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REGISTERED NUMBER: 10830162 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

AXCEL HOSPITALITY (YORK) LIMITED

AXCEL HOSPITALITY (YORK) LIMITED (REGISTERED NUMBER: 10830162)






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 (YORK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Sunil Patel
Shamir Patel





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





REGISTERED NUMBER: 10830162 (England and Wales)





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

AXCEL HOSPITALITY (YORK) LIMITED (REGISTERED NUMBER: 10830162)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 6,627,842 5,500,000

CURRENT ASSETS
Debtors 5 298,183 23,743
Cash at bank and in hand 997,520 889,359
1,295,703 913,102
CREDITORS
Amounts falling due within one year 6 (588,323 ) (132,042 )
NET CURRENT ASSETS 707,380 781,060
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,335,222

6,281,060

CREDITORS
Amounts falling due after more than one year 7 (3,684,739 ) (2,454,295 )

PROVISIONS FOR LIABILITIES 8 - (37,972 )
NET ASSETS 3,650,483 3,788,793

CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 10 - 149,314
Retained earnings 10 3,650,383 3,639,379
SHAREHOLDERS' FUNDS 3,650,483 3,788,793

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 27th September 2024 and were signed on its behalf by:





Shamir Patel - Director


AXCEL HOSPITALITY (YORK) LIMITED (REGISTERED NUMBER: 10830162)

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

1. STATUTORY INFORMATION

Axcel Hospitality (York) 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 44 Piccadilly, York, Y01 9NX.

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.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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.

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.

Going concern
The company is reliant on the continued support of its shareholder 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.

AXCEL HOSPITALITY (YORK) LIMITED (REGISTERED NUMBER: 10830162)

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

2. ACCOUNTING POLICIES - continued

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 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST OR VALUATION
At 1st January 2023 5,500,000
Additions 1,315,128
Revaluations (187,286 )
At 31st December 2023 6,627,842
NET BOOK VALUE
At 31st December 2023 6,627,842
At 31st December 2022 5,500,000

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

Land and
buildings
£   
Cost 6,627,842

AXCEL HOSPITALITY (YORK) LIMITED (REGISTERED NUMBER: 10830162)

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 6,627,842 5,312,715

Freehold land and building were valued on an open market basis on 31st December 2023 by directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 298,183 23,743

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 280,628 99,727
Amounts owed to group undertakings 298,235 28,753
Other creditors and accruals 3,049 3,562
Director's loan account 6,411 -
588,323 132,042

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed to group undertakings 3,684,739 1,447,884
Director's loan account - 1,006,411
3,684,739 2,454,295

The amount owed to group undertakings is due after more than five years.

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax - 37,972

Deferred
tax
£   
Balance at 1st January 2023 37,972
Provided during year (37,972 )
Balance at 31st December 2023 -

AXCEL HOSPITALITY (YORK) LIMITED (REGISTERED NUMBER: 10830162)

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

9. CALLED UP SHARE CAPITAL

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

10. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st January 2023 3,639,379 149,314 3,788,693
Profit for the year 11,004 11,004
Revaluation for the year - (187,286 ) (187,286 )
Deferred tax provision - 37,972 37,972
At 31st December 2023 3,650,383 - 3,650,383

11. 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

12. CONTINGENT LIABILITIES

Metro Bank Plc holds fixed and floating charges covers all loans for Axcel Hospitality Gatwick Ltd, Axcel Hospitality Learmonth Ltd and Croydon Hotels Ltd.

13. 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.

Director's loan account balance of £6,411 (2022 £1,006,411) was due to Shamir Patel.