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Registration number: 02273740

Millstream Hotel (Bosham) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Millstream Hotel (Bosham) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Millstream Hotel (Bosham) Limited

Company Information

Directors

Mr J Wild

Mr T Burrage

Mr C L Cussons

Mrs S E Wild

Mr A Dodson

Company Secretary

Mrs S E Wild

Registered office

Millstream Hotel
Bosham Lane
Bosham
Chichester
West Sussex
PO18 8HL

Accountants

Blue Spire Limited
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Millstream Hotel (Bosham) Limited
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Millstream Hotel (Bosham) Limited for the year ended 30 September 2024 as set out on pages 3 to 7 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Millstream Hotel (Bosham) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Millstream Hotel (Bosham) Limited and state those matters that we have agreed to state to the Board of Directors of Millstream Hotel (Bosham) 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 Millstream Hotel (Bosham) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Millstream Hotel (Bosham) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Millstream Hotel (Bosham) Limited. You consider that Millstream Hotel (Bosham) 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 accounts of Millstream Hotel (Bosham) 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 accounts.

......................................

Blue Spire Limited
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

16 December 2024

 

Millstream Hotel (Bosham) Limited

(Registration number: 02273740)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

15,000

17,500

Tangible assets

6

2,693,901

2,770,131

 

2,708,901

2,787,631

Current assets

 

Stocks

7

24,374

22,413

Debtors

8

215,327

184,038

Cash at bank and in hand

 

514,105

684,909

 

753,806

891,360

Creditors: Amounts falling due within one year

9

(561,858)

(676,120)

Net current assets

 

191,948

215,240

Total assets less current liabilities

 

2,900,849

3,002,871

Creditors: Amounts falling due after more than one year

9

(556,973)

(633,459)

Provisions for liabilities

(59,859)

(58,413)

Net assets

 

2,284,017

2,310,999

Capital and reserves

 

Called up share capital

1,938

1,938

Share premium reserve

251,286

251,286

Retained earnings

2,030,793

2,057,775

Shareholders' funds

 

2,284,017

2,310,999

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 December 2024 and signed on its behalf by:
 

.........................................
Mr C L Cussons
Director

 

Millstream Hotel (Bosham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The companies registered office is detailed on page 1.

These financial statements were authorised for issue by the Board on 16 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents revenue earned during the period from customer stays and retail operations. Customer stays are measured at the fair value of the consideration received or receivable at the commencement of a customer's stay, including deposits and excluding discounts, rebates, value added tax and other sales taxes. All revenues are exclusive of VAT.

Government grants

Grant income is recognised in the period to which it relates.

Tax

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Millstream Hotel (Bosham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property

100 years straight line

Motor Vehicles

5 years straight line

Equipment, Fittings and Plant

4 / 8 / 15 years straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

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.

Financial instruments

Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 63 (2023 - 63).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

108,764

105,999

Amortisation expense

2,500

2,500

 

Millstream Hotel (Bosham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

25,000

25,000

At 30 September 2024

25,000

25,000

Amortisation

At 1 October 2023

7,500

7,500

Amortisation charge

2,500

2,500

At 30 September 2024

10,000

10,000

Carrying amount

At 30 September 2024

15,000

15,000

At 30 September 2023

17,500

17,500

6

Tangible assets

Land and buildings
£

Equipment, fittings and plant
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

2,759,072

1,020,818

21,012

3,800,902

Additions

-

34,791

-

34,791

Disposals

-

(42,214)

-

(42,214)

At 30 September 2024

2,759,072

1,013,395

21,012

3,793,479

Depreciation

At 1 October 2023

434,205

587,834

8,732

1,030,771

Charge for the year

27,591

78,103

3,070

108,764

Eliminated on disposal

-

(39,957)

-

(39,957)

At 30 September 2024

461,796

625,980

11,802

1,099,578

Carrying amount

At 30 September 2024

2,297,276

387,415

9,210

2,693,901

At 30 September 2023

2,324,867

432,984

12,280

2,770,131

Included within the net book value of land and buildings above is £2,123,724 (2023 - £2,149,469) in respect of freehold land and buildings, and £173,552 (2023 - £175,399) in respect of long leasehold land and buildings.
 

7

Stocks

2024
£

2023
£

Food and drink

24,374

22,413

 

Millstream Hotel (Bosham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Debtors

Current

2024
£

2023
£

Trade debtors

145,611

124,080

Prepayments

69,666

58,661

Other debtors

50

1,297

 

215,327

184,038

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

94,293

93,648

Trade creditors

 

93,387

65,857

Taxation and social security

 

121,501

175,897

Accruals and deferred income

 

132,033

273,170

Other creditors

 

120,644

67,548

 

561,858

676,120


These creditors include bank loans and overdrafts which are secured of £60,328 (2023: £59,682).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

556,973

633,459


These creditors include bank loans and overdrafts which are secured of £344,995 (2023: £387,662).


These creditors include bank loans repayable by instalments of £248,791 (2023: £308,029) due after more than five years.