Company registration number 07816088 (England and Wales)
BESPOKE HOTELS (COTSWOLDS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
BESPOKE HOTELS (COTSWOLDS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BESPOKE HOTELS (COTSWOLDS) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
FIXED ASSETS
Tangible assets
3
124,520
85,023
CURRENT ASSETS
Stocks
52,210
56,040
Debtors
4
64,513
191,239
Cash at bank and in hand
905,406
526,700
1,022,129
773,979
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5
(1,822,464)
(2,054,676)
NET CURRENT LIABILITIES
(800,335)
(1,280,697)
TOTAL ASSETS LESS CURRENT LIABILITIES
(675,815)
(1,195,674)
PROVISIONS FOR LIABILITIES
(11,947)
-
NET LIABILITIES
(687,762)
(1,195,674)
CAPITAL AND RESERVES
Called up share capital
2
2
Revaluation reserve
50,414
50,414
Profit and loss reserves
(738,178)
(1,246,090)
TOTAL EQUITY
(687,762)
(1,195,674)
BESPOKE HOTELS (COTSWOLDS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 January 2025 and are signed on its behalf by:
Stephen Littlefair
Director
Company registration number 07816088 (England and Wales)
BESPOKE HOTELS (COTSWOLDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
ACCOUNTING POLICIES
Company information
Bespoke Hotels (Cotswolds) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cedar House, Hazell Drive, Newport, South Wales, NP10 8FY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of tangible fixed assets at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on the going concern basis.true
The financial statements show that the company had net liabilities of £687,762 at the balance sheet date. The directors have therefore had to consider the appropriateness of the going concern basis.
The company has been able to finance its operations largely because of the support of related companies. The company is continuing to generate profits and the directors are satisfied that, with this continuing support, the company will be able to meet its liabilities as they fall due.
On the basis of the above, the directors consider it appropriate to prepare the financial statements on a going concern basis.
1.3
Turnover
The turnover shown in the profit and loss account is derived from ordinary activities and represents the income due, exclusive of VAT.
Room income is recognised at the end of the financial day. Bar and restaurant takings are recognised at the point of sale.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
BESPOKE HOTELS (COTSWOLDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
ACCOUNTING POLICIES
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
over the term of the lease
Fixture, fittings & equipment
20%-33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
On 31 March 2013 certain fixtures, fittings and equipment were revalued on an open market basis by the directors Mr H H J Fentum & Mr R M P Sheppard. The directors believe that the book values of the tangible fixed assets are not materially different from their open market values.
1.5
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of the individual asset, an estimate is made for the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or group assets.
For impairment testing of goodwill, the goodwill acquired in a business combination, irrespective of whether other assets or liabilities of the company are assigned to those units,
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
BESPOKE HOTELS (COTSWOLDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
ACCOUNTING POLICIES
(Continued)
- 5 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Leases
BESPOKE HOTELS (COTSWOLDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
ACCOUNTING POLICIES
(Continued)
- 6 -
Lease payments are recognised as an expense over the lease term on a straight line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight line basis.
2
EMPLOYEES
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
111
109
3
TANGIBLE FIXED ASSETS
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2023
73,372
782,905
856,277
Additions
66,793
66,793
At 31 March 2024
73,372
849,698
923,070
Depreciation and impairment
At 1 April 2023
73,372
697,882
771,254
Depreciation charged in the year
27,296
27,296
At 31 March 2024
73,372
725,178
798,550
Carrying amount
At 31 March 2024
124,520
124,520
At 31 March 2023
85,023
85,023
At 31 March 2013 certain fixtures, fittings and equipment were revalued on an open market basis by the directors. The directors believe that the book values of the tangible fixed assets are not materially different from their open market values.
BESPOKE HOTELS (COTSWOLDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
DEBTORS
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
38,535
44,719
Corporation tax recoverable
6,628
Other debtors
25,978
139,515
64,513
190,862
Deferred tax asset
377
64,513
191,239
5
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
£
£
Trade creditors
139,103
126,095
Corporation tax
157,926
Other taxation and social security
81,395
63,379
Other creditors
1,444,040
1,865,202
1,822,464
2,054,676
6
OPERATING LEASE COMMITMENTS
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
694,467
947,000