IRIS Accounts Production v24.3.0.553 12085405 Board of Directors 1.1.23 31.12.23 31.12.23 25/11/2024 false true false false true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh120854052022-12-31120854052023-12-31120854052023-01-012023-12-31120854052021-12-31120854052022-01-012022-12-31120854052022-12-3112085405ns15:EnglandWales2023-01-012023-12-3112085405ns14:PoundSterling2023-01-012023-12-3112085405ns10:Director12023-01-012023-12-3112085405ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3112085405ns10:SmallEntities2023-01-012023-12-3112085405ns10:Audited2023-01-012023-12-3112085405ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3112085405ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3112085405ns10:FullAccounts2023-01-012023-12-3112085405ns10:OrdinaryShareClass12023-01-012023-12-3112085405ns10:Director22023-01-012023-12-3112085405ns10:RegisteredOffice2023-01-012023-12-3112085405ns5:CurrentFinancialInstruments2023-12-3112085405ns5:CurrentFinancialInstruments2022-12-3112085405ns5:Non-currentFinancialInstruments2023-12-3112085405ns5:Non-currentFinancialInstruments2022-12-3112085405ns5:ShareCapital2023-12-3112085405ns5:ShareCapital2022-12-3112085405ns5:RevaluationReserve2023-12-3112085405ns5:RevaluationReserve2022-12-3112085405ns5:RetainedEarningsAccumulatedLosses2023-12-3112085405ns5:RetainedEarningsAccumulatedLosses2022-12-3112085405ns5:LongLeaseholdAssetsns5:LandBuildings2022-12-3112085405ns5:LongLeaseholdAssetsns5:LandBuildings2023-01-012023-12-3112085405ns5:LongLeaseholdAssetsns5:LandBuildings2023-12-3112085405ns5:LongLeaseholdAssetsns5:LandBuildings2022-12-3112085405ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3112085405ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3112085405ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3112085405ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-12-3112085405ns5:Secured2023-12-3112085405ns5:Secured2022-12-3112085405ns5:DeferredTaxation2022-12-3112085405ns5:DeferredTaxation2023-01-012023-12-3112085405ns5:DeferredTaxation2023-12-3112085405ns10:OrdinaryShareClass12023-12-3112085405ns5:RetainedEarningsAccumulatedLosses2022-12-3112085405ns5:RevaluationReserve2022-12-3112085405ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3112085405ns5:RevaluationReserve2023-01-012023-12-31
REGISTERED NUMBER: 12085405 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

AXCEL HOSPITALITY (GATWICK) LIMITED

AXCEL HOSPITALITY (GATWICK) LIMITED (REGISTERED NUMBER: 12085405)






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 (GATWICK) 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: 12085405 (England and Wales)



SENIOR STATUTORY AUDITOR: Paul Davies FCA



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

AXCEL HOSPITALITY (GATWICK) LIMITED (REGISTERED NUMBER: 12085405)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 9,000,000 11,300,000

CURRENT ASSETS
Stocks - 1,914
Debtors 5 2,784,384 334,951
Cash at bank and in hand 1,101,785 1,347,868
3,886,169 1,684,733
CREDITORS
Amounts falling due within one year 6 (1,815,045 ) (1,917,355 )
NET CURRENT ASSETS/(LIABILITIES) 2,071,124 (232,622 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,071,124

11,067,378

CREDITORS
Amounts falling due after more than one year 7 (10,548,783 ) (10,380,920 )

PROVISIONS FOR LIABILITIES 9 (1,692,915 ) (2,267,915 )
NET LIABILITIES (1,170,574 ) (1,581,457 )

CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 - 287,426
Retained earnings 11 (1,170,674 ) (1,868,983 )
SHAREHOLDERS' FUNDS (1,170,574 ) (1,581,457 )

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 (GATWICK) LIMITED (REGISTERED NUMBER: 12085405)

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

1. STATUTORY INFORMATION

Axcel Hospitality (Gatwick) 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 1-2 Church Road, Low Field Heath, Crawley, RH11 0PQ.

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. 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 (GATWICK) LIMITED (REGISTERED NUMBER: 12085405)

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.

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.

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 8 (2022 - 10 ) .

AXCEL HOSPITALITY (GATWICK) LIMITED (REGISTERED NUMBER: 12085405)

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

4. TANGIBLE FIXED ASSETS
Long
leasehold
£   
COST OR VALUATION
At 1st January 2023 11,300,000
Revaluations (2,300,000 )
At 31st December 2023 9,000,000
NET BOOK VALUE
At 31st December 2023 9,000,000
At 31st December 2022 11,300,000

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

Long
leasehold
£   
Valuation in 2023 171,660
Cost 8,828,340
9,000,000

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

2023 2022
£    £   
Cost 8,828,340 8,828,340

Long leasehold property 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 5,000 -
Amounts owed by group undertakings 269,258 -
Other debtors 328,053 99,743
602,311 99,743

Amounts falling due after more than one year:
Amounts owed by group undertakings 2,182,073 235,208

Aggregate amounts 2,784,384 334,951

AXCEL HOSPITALITY (GATWICK) LIMITED (REGISTERED NUMBER: 12085405)

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 85,633 796,479
Other loans 606,000 600,000
Trade creditors 169,246 175,226
Finance lease 4,289 14,255
Amounts owed to group undertakings 1,370 -
Tax 400,492 -
Social security and other taxes 736 -
VAT 147,243 108,596
Other creditors and accruals 80,896 32,989
Other loans 69,390 -
Accruals and deferred income 249,750 189,810
1,815,045 1,917,355

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 3,333,348 3,500,000
Other loans - 308,341
Finance leases 6,577,476 6,561,477
Amounts owed to group undertakings - 11,102
Other creditors 2 - 5 years 140,000 -
Other creditors overs 5 years 497,959 -
10,548,783 10,380,920

Amounts falling due in more than five years:

Repayable by instalments
Finance leases 6,559,191 6,561,477

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 3,418,981 4,294,614

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

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 1,692,915 2,267,915

AXCEL HOSPITALITY (GATWICK) LIMITED (REGISTERED NUMBER: 12085405)

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

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1st January 2023 2,267,915
Provided during year (575,000 )
Balance at 31st December 2023 1,692,915

10. CALLED UP SHARE CAPITAL

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

11. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st January 2023 (1,868,983 ) 287,426 (1,581,557 )
Profit for the year 2,808,466 2,808,466
Dividends (672,583 ) (672,583 )
Revaluation (1,437,574 ) (862,426 ) (2,300,000 )
Deferred tax - 575,000 575,000
At 31st December 2023 (1,170,674 ) - (1,170,674 )

12. 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

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.