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Company registration number:
01398377
Golden Age Hotels Limited
Unaudited Filleted Financial Statements for the year ended
31 March 2024
Golden Age Hotels Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Golden Age Hotels Limited
Year ended
31 March 2024
As described on the statement of financial position, the Board of Directors of
Golden Age Hotels Limited
are responsible for the preparation of the
financial statements
for the year ended
31 March 2024
, which comprise the income statement, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Alpha Omega Group Limited
1 Kings Avenue
Winchmore Hill
London
N21 3NA
United Kingdom
Golden Age Hotels Limited
Statement of Financial Position
31 March 2024
20242023
Note££
Fixed assets    
Tangible assets 5
3,588,833
 
3,689,814
 
Current assets    
Stocks
478
 
429
 
Debtors 6
48,280
 
42,793
 
Cash at bank and in hand
3,631,868
 
3,212,886
 
3,680,626
 
3,256,108
 
Creditors: amounts falling due within one year 7
(312,859
)
(226,329
)
Net current assets
3,367,767
 
3,029,779
 
Total assets less current liabilities 6,956,600   6,719,593  
Capital and reserves    
Called up share capital
30,000
 
30,000
 
Revaluation reserve
2,678,675
 
2,751,655
 
Profit and loss account
4,247,925
 
3,937,938
 
Shareholders funds
6,956,600
 
6,719,593
 
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.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
14 November 2024
, and are signed on behalf of the board by:
Ms A Orphanides
Director
Company registration number:
01398377
Golden Age Hotels Limited
Notes to the Financial Statements
Year ended
31 March 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
138-140
,
Sussex Gardens
,
London
,
W2 1UB
, United Kingdom.
The principal activity of the company is that of a Hotelier.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 presentation and functional currency of the company.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.Revisions to accounting estimates are recognised in the period in which the estimates is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.
There were no judgements and estimates that had significant effect on the amounts recognised in the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
2% straight line
Fixtures, fittings and equipment
10% reducing balance

Impairment

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.

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 stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
13
(2023:
12
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 April 2023
and
31 March 2024
5,000,000
 
209,622
 
5,209,622
 
Depreciation      
At
1 April 2023
1,320,000
 
199,808
 
1,519,808
 
Charge
100,000
 
981
 
100,981
 
At
31 March 2024
1,420,000
 
200,789
 
1,620,789
 
Carrying amount      
At
31 March 2024
3,580,000
 
8,833
 
3,588,833
 
At 31 March 2023
3,680,000
 
9,814
 
3,689,814
 

Tangible assets held at valuation

In respect of tangible assets held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:
Land and buildingsLand and buildings
20242023
££
Aggregate historical cost 1,350,990   1,350,990  
Aggregate depreciation (449,663 ) (422,643 )
Carrying amount 901,327   928,347  

6 Debtors

20242023
££
Trade debtors -  
862
 
Other debtors
48,280
 
41,931
 
48,280
 
42,793
 

7 Creditors: amounts falling due within one year

20242023
££
Taxation and social security
170,817
 
134,166
 
Other creditors
142,042
 
92,163
 
312,859
 
226,329
 

9 Controlling party

Anitek Limited, a company incorporated in the United Kingdom is the Ultimate Holding Company and holds 100% of the issued share capital of Golden Age Hotels Limited.
The director, Androulla Orphanides is the ultimate controlling party and holds 100% of the share capital of Anitek Limited.