Registered number
08535490
Northumberland Castle and Country Lodgings Ltd
Filleted Accounts
31 May 2024
Northumberland Castle and Country Lodgings Ltd
Registered number: 08535490
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 174,508 114,008
Tangible assets 4 4,246,922 3,896,017
4,421,430 4,010,025
Investments 5 1,020 1,020
4,422,450 4,011,045
Current assets
Stocks 6,655 7,655
Debtors 6 248,161 25,718
Cash at bank and in hand 737,320 450,891
992,136 484,264
Creditors: amounts falling due within one year 7 (293,693) (335,290)
Net current assets 698,443 148,974
Total assets less current liabilities 5,120,893 4,160,019
Creditors: amounts falling due after more than one year 8 (2,296,034) (1,906,853)
Provisions for liabilities (42,705) (47,275)
Net assets 2,782,154 2,205,891
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 2,781,154 2,204,891
Shareholders' funds 2,782,154 2,205,891
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
…...........................................................................
T Maughan
Director
Approved by the board on 8 October 2024
Northumberland Castle and Country Lodgings Ltd
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 2% straight line
Plant and machinery 20% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 16 21
3 Intagible fixed assets
Cost
At 1 June 2023 257,508
Additions 70,000
At 31 May 2024 327,508
Amortisation
At 1 June 2023 143,500
Provided during the year 9,500
At 31 May 2024 153,000
Net book value
At 31 May 2024 174,508
At 31 May 2023 114,008
Goodwill is being written off in equal annual instalments over its estimated economic life
of 20 years.
4 Tangible fixed assets
Land and buildings Motor vehicles Plant and machinery etc Total
£ £ £ £
Cost
At 1 June 2023 3,907,795 - 526,927 4,434,722
Additions 418,179 45,000 24,421 487,600
Disposals (45,000)
At 31 May 2024 4,325,974 45,000 551,348 4,922,322
Depreciation
At 1 June 2023 200,886 - 337,819 538,705
Charge for the year 51,873 - 39,822 91,695
At 31 May 2024 252,759 - 377,641 630,400
Net book value
At 31 May 2024 4,073,215 - 173,707 4,246,922
At 31 May 2023 3,706,909 - 189,108 3,896,017
5 Investments Other
investments
£
At 1 June 2023 & 31 May 2024 1,020
6 Debtors 2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 148,885 -
Trade debtors 2,097 -
Other debtors 96,056 5,300
Prepayments and accrued income 1,123 20,418
248,161 25,718
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 98,000 75,000
Trade creditors 23,930 28,042
Taxation and social security costs 157,395 132,945
Inter company loans - 81,800
Other creditors 14,368 17,503
293,693 335,290
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 2,296,034 1,906,853
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 1,894,034 1,606,953
Secured bank loans 2,394,034 1,981,853
The bank loans are secured on the freehold property owned by the company.
9 Related party transctions
During the financial year the company made loans to the direcors' of £95,000.00 (2023 - £NIL). These loans
were interest free and carried no specific repayment terms. These loans were repaid on the 20 November 2024.
10 Other information
Northumberland Castle and Country Lodgings Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1 The Paddock
Longframlington
Morpeth
Northumberland
NE65 8EU
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