Registration number:
Millstream Hotel (Bosham) Limited
for the Year Ended 30 September 2024
Millstream Hotel (Bosham) Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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 |
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Accountants |
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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.
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South Pallant
Chichester
West Sussex
PO19 1SY
Millstream Hotel (Bosham) Limited
(Registration number: 02273740)
Balance Sheet as at 30 September 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,938 |
1,938 |
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Share premium reserve |
251,286 |
251,286 |
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Retained earnings |
2,030,793 |
2,057,775 |
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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:
• |
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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
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Millstream Hotel (Bosham) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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
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
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Loss/profit before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
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Depreciation expense |
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Amortisation expense |
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Millstream Hotel (Bosham) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 October 2023 |
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At 30 September 2024 |
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Amortisation |
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At 1 October 2023 |
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Amortisation charge |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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Tangible assets |
Land and buildings |
Equipment, fittings and plant |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 October 2023 |
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Additions |
- |
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- |
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Disposals |
- |
( |
- |
( |
At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
- |
( |
At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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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.
Stocks |
2024 |
2023 |
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Food and drink |
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Millstream Hotel (Bosham) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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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 |
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Due after one year |
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Loans and borrowings |
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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.