Year Ended
Registration number:
Fairtree Hospitality Private Equity Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Fairtree Hospitality Private Equity Limited
Balance Sheet
31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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- |
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Current assets |
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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 (liabilities)/assets |
( |
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Total assets less current liabilities |
( |
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Provisions for liabilities |
( |
- |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' (deficit)/funds |
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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:
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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 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
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Company Registration Number: 13776174
Fairtree Hospitality Private Equity Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 - '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
• 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
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
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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Additions |
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At 31 March 2024 |
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Depreciation |
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Charge for the year |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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Debtors |
2024 |
2023 |
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Trade debtors |
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Amounts owed by group undertakings |
- |
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Other debtors |
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Prepayments |
- |
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Fairtree Hospitality Private Equity Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
31 March 2023 |
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Due within one year |
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Trade creditors |
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Amounts due to group undertakings |
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- |
Social security and other taxes |
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Outstanding defined contribution pension costs |
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- |
Other creditors |
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- |
Accrued expenses |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |