Company registration number 09539683 (England and Wales)
CITW (2015) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CITW (2015) LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
CITW (2015) LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,143,349
3,186,127
Current assets
Stocks
32,349
34,755
Debtors
126,822
105,702
Cash at bank and in hand
105,678
112,934
264,849
253,391
Creditors: amounts falling due within one year
(383,893)
(326,676)
Net current liabilities
(119,044)
(73,285)
Total assets less current liabilities
3,024,305
3,112,842
Creditors: amounts falling due after more than one year
(2,689,306)
(2,791,708)
Provisions for liabilities
(256,812)
(194,441)
Net assets
78,187
126,693
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
77,187
125,693
Total equity
78,187
126,693
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CITW (2015) LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 December 2024 and are signed on its behalf by:
Mr N E R Davies
Director
Company registration number 09539683 (England and Wales)
CITW (2015) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
CITW (2015) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Cottage In the Wood Hotel, Holywell Road, Malvern Wells, Worcestershire, England, WR14 4LG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Sales are recognised when the hotel satisfies its performance obligation by transferring promised goods or services to its customers.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on cost
Leasehold improvements
2% on cost
Plant and equipment
20% on cost
Fixtures and fittings
20% and 2% on cost
Computers
33% on cost
Individual assets costing less than £100 are not capitalised but are written off during the year of purchase to profit and loss account.
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
CITW (2015) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings 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 statement of financial position date
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.
1.6
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.
1.7
Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
59
57
CITW (2015) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Total
£
Cost
At 1 April 2023
3,813,144
Additions
61,352
At 31 March 2024
3,874,496
Depreciation and impairment
At 1 April 2023
627,017
Depreciation charged in the year
104,130
At 31 March 2024
731,147
Carrying amount
At 31 March 2024
3,143,349
At 31 March 2023
3,186,127
4
Directors' transactions
N E R & Mrs J A C Davies
Sole directors and shareholders
During the year the company repaid £47,750 of the loan for working capital. No repayment terms or interest have been agreed in respect of this loan. The loan is unsecured and is largely subordinated in favour of the bank in respect of its loan finance. As at 31 March 2024 the amount outstanding to the directors was £680,757 (2023: £728,507).