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REGISTERED NUMBER: 11906483 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

AXCEL HOSPITALITY (INVERNESS) LIMITED

AXCEL HOSPITALITY (INVERNESS) LIMITED (REGISTERED NUMBER: 11906483)






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 (INVERNESS) 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: 11906483 (England and Wales)





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

AXCEL HOSPITALITY (INVERNESS) LIMITED (REGISTERED NUMBER: 11906483)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 13,000,000 8,500,000

CURRENT ASSETS
Stocks 5 4,421 5,135
Debtors 6 813,553 145,409
Cash at bank and in hand 175,712 495,573
993,686 646,117
CREDITORS
Amounts falling due within one year 7 (745,378 ) (438,186 )
NET CURRENT ASSETS 248,308 207,931
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,248,308

8,707,931

CREDITORS
Amounts falling due after more than one year 8 (3,153,235 ) (4,131,959 )

PROVISIONS FOR LIABILITIES 11 (1,676,466 ) (568,775 )
NET ASSETS 8,418,607 4,007,197

CAPITAL AND RESERVES
Called up share capital 12 100 100
Revaluation reserve 13 5,029,399 1,706,326
Retained earnings 13 3,389,108 2,300,771
SHAREHOLDERS' FUNDS 8,418,607 4,007,197

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 (INVERNESS) LIMITED (REGISTERED NUMBER: 11906483)

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

1. STATUTORY INFORMATION

Axcel Hospitality (Inverness) 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 83 Church Street, Inverness, IV11ES.

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.

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.


AXCEL HOSPITALITY (INVERNESS) LIMITED (REGISTERED NUMBER: 11906483)

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

2. ACCOUNTING POLICIES - continued
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.

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.

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 - 21 ) .

AXCEL HOSPITALITY (INVERNESS) LIMITED (REGISTERED NUMBER: 11906483)

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

4. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST OR VALUATION
At 1st January 2023 8,500,000
Additions 69,236
Revaluations 4,430,764
At 31st December 2023 13,000,000
NET BOOK VALUE
At 31st December 2023 13,000,000
At 31st December 2022 8,500,000

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

Freehold
property
£   
Valuation in 2023 6,705,865
Cost 6,294,135
13,000,000

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

2023 2022
£    £   
Cost 6,294,135 6,224,899

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

5. STOCKS
2023 2022
£    £   
Stocks 4,421 5,135

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 23,803 48,089
Amounts owed by group undertakings 18,044 1,898
Other debtors and prepayments 90,057 95,422
131,904 145,409

AXCEL HOSPITALITY (INVERNESS) LIMITED (REGISTERED NUMBER: 11906483)

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

6. DEBTORS - continued
2023 2022
£    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings 681,649 -

Aggregate amounts 813,553 145,409

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 9) 136,680 103,349
Trade creditors 155,093 162,763
Tax 219,949 -
Social security and other taxes 10,500 -
VAT 45,388 31,531
Other creditors and accruals 88,069 134,740
Directors' loan account 50,100 -
Accruals and deferred income 39,599 5,803
745,378 438,186

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 9) 3,153,235 3,288,859
Directors' loan - 843,100
3,153,235 4,131,959

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,610,739 2,746,363

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,056 1,631
Bank loans 135,624 101,718
136,680 103,349

AXCEL HOSPITALITY (INVERNESS) LIMITED (REGISTERED NUMBER: 11906483)

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

9. LOANS - continued
2023 2022
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 542,496 542,496

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,610,739 2,746,363

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 3,288,859 3,390,577

Clydesdale Bank Plc holds a debenture from the company, supported by charges, debentures and guarantees from other companies within the Axcel Group.

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 1,676,466 568,775

Deferred
tax
£   
Balance at 1st January 2023 568,775
Provided during year 1,107,691
Balance at 31st December 2023 1,676,466

12. CALLED UP SHARE CAPITAL

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

AXCEL HOSPITALITY (INVERNESS) LIMITED (REGISTERED NUMBER: 11906483)

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

13. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st January 2023 2,300,771 1,706,326 4,007,097
Profit for the year 1,088,337 1,088,337
Revaluation for the year - 4,430,764 4,430,764
Deferred tax - (1,107,691 ) (1,107,691 )
At 31st December 2023 3,389,108 5,029,399 8,418,507

14. 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

15. 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 £50,100 (2022 £843,100) are owed to Sunil Patel £50,100 (2022 £771,550) and Shamir Patel NIL (2022 £71,550).