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REGISTERED NUMBER: 12859873 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

AXCEL HOSPITALITY (LANSDOWN) LIMITED

AXCEL HOSPITALITY (LANSDOWN) LIMITED (REGISTERED NUMBER: 12859873)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


AXCEL HOSPITALITY (LANSDOWN) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Sunil Patel
Shamir Patel



REGISTERED OFFICE: 2nd Floor
29 Dingwall Road
Croydon
CR0 2NB



REGISTERED NUMBER: 12859873 (England and Wales)



SENIOR STATUTORY AUDITOR: Paul Davies FCA



AUDITORS: Xeinadin Auditing
Beckett House
36 Old Jewry
LONDON
EC2R 8DD

AXCEL HOSPITALITY (LANSDOWN) LIMITED (REGISTERED NUMBER: 12859873)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 6,200,000 7,000,000

CURRENT ASSETS
Stocks 11,072 10,678
Debtors 5 218,724 213,729
Cash at bank and in hand 509,310 416,005
739,106 640,412
CREDITORS
Amounts falling due within one year 6 (571,670 ) (399,810 )
NET CURRENT ASSETS 167,436 240,602
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,367,436

7,240,602

CREDITORS
Amounts falling due after more than one year 7 (7,748,983 ) (8,238,579 )

PROVISIONS FOR LIABILITIES 10 (646,179 ) (862,296 )
NET LIABILITIES (2,027,726 ) (1,860,273 )

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 12 (2,027,826 ) (1,860,373 )
SHAREHOLDERS' FUNDS (2,027,726 ) (1,860,273 )

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 15th November 2024 and were signed on its behalf by:





Sunil Patel - Director


AXCEL HOSPITALITY (LANSDOWN) LIMITED (REGISTERED NUMBER: 12859873)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Axcel Hospitality (Lansdown) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The principal place of business is The Lansdown Grove Hotel, Lansdown Road, Bath BA1 5EH.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Long leasehold property includes a leasehold hotel which is carried at its revalued amount, being fair value at the date of valuation and impairment losses. Revaluations are performed by professional qualified valuers with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

Any revaluation increase in the carrying amount of long leasehold property is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously expended.

Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against revaluation reserve in equity; decreases exceeding the balance in revaluation reserve relating to an asset are recognised in profit or loss. The use of a policy of revaluation provided more relevant and reliable information about the value of the property owned by the company.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


AXCEL HOSPITALITY (LANSDOWN) LIMITED (REGISTERED NUMBER: 12859873)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The company is reliant on the continued support of its shareholders and directors to continue trading. On this basis the financial statements have been prepared on a going concern basis.The financial statements do not include any adjustments that may be required from a withdrawal of such financial support.

Significant accounting estimates
The preparation of the financial statements in accordance with UK GAAP requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. 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 estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

Significant estimates and assumptions are made in particular with regard to determining the valuation of the company's hotel included in Tangible Fixed Assets. In line with many other company's in the industry, the hotel value is derived from assumed future trading results which are discounted using interest rates provided by commercial property experts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 28 ) .

AXCEL HOSPITALITY (LANSDOWN) LIMITED (REGISTERED NUMBER: 12859873)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

4. TANGIBLE ASSETS
Long
leasehold
£   
COST OR VALUATION
At 1st January 2023 7,000,000
Additions 64,467
Revaluations (864,467 )
At 31st December 2023 6,200,000
NET BOOK VALUE
At 31st December 2023 6,200,000
At 31st December 2022 7,000,000

Cost or valuation at 31st December 2023 is represented by:

Long
leasehold
£   
Valuation in 2023 (2,088,112 )
Cost 8,288,112
6,200,000

If Long leasehold property had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 8,288,112 8,223,645

Long leasehold properties were valued on and open market basis on 31st December 2023 by Sunil Patel,director .

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 2,792 2,230
Amounts owed by group undertakings - 1,763
Other debtors and prepayments 49,352 52,585
52,144 56,578

Amounts falling due after more than one year:
Amounts owed by group undertakings 166,580 157,151

Aggregate amounts 218,724 213,729

AXCEL HOSPITALITY (LANSDOWN) LIMITED (REGISTERED NUMBER: 12859873)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 8) 79,190 93,877
Trade creditors 92,741 63,704
Finance lease 1,385 8,892
Amounts owed to group undertakings - 347
Tax 130,837 -
Social security and other taxes 14,332 7,289
VAT 41,321 60,865
Other creditors and accruals 120,874 115,427
Directors' loan account 2,429 -
Other loans 15,686 -
Accruals and deferred income 72,875 49,409
571,670 399,810

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 8) 2,077,568 2,132,433
Other loans (see note 8) - 515,686
Finance leases 4,671,415 4,643,395
Amounts owed to group undertakings 1,000,000 -
Directors' loan - 947,065
7,748,983 8,238,579

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst - 515,686

Repayable by instalments
Finance leases 4,665,408 4,643,395

8. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 486
Bank loans 79,190 93,391
79,190 93,877

AXCEL HOSPITALITY (LANSDOWN) LIMITED (REGISTERED NUMBER: 12859873)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

8. LOANS - continued
2023 2022
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 2,077,568 2,132,433

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Other loans more 5yrs non-inst - 515,686

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 2,156,758 2,225,824

Metro Bank holds a debenture form the company,supported by charges, debentures and guarantees from Croydon Hotels Ltd,Hollin Hill Properties Ltd and Axcel Hospitality ( Gatwick) Ltd within the Axcel Group.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 646,179 862,296

Deferred
tax
£   
Balance at 1st January 2023 862,296
Provided during year (216,117 )
Balance at 31st December 2023 646,179

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 1 100 100

AXCEL HOSPITALITY (LANSDOWN) LIMITED (REGISTERED NUMBER: 12859873)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

12. RESERVES
Retained
earnings
£   

At 1st January 2023 (1,860,373 )
Deficit for the year (167,453 )
At 31st December 2023 (2,027,826 )

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Davies FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Auditing

14. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The directors' loan account balances of £2,429 (2022 £947,065) are owed to Sunil Patel £9,153 (2022 £731,470) and Shamir Patel - £6,723 (2022 £215,595).