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Fairtree Hospitality Private Equity Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2024

Registration number: 13776174

 

Fairtree Hospitality Private Equity Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Fairtree Hospitality Private Equity Limited

Balance Sheet

31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,962

-

Current assets

 

Debtors

5

163,158

253,632

Cash at bank and in hand

 

1,003

2,578

 

164,161

256,210

Creditors: Amounts falling due within one year

6

(255,626)

(116,914)

Net current (liabilities)/assets

 

(91,465)

139,296

Total assets less current liabilities

 

(89,503)

139,296

Provisions for liabilities

(228)

-

Net (liabilities)/assets

 

(89,731)

139,296

Capital and reserves

 

Called up share capital

7

100

100

Profit and loss account

(89,831)

139,196

Shareholders' (deficit)/funds

 

(89,731)

139,296

For the financial year ending 31 March 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 7 January 2025 and signed on its behalf by:
 

.........................................
J J Bester
Director

Company Registration Number: 13776174

 

Fairtree Hospitality Private Equity Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
2nd Floor
10 Bridge Street
Bath
Somerset
BA2 4AS

These financial statements were authorised for issue by the Board on 7 January 2025.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in pounds sterling which is the functional currency of the company.

Monetary amounts in these financial statements are rounded to the nearest pound.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Going concern

At the balance sheet date the company had net liabilities of £89,731 (2023 - net assets of £139,296).

Management have considered a number of factors with regards to the appropriateness of the going concern assertion, including general market conditions and the performance of the hotel portfolio which it manages.

After appropriate regard the Directors continue to adopt the going concern assertion.

 

Fairtree Hospitality Private Equity Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of hospitality management services in the ordinary course of the company’s activities.

Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

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

Computer equipment

Straight line over 5 years

Investments

Investments in subsidiary undertakings are recognised at cost.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Fairtree Hospitality Private Equity Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Inter company loans, and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.



 

Critical judgements and estimation uncertainty

In applying the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In the opinion of the Directors there are no areas where there have been critical judgements made, or specific areas of material uncertainty around estimates.

 

Fairtree Hospitality Private Equity Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

2,415

2,415

At 31 March 2024

2,415

2,415

Depreciation

Charge for the year

453

453

At 31 March 2024

453

453

Carrying amount

At 31 March 2024

1,962

1,962

5

Debtors

2024
£

2023
£

Trade debtors

24,047

134,348

Amounts owed by group undertakings

-

107,366

Other debtors

139,111

11,044

Prepayments

-

874

163,158

253,632

 

Fairtree Hospitality Private Equity Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

31 March 2023
 £

Due within one year

Trade creditors

149

1,310

Amounts due to group undertakings

162,541

-

Social security and other taxes

60,358

42,540

Outstanding defined contribution pension costs

1,052

-

Other creditors

29,471

-

Accrued expenses

2,055

73,064

255,626

116,914

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100