REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
LEIGH HOTELS LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
LEIGH HOTELS LTD |
LEIGH HOTELS LTD (REGISTERED NUMBER: 08897530) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
LEIGH HOTELS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditors and Chartered Accountants |
Rutland House |
90-92 Baxter Avenue |
Southend on Sea |
Essex |
SS2 6HZ |
LEIGH HOTELS LTD (REGISTERED NUMBER: 08897530) |
BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
LEIGH HOTELS LTD (REGISTERED NUMBER: 08897530) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Leigh Hotels Ltd is a |
The company operates from its premises in Leigh. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the income receivable by the company from its trading activities as a hotel. Sales encompass room hire, food and beverage income and all other associated ancillary hotel and guest services. Turnover is recognised in the period in which the physical goods are sold, as services are performed or otherwise as entitlement accrues to the company. |
Intangible assets |
Intangible assets, representing the book loss on the disposal of the company's property during 2018, are being amortised over the 175 year life of the replacement leasehold property interest. |
Tangible fixed assets |
Leasehold property | - |
Equipment | - |
Fixtures and fittings | - |
Taxation |
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 |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
LEIGH HOTELS LTD (REGISTERED NUMBER: 08897530) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
AMORTISATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | and |
property | Equipment | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 | 10,275,000 | 4,362 | 9,181 | 10,288,543 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
On 7 June 2018 the company entered into agreement to sell and then leaseback the property from which it trades, over a period of 175 years. This lease substantially amounts to a financing lease, as the company will derive benefit from the property throughout a major part of its useful life, and has been recognised accordingly. |
The disposal event created an accounting loss which has been recognised as an intangible fixed asset (above) and is being written down over the same period as the property. |
LEIGH HOTELS LTD (REGISTERED NUMBER: 08897530) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under finance leases are as follows: |
Leasehold |
property |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
DEPRECIATION |
At 1 May 2023 | 288,679 |
Charge for year | 58,714 |
At 30 April 2024 | 347,393 |
NET BOOK VALUE |
At 30 April 2024 | 9,927,607 |
At 30 April 2023 | 9,986,321 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Although there are no formal terms setting out repayment obligations, it is unlikely the company will recover the intergroup debt within one year. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Finance leases (see note 9) |
LEIGH HOTELS LTD (REGISTERED NUMBER: 08897530) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2024 | 2023 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Finance leases | 10,881,517 | 10,721,349 |
9. | LEASING AGREEMENTS |
Minimum lease payments under finance leases fall due as follows: |
Finance leases |
2024 | 2023 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
In more than five years |
Finance charges repayable: |
Within one year |
Between one and five years |
In more than five years |
Net obligations repayable: |
In more than five years |
On 7 June 2018 the company entered into an agreement to lease the property from which it trades for a period of 175 years. This transaction amounts to a finance lease and has been recognised accordingly. The company is liable for an annual rent of £173,000, adjusted for changes in the retail price index but subject to a minimum of 1% and a maximum of 4% increase per year. |
Throughout the initial period of the lease the annual interest arising will exceed the rental payments due and therefore the company's recognised finance liability will continue to increase. |
LEIGH HOTELS LTD (REGISTERED NUMBER: 08897530) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdraft |
Bank loans |
Finance leases | 10,881,517 | 10,721,349 |
The company has also given cross-guarantees in respect of other associated companies' debts. At the balance sheet date, those companies' liabilities to the bank totalled £11,420,000 (2023 - £10,692,409). |
The company has given fixed and floating charges over all of its interests in the property (and any proceeds arising therefrom) as security for its bank loans, and its cross-guarantee. |
Finance lease liabilities are secured on the assets to which they relate. |
Bank overdraft is guaranteed by the other associated companies |
11. | PROVISIONS FOR LIABILITIES |
At the balance sheet date the company had recognised provisions totalling £10,014 (2023 - £13,312) for deferred tax assets and £32,960 (2023 - £27,932) in respect of other commercial costs. |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £50 | 100 | 100 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
S T Blundell FCA (Senior Statutory Auditor) |
For and on behalf of Goldwyns Limited |
14. | RELATED PARTY DISCLOSURES |
The company works closely with a portfolio of four other hotels and their respective companies, all under similar (but not identical) control. Further, the whole portfolio is managed by BGAM Limited, a hotel management enterprise, again with ownership similarities and common directors. These close working relationships enables all businesses to access necessary trading expertise when needed, negotiate beneficial relationships with suppliers and leverage various economies of scale for mutual benefit. |
During the course of the year, the company incurred management costs totalling £25,745 (2023 - £72,550) to BGAM Limited. |
In aggregate at the balance sheet date, the company was owed £838,440 by, and owed £861,392 to, these associated companies (2023 - £497,601 and £286,576 respectively). |
LEIGH HOTELS LTD (REGISTERED NUMBER: 08897530) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
15. | ULTIMATE CONTROLLING PARTY |
BGAM Hotels (LX) Limited is regarded by the directors as being the company's ultimate parent company. |