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REGISTERED NUMBER: 13009273 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

AXCEL HOSPITALITY (EXMOUTH) LIMITED

AXCEL HOSPITALITY (EXMOUTH) LIMITED (REGISTERED NUMBER: 13009273)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


AXCEL HOSPITALITY (EXMOUTH) 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: 13009273 (England and Wales)






AXCEL HOSPITALITY (EXMOUTH) LIMITED (REGISTERED NUMBER: 13009273)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 2,000,000 2,000,000

CURRENT ASSETS
Stocks 5 11,843 13,914
Debtors 6 618,227 938,858
Cash at bank and in hand 972,637 2,069,153
1,602,707 3,021,925
CREDITORS
Amounts falling due within one year 7 (580,084 ) (1,464,074 )
NET CURRENT ASSETS 1,022,623 1,557,851
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,022,623

3,557,851

CREDITORS
Amounts falling due after more than one year 8 - (1,310,307 )

PROVISIONS FOR LIABILITIES 11 (223,501 ) (256,621 )
NET ASSETS 2,799,122 1,990,923

CAPITAL AND RESERVES
Called up share capital 12 100 100
Revaluation reserve 13 670,503 769,864
Retained earnings 13 2,128,519 1,220,959
SHAREHOLDERS' FUNDS 2,799,122 1,990,923

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

AXCEL HOSPITALITY (EXMOUTH) LIMITED (REGISTERED NUMBER: 13009273)

BALANCE SHEET - continued
31ST DECEMBER 2023


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 (EXMOUTH) LIMITED (REGISTERED NUMBER: 13009273)

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

1. STATUTORY INFORMATION

Axcel Hospitality (Exmouth) 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 3 - 5 Morten Crescent, Exmouth, EX8 1BE.

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
Turnover 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
Freehold property includes a freehold 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 revaluation increase in the carrying amount of land and buildings 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 (EXMOUTH) LIMITED (REGISTERED NUMBER: 13009273)

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST OR VALUATION
At 1st January 2023 2,000,000
Additions 132,481
Revaluations (132,481 )
At 31st December 2023 2,000,000
NET BOOK VALUE
At 31st December 2023 2,000,000
At 31st December 2022 2,000,000

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

Freehold
property
£   
Valuation in 2023 894,004
Cost 1,105,996
2,000,000

AXCEL HOSPITALITY (EXMOUTH) LIMITED (REGISTERED NUMBER: 13009273)

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

4. TANGIBLE FIXED ASSETS - continued

If Freehold land and building had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,105,996 973,515

Freehold land and buildings were valued on an open market basis on 31st December 2023 by Sunil Patel,Director .

5. STOCKS
2023 2022
£    £   
Stocks 11,843 13,914

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 1,188 248,433
Other debtors and prepayments 11,039 90,425
12,227 338,858

Amounts falling due after more than one year:
Other loans 606,000 600,000

Aggregate amounts 618,227 938,858

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 9) - 77,076
Trade creditors 32,549 24,059
Tax 236,730 271,739
Social security and other taxes 5,083 10,751
VAT 11,992 69,187
Other creditors and accruals 49,770 42,262
Accruals and deferred income 243,960 969,000
580,084 1,464,074

AXCEL HOSPITALITY (EXMOUTH) LIMITED (REGISTERED NUMBER: 13009273)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 9) - 149,831
Director's loan - 1,160,476
- 1,310,307

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans - 77,076

Amounts falling due between two and five years:
Bank loans - 2-5 years - 149,831

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 226,907

Metro Bank Plc holds a first ranking debenture from the company over all of its assets and undertaking.The loan has been redeemed during the year.

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 223,501 256,621

Deferred
tax
£   
Balance at 1st January 2023 256,621
Provided during year (33,120 )
Balance at 31st December 2023 223,501

AXCEL HOSPITALITY (EXMOUTH) LIMITED (REGISTERED NUMBER: 13009273)

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

12. CALLED UP SHARE CAPITAL

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

13. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st January 2023 1,220,959 769,864 1,990,823
Profit for the year 907,560 907,560
Revaluation - (132,481 ) (132,481 )
Deferred tax provision - 33,120 33,120
At 31st December 2023 2,128,519 670,503 2,799,022