
8
1,443,118
1,230,450
--------------
--------------
Net current assets
472,512
384,303
---------------
---------------
Total assets less current liabilities
16,443,786
16,389,088
Creditors: amounts falling due after more than one year
9
1,836,189
2,116,686
Provisions
1,578,177
1,336,261
---------------
---------------
Net assets
13,029,420
12,936,141
---------------
---------------
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
7,970,192
7,970,192
Capital redemption reserve
247,480
247,480
Profit and loss account
4,810,748
4,717,469
---------------
---------------
Shareholders funds
13,029,420
12,936,141
---------------
---------------
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.
Lodge Hotels (London) Limited
Statement of Financial Position (continued)
31 March 2024
For the 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 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 were approved by the board of directors and authorised for issue on 27 September 2024 , and are signed on behalf of the board by:
B R C Hirschfeld
Director
Company registration number: 00675063
Lodge Hotels (London) Limited
Notes to the Financial Statements
Year ended 31 March 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 2 Castle Business Village, Station Road, Hampton, TW12 2BX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Buildings
-
2% straight line
Plant & Machinery
-
25% reducing balance
Furniture, Fixtures & Equipment
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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 .
Defined contribution plans
The company operates a defined contribution pension scheme for staff. The employer contributions in the year were £9,417 (2022 - £9,386).
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2023: 17 ).
5. Tangible assets
Freehold property
Investment property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023
4,298,048
9,600,000
1,311,182
1,135,287
16,344,517
Additions
1,111,906
18,193
132,921
96,404
1,359,424
--------------
--------------
--------------
--------------
---------
--------------
At 31 Mar 2024
5,409,954
9,600,000
1,329,375
1,268,208
96,404
17,703,941
--------------
--------------
--------------
--------------
---------
--------------
Depreciation
At 1 Apr 2023
931,111
636,348
839,252
2,406,711
Charge for the year
69,228
62,864
65,341
24,101
221,534
--------------
--------------
--------------
--------------
---------
--------------
At 31 Mar 2024
1,000,339
699,212
904,593
24,101
2,628,245
--------------
--------------
--------------
--------------
---------
--------------
Carrying amount
At 31 Mar 2024
4,409,615
9,600,000
630,163
363,615
72,303
15,075,696
--------------
--------------
--------------
--------------
---------
--------------
At 31 Mar 2023
3,366,937
9,600,000
674,834
296,035
13,937,806
--------------
--------------
--------------
--------------
---------
--------------
Freehold property includes investment property valued at £9,600,000 (2023 - £9,600,000) on a rental yield basis by B Hirschfeld, a director. It is not practicable to quantify the effect of not charging depreciation on this property. The historic cost of investment properties is £386,126 (2023 - £386,126)
6. Investments
Other investments other than loans
£
Cost
At 1 April 2023
2,066,979
Additions
9,869
Disposals
( 1,265,298)
Revaluations
84,028
--------------
At 31 March 2024
895,578
--------------
Impairment
At 1 April 2023 and 31 March 2024
--------------
Carrying amount
At 31 March 2024
895,578
--------------
At 31 March 2023
2,066,979
--------------
7. Debtors
2024
2023
£
£
Trade debtors
47,496
39,189
Other debtors
1,311,437
1,035,800
--------------
--------------
1,358,933
1,074,989
--------------
--------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
388,524
263,331
Trade creditors
387,827
324,528
Corporation tax
49,381
229,019
Social security and other taxes
106,997
119,203
Other creditors
510,389
294,369
--------------
--------------
1,443,118
1,230,450
--------------
--------------
Bank loans are secured by legal mortgages in favour of Nat West Bank over the company's freehold properties.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,836,189
2,116,686
--------------
--------------
10. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024
2023
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
895,578
2,066,979
-----------
--------------
11. 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 outstanding
£
£
£
£
B R C Hirschfeld
( 68,526)
122,111
( 78,200)
( 24,615)
---------
-----------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
B R C Hirschfeld
( 40,851)
167,825
( 195,500)
( 68,526)
---------
-----------
-----------
---------
The loans are unsecured and repayable on demand. Interest at HMRC's Official rate is charged on overdrawn balances .
12. Related party transactions
The company was under the control of the directors (as trustees of trusts holding the majority of the issued share capital) throughout the current and previous year.