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REGISTERED NUMBER: 13071132 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

AXCEL HOSPITALITY (LEARMONTH) LIMITED

AXCEL HOSPITALITY (LEARMONTH) LIMITED (REGISTERED NUMBER: 13071132)






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 (LEARMONTH) 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: 13071132 (England and Wales)





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

AXCEL HOSPITALITY (LEARMONTH) LIMITED (REGISTERED NUMBER: 13071132)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 5,200,000 7,300,000

CURRENT ASSETS
Stocks - 4,189
Debtors 5 648,549 478,953
Cash at bank 1,918,104 1,951,016
2,566,653 2,434,158
CREDITORS
Amounts falling due within one year 6 (495,636 ) (1,256,475 )
NET CURRENT ASSETS 2,071,017 1,177,683
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,271,017

8,477,683

CREDITORS
Amounts falling due after more than one year 7 (5,025,871 ) (4,966,925 )

PROVISIONS FOR LIABILITIES 10 (719,995 ) (1,244,995 )
NET ASSETS 1,525,151 2,265,763

CAPITAL AND RESERVES
Called up share capital 11 100 100
Revaluation reserve 12 - 1,188,975
Retained earnings 12 1,525,051 1,076,688
SHAREHOLDERS' FUNDS 1,525,151 2,265,763

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 3rd October 2024 and were signed on its behalf by:





Shamir Patel - Director


AXCEL HOSPITALITY (LEARMONTH) LIMITED (REGISTERED NUMBER: 13071132)

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

1. STATUTORY INFORMATION

Axcel Hospitality (Learmonth) 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 18-20 Learmonth Terrace, Edinburgh, EH4 1PW.

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
Long leasehold property includes a leasehold hotel which is carried at its revalued amount, being fair value at the date of valuation less 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 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 (LEARMONTH) LIMITED (REGISTERED NUMBER: 13071132)

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.

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 14 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Long
leasehold
£   
COST OR VALUATION
At 1st January 2023 7,300,000
Revaluations (2,100,000 )
At 31st December 2023 5,200,000
NET BOOK VALUE
At 31st December 2023 5,200,000
At 31st December 2022 7,300,000

AXCEL HOSPITALITY (LEARMONTH) LIMITED (REGISTERED NUMBER: 13071132)

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

4. TANGIBLE FIXED ASSETS - continued

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

Long
leasehold
£   
Valuation in 2023 (20,018 )
Cost 5,220,018
5,200,000

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

2023 2022
£    £   
Cost 5,220,018 5,220,018

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

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 271,258 248,107
Other debtors 43,166 155,021
314,424 403,128

Amounts falling due after more than one year:
Amounts owed by group undertakings 334,125 75,825

Aggregate amounts 648,549 478,953

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 8) 61,555 1,286
Trade creditors 31,130 144,404
Amounts owed to group undertakings - 346
Taxation and social security 323,107 43,923
Other creditors 79,844 1,066,516
495,636 1,256,475

AXCEL HOSPITALITY (LEARMONTH) LIMITED (REGISTERED NUMBER: 13071132)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 8) 2,128,316 2,200,000
Finance leases 2,897,555 2,766,925
5,025,871 4,966,925

Amounts falling due in more than five years:

Repayable by instalments
Finance leases 2,894,199 2,766,925

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 - 1,286
Bank loans 61,555 -
61,555 1,286

Amounts falling due between two and five years:
Bank loans - 2-5 years 2,128,316 2,200,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 2,189,871 2,200,000

Metro Bank holds fixed and floating charges over the company's assets.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 719,995 1,244,995

AXCEL HOSPITALITY (LEARMONTH) LIMITED (REGISTERED NUMBER: 13071132)

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

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1st January 2023 1,244,995
Provided during year (525,000 )
Balance at 31st December 2023 719,995

11. CALLED UP SHARE CAPITAL

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

12. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st January 2023 1,076,688 1,188,975 2,265,663
Profit for the year 448,363 448,363
Revaluation for the year - (1,188,975 ) (1,188,975 )
At 31st December 2023 1,525,051 - 1,525,051

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.