Company registration number 05111984 (England and Wales)
TULIP BRIGHTON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
TULIP BRIGHTON LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TULIP BRIGHTON LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,422,857
1,452,024
Current assets
Debtors
5
53,914
32,268
Cash at bank and in hand
9,202
21,803
63,116
54,071
Creditors: amounts falling due within one year
6
(144,703)
(229,294)
Net current liabilities
(81,587)
(175,223)
Net assets
1,341,270
1,276,801
Capital and reserves
Called up share capital
1,500,000
1,500,000
Profit and loss reserves
(158,730)
(223,199)
Total equity
1,341,270
1,276,801
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 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 member has 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 10 January 2025 and are signed on its behalf by:
Mr D G Calderhead
Director
Company registration number 05111984 (England and Wales)
TULIP BRIGHTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information
Tulip Brighton Limited is a private company limited by shares incorporated in England and Wales. The registered office is Medway Bridge House, 1 - 8 Fairmeadow, Maidstone, Kent, ME14 1JP. The principal place of business is 11 - 12 Marine Parade, Brighton, East Sussex, BN2 1TL.
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.
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 for services provided in the normal course of business, and is shown net of VAT. Turnover from hotel rooms is recognised as the rooms are occupied and turnover arising from contributions toward costs and recharged expenses are recognised in the period in which the costs are incurred by the company. Turnover from other services is recognised at the point of sale.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal instalments over its estimated useful economic life.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings freehold (excluding land)
2% straight line basis
Land and buildings leasehold
over the term of the lease
Fixtures, fittings & equipment
20% straight line basis
1.5
Financial instruments
The company has elected to apply the recognition and measurement provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.
Basic financial liabilities
Basic financial liabilities, including creditors, bank overdrafts and loans from fellow group companies that are classified as debt, are recognised at transaction price.
TULIP BRIGHTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable or receivable and deferred tax.
Current tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted. A deferred tax asset is only recognised when its recoverability in the foreseeable future is certain.
1.7
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.8
Leases
Rentals payable under operating leases are charged to profit or loss on a straight line basis over the term of the lease.
1.9
Government grants
Government grants are recognised as income at the amount received or receivable when there is reasonable assurance that the grant conditions will be met and the grant will be received. Grants under the Coronavirus Job Retention Scheme are recognised over the periods in which the related costs are incurred.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
8
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
450,000
Amortisation and impairment
At 1 February 2023 and 31 January 2024
450,000
Carrying amount
At 31 January 2024
At 31 January 2023
TULIP BRIGHTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2023
1,884,809
624,334
2,509,143
Additions
6,133
6,133
At 31 January 2024
1,884,809
630,467
2,515,276
Depreciation and impairment
At 1 February 2023
443,595
613,524
1,057,119
Depreciation charged in the year
29,227
6,073
35,300
At 31 January 2024
472,822
619,597
1,092,419
Carrying amount
At 31 January 2024
1,411,987
10,870
1,422,857
At 31 January 2023
1,441,214
10,810
1,452,024
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
29,362
5,843
Other debtors
24,552
26,425
53,914
32,268
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
22,004
19,660
Trade creditors
22,822
39,153
Amounts owed to group undertakings
6,819
88,879
Taxation and social security
55,862
59,118
Other creditors
37,196
22,484
144,703
229,294
The bank overdraft facility is secured by a charge over the freehold property owned by the company.
TULIP BRIGHTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
105,000
117,000
The lease commitment relates to rent payable to 2032 in respect of a property occupied by the company.
8
Related party transactions
The amount owed to the parent undertaking, Glen Cawdor Limited, at the year end amounted to £6,819 (2023 - £88,879). The advances are interest free.