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Registered number: 07697240
Prince Regent Hotel Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
BUTT & CO ACCOUNTANTS LTD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07697240
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 444,316 415,814
444,316 415,814
CURRENT ASSETS
Debtors 5 12,757 11,406
Cash at bank and in hand 93,082 60,813
105,839 72,219
Creditors: Amounts Falling Due Within One Year 6 (105,223 ) (131,955 )
NET CURRENT ASSETS (LIABILITIES) 616 (59,736 )
TOTAL ASSETS LESS CURRENT LIABILITIES 444,932 356,078
NET ASSETS 444,932 356,078
CAPITAL AND RESERVES
Called up share capital 7 800 800
Profit and Loss Account 444,132 355,278
SHAREHOLDERS' FUNDS 444,932 356,078
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Abdul Ghani
Director
05/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Prince Regent Hotel Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07697240 . The registered office is 361-363 Prince Regent Lane, London, E16 3JP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 0% Reducing balance
Plant & Machinery 20% Reducing balance
Motor Vehicles 20% Reducing balance
Fixtures & Fittings 20% Reducing balance
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
2.7. Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 17 (2023: 15)
17 15
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 April 2023 325,686 38,364 58,890 202,561 625,501
Additions - 9,976 - 48,183 58,159
As at 31 March 2024 325,686 48,340 58,890 250,744 683,660
Depreciation
As at 1 April 2023 - 19,866 27,118 162,703 209,687
Provided during the period - 5,695 6,354 17,608 29,657
As at 31 March 2024 - 25,561 33,472 180,311 239,344
Net Book Value
As at 31 March 2024 325,686 22,779 25,418 70,433 444,316
As at 1 April 2023 325,686 18,498 31,772 39,858 415,814
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 5,877 4,205
Prepayments and accrued income 6,880 7,201
12,757 11,406
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,046 1,547
Corporation tax 15,146 32,877
Other taxes and social security 3,164 1,824
VAT 11,337 18,638
Accruals and deferred income 7,103 9,642
Directors' loan accounts 67,427 67,427
105,223 131,955
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 800 800
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