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Providence Hotels Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2024

Registration number: 10233190

 

Providence Hotels Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Providence Hotels Limited

Balance Sheet

31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

23,976

36,056

Investments

5

200

100

 

24,176

36,156

Current assets

 

Debtors

6

1,236,855

930,167

Cash at bank and in hand

 

4,789

20,109

 

1,241,644

950,276

Creditors: Amounts falling due within one year

7

(1,627,652)

(2,003,368)

Net current liabilities

 

(386,008)

(1,053,092)

Net liabilities

 

(361,832)

(1,016,936)

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

(361,932)

(1,017,036)

Shareholders' deficit

 

(361,832)

(1,016,936)

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: 10233190

 

Providence Hotels 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.

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 £361,832 (2023 - £1,016,936)

Management have assessed a number of factors in respect of the appropriateness of the going concern assertion, and in particular the ongoing management contracts of the company and the wider group that it is a head of. In addition management have considered the availability of additional support from the shareholders and wider Fairtree group should it be required.

After due consideration of these factors the Directors continue to apply the going concern basis to the preparation of the financial statements. In particular the company has considered the support given to it by its connected undertaking, which continues to be forthcoming for a period of no less than 12 months from the approval of the financial statements.

 

Providence Hotels 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.

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

Furniture, fittings and equipment

20% - 33% straight line

Motor vehicles

20% straight line

Investments

Investments in subsidiaries are carried at cost.

 

Providence Hotels 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;
• 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.


 

 

Providence Hotels Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

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 the following areas are where key judgements have been made in the preparation of the financial statements:

i) Recoverability of amounts due from group undertakings and other debtors
Management have carefully reviewed the carrying amounts included in amounts due from group undertakings and other debtors. In their opinion all amounts are recoverable and no provision is required to be recognised.

The carrying value of these assets at the balance sheet date, as disclosed in note 6, was £1,201,187 (2023 - £856,838).

ii) Recognition of deferred tax asset
At the balance sheet date the company has tax losses which have been carried forward. No deferred tax asset has been recognised on these losses on the basis that there is uncertainty over the timing of their utilisation.

The deferred tax asset not recognised at the balance sheet date was £99,350 (2023 - £206,260).

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2023 - 28).

 

Providence Hotels Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

55,469

22,495

77,964

Additions

6,134

-

6,134

Disposals

(4,414)

-

(4,414)

At 31 March 2024

57,189

22,495

79,684

Depreciation

At 1 April 2023

22,667

19,241

41,908

Charge for the year

12,696

3,254

15,950

Eliminated on disposal

(2,150)

-

(2,150)

At 31 March 2024

33,213

22,495

55,708

Carrying amount

At 31 March 2024

23,976

-

23,976

At 31 March 2023

32,802

3,254

36,056

 

Providence Hotels Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

200

100

Subsidiaries

£

Cost or valuation

At 1 April 2023

100

Additions

100

At 31 March 2024

200

Carrying amount

At 31 March 2024

200

At 31 March 2023

100

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Fairtree Hospitality Private Equity Limited

England and Wales

Ordinary

100%

100%

Mary Mount Limited

England and Wales

Ordinary

100%

0%

The principal activity of Fairtree Hospitality Private Equity Limited is that of hospitality management. Its registered office is 2nd Floor 10 Bridge Street, Bath, Somerset, United Kingdom, BA2 4AS. The principal activity of Mary Mount Limited (previously named Bridge Street Bath Limited) is that of a dormant company, with its registered office also being 2nd Floor 10 Bridge Street, Bath, Somerset, United Kingdom, BA2 4AS.

Since the balance sheet date Mary Mount has obtained the lease of a hotel in the Lake District and commenced trading. Providence Hotels Limited has demerged its investment in Fairtree Hospitality Private Equity Limited and no longer has a shareholding in this entity.

 

Providence Hotels Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

6

Debtors

2024
£

2023
£

Debtors

18,792

51,331

Amounts due from group undertakings

774,263

578,137

Other debtors

426,924

278,701

Prepayments

16,876

21,998

1,236,855

930,167

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
 £

Due within one year

Trade creditors

104,222

41,194

Social security and other taxes

121,416

32,240

Outstanding defined contribution pension costs

3,347

3,340

Other creditors

1,398,667

1,926,594

1,627,652

2,003,368

8

Share capital

Allotted, called up and not fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary 0.50 shares of £0.50 each

200

100.00

200

100.00