Company registration number 03440073 (England and Wales)
SELECT CHALETS & HOTELS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
SELECT CHALETS & HOTELS LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2
Notes to the financial statements
3 - 5
SELECT CHALETS & HOTELS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SELECT CHALETS & HOTELS LIMITED FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Select Chalets & Hotels Limited for the year ended 30 April 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Select Chalets & Hotels Limited, as a body, in accordance with the terms of our engagement letter dated 28 July 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Select Chalets & Hotels Limited and state those matters that we have agreed to state to the board of directors of Select Chalets & Hotels Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Select Chalets & Hotels Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Select Chalets & Hotels Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Select Chalets & Hotels Limited. You consider that Select Chalets & Hotels Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Select Chalets & Hotels Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
9 July 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
SELECT CHALETS & HOTELS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
2,158
1,042
Current assets
Trade and other receivables
4
79,152
47,971
Cash and cash equivalents
37,058
83,500
116,210
131,471
Current liabilities
5
(18,577)
(29,232)
Net current assets
97,633
102,239
Net assets
99,791
103,281
Equity
Called up share capital
6
394,760
394,760
Retained earnings
(294,969)
(291,479)
Total equity
99,791
103,281
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 30 April 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.
The financial statements were approved by the board of directors and authorised for issue on 9 July 2024 and are signed on its behalf by:
Mr M J Bowden
Director
Company registration number 03440073 (England and Wales)
SELECT CHALETS & HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Select Chalets & Hotels Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 Church Road, Burgess Hill, West Sussex, RH15 9AE.
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertaintiestrue and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Revenue
Revenue represents amounts receivable for services and commissions earned net of VAT and trade discounts. Services are recognised on departure date, and commissions are recognised as they are earned.
1.4
Property, plant and equipment
Property, plant and equipment 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:
Land and buildings
33% per annum straight line
Plant and machinery
25% - 33% per annum straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
SELECT CHALETS & HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include trade and other receivables and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2023 - 3).
3
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
17,782
129,561
147,343
Additions
2,589
2,589
At 30 April 2024
17,782
132,150
149,932
Depreciation and impairment
At 1 May 2023
17,782
128,519
146,301
Depreciation charged in the year
1,473
1,473
At 30 April 2024
17,782
129,992
147,774
Carrying amount
At 30 April 2024
2,158
2,158
At 30 April 2023
1,042
1,042
SELECT CHALETS & HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
4
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
71,379
45,472
Other receivables
7,773
2,499
79,152
47,971
5
Current liabilities
2024
2023
£
£
Trade payables
6,052
1,065
Taxation and social security
343
Other payables
12,525
27,824
18,577
29,232
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
394,760
394,760
394,760
394,760