2023-03-012024-02-292024-02-29false00434439Heaves Hotel 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Heaves Hotel Limited

Registered Number
00434439
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

Heaves Hotel Limited
Company Information
for the year from 1 March 2023 to 29 February 2024

Directors

Mrs C E Whitelock
Mr L M Whitelock
Mr P M Whitelock

Company Secretary

Mrs C E Whitelock

Registered Address

Heaves Hotel Heaves
Kendal
Cumbria
LA8 8EF

Registered Number

00434439 (England and Wales)
Heaves Hotel Limited
Statement of Financial Position
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3573,816590,456
573,816590,456
Current assets
Debtors54,6495,777
Cash at bank and on hand1,29811,121
5,94716,898
Creditors amounts falling due within one year6(293,975)(275,075)
Net current assets (liabilities)(288,028)(258,177)
Total assets less current liabilities285,788332,279
Provisions for liabilities7(95,880)(98,473)
Net assets189,908233,806
Capital and reserves
Called up share capital7,7007,700
Share premium3,9653,965
Revaluation reserve287,640295,418
Profit and loss account(109,397)(73,277)
Shareholders' funds189,908233,806
The financial statements were approved and authorised for issue by the Board of Directors on 21 November 2024, and are signed on its behalf by:
Mr L M Whitelock
Director
Registered Company No. 00434439
Heaves Hotel Limited
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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 sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Individual freehold and leasehold properties are included at the valuation at its date of transition to FRS102. Future valuations will not be undertaken as permitted by FRS102. Revaluation gains and losses are recognised in the Profit and Loss Account unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows: Crockery crisis equipment which is included within fixtures and fittings is depreciated at the rate of 25% on a reducing balance basis.

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery25-
Fixtures and fittings10-
Vehicles25-
Office Equipment-3
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.
Trade and other 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.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Government grants or assistance
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
2.Average number of employees

20242023
Average number of employees during the year33
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 March 23762,4582,0002,400180,5132,781950,152
At 29 February 24762,4582,0002,400180,5132,781950,152
Depreciation and impairment
At 01 March 23188,7083751,973165,8592,781359,696
Charge for year14,6494061071,478-16,640
At 29 February 24203,3577812,080167,3372,781376,336
Net book value
At 29 February 24559,1011,21932013,176-573,816
At 28 February 23573,7501,62542714,654-590,456
4.Revaluation of property, plant and equipment
The freehold property was revalued at 28 February 2010. This valuation has been retained following the transition to FRS102. Had the freehold property been measured at historical cost, the cost would be £248,868 (2023 - £248,868) and the carrying value would be £180,505 (2023 - £185,481).
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables2,2313,354
Other debtors826402
Prepayments and accrued income1,5922,021
Total4,6495,777
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables1,3072,665
Taxation and social security404-
Other creditors290,638270,626
Accrued liabilities and deferred income1,6261,784
Total293,975275,075
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.
7.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate of the settlement can be made. The provision for deferred tax is in respect of the fair value on revalued freehold property.

2024

2023

££
Net deferred tax liability (asset)95,88098,473
Total95,88098,473
8.Related party transactions
During the year two directors had a loan account with the company. At the balance sheet date, the company owed the directors £260,116 (2023 - £245,333). This loan is unsecured, interest free and repayable upon demand. During the year a third director had a loan account with the company. At the balance sheet date, the company owed the directors £30,523 (2023 - £25,293). This loan is unsecured, interest free and repayable upon demand.