ZEAL HOTEL (EXETER) LTD |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1ST SEPTEMBER 2023 TO 30TH SEPTEMBER 2024 |
ZEAL HOTEL (EXETER) LTD |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1ST SEPTEMBER 2023 TO 30TH SEPTEMBER 2024 |
ZEAL HOTEL (EXETER) LTD (REGISTERED NUMBER: 13551404) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1ST SEPTEMBER 2023 TO 30TH SEPTEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
ZEAL HOTEL (EXETER) LTD |
COMPANY INFORMATION |
FOR THE PERIOD 1ST SEPTEMBER 2023 TO 30TH SEPTEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
First Floor, Woburn Court |
2 Railton Road |
Woburn Rd Ind Est |
Kempston |
Bedfordshire |
MK42 7PN |
ZEAL HOTEL (EXETER) LTD (REGISTERED NUMBER: 13551404) |
BALANCE SHEET |
30TH SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
ZEAL HOTEL (EXETER) LTD (REGISTERED NUMBER: 13551404) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1ST SEPTEMBER 2023 TO 30TH SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
Zeal Hotel (Exeter) Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the period ended 30th September 2024 are the first that are prepared in accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance with FRS 105, the date of transition to FRS 102 Section 1A is 1st September 2022. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
The critical judgements that the directors have made in the process of applying the Company's accounting policies have the most significant effect on the amounts recognised in the statutory financial statements are discussed below. |
Accruals and provisions |
The board makes judgements regarding whether it is appropriate to accrue or provide for various liabilities, as well as estimating the sum which is appropriate to provide or accrue. |
Impairment of tangible fixed assets |
The company tests whether tangible fixed assets are impaired when there are indications that there is a risk of impairment. This requires an estimation of the value in use of the cash-generating units in which these assets reside. The assessment of the value in use is compared to the carrying value of the assets. This requires estimation of future cash flows. |
ZEAL HOTEL (EXETER) LTD (REGISTERED NUMBER: 13551404) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST SEPTEMBER 2023 TO 30TH SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation. Historical cost includes the original purchase price and expenditure directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
The company adds to the carrying amount of any item of tangible fixed assets the cost of replacing parts of such an item when the cost is incurred if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the period in which they are incurred. Assets in the course of construction are stated at cost. These assets are not depreciated until they are available for use. |
Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset on the following basis: |
Assets under construction | not depreciated |
The assets residual values and useful lives are reviewed and adjusted if appropriate, at the end of each reporting period, the effect of any change is accounted for prospectively. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 period 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. |
ZEAL HOTEL (EXETER) LTD (REGISTERED NUMBER: 13551404) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST SEPTEMBER 2023 TO 30TH SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short term highly liquid investments with original maturities of three months or less and bank overdrafts. Cash in transit is treated as cash and cash equivalent on transaction date. |
Share Capital |
Ordinary shares are classified as equity. |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Retentions |
Retentions represent amounts withheld by suppliers under construction contracts until the completion of the project and the rectification of any defects. These amounts typically range from 2.5% - 5% of the contract value. Retentions payable are initially recognised at cost. Retentions are disclosed in line with the expected completion and rectification release period specific to each contract. |
Financial instruments |
The company has chosen to adopt Section 11 and 12 of FRS 102 in respect of financial instruments. |
i) Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
ii) Financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, are initially recognised at transaction price. |
ZEAL HOTEL (EXETER) LTD (REGISTERED NUMBER: 13551404) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST SEPTEMBER 2023 TO 30TH SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Going concern |
At the period end, the company has net liabilities of £642,740 (2023: £2,168). The company is supported by an intercompany loan provided by Lousada PLC. Lousada PLC will not recall the loan until the company is making sufficient profits and will continue to support the company moving forwards. The directors have considered these factors and the commencement in trade since the period end and consider the company to be a going concern. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2023 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Assets |
under |
construction |
£ |
COST |
At 1st September 2023 |
Additions |
At 30th September 2024 |
NET BOOK VALUE |
At 30th September 2024 |
At 31st August 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
VAT |
Deferred tax asset |
Prepayments and accrued income |
Deferred tax asset: |
30/9/24 | 31/8/23 |
£ | £ |
Beginning of the period | - | - |
Movement for the period | 213,524 | - |
End of the period | 213,524 | - |
ZEAL HOTEL (EXETER) LTD (REGISTERED NUMBER: 13551404) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST SEPTEMBER 2023 TO 30TH SEPTEMBER 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to participating interests | 4,230 | 4,230 |
Other creditors |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
8. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
During the year, amounts where recharged from Red Construction Group Limited, a company in which Mr S Lousada is a director, to the value of £2,426,044 (2023: £nil) which was due at year end. |
The company also received construction services performed by Red Construction South West Limited, a company in which Mr S Lousada is a director, with an amount due to them of £4,979,111 (2023: £nil). |
The company further recharged amounts to Zeal Operations Exeter Ltd, a company in which Mr S Lousada is a director, to the value of £817,853 (2023: £nil) which was due to the company by year end. |
In addition, the company recharged amounts to Zeal Hotels Ltd, a company in which Mr S Lousada is a director, to the value of £1,459,240 (2023: £nil) which was due to the company by year end. An amount of £4,080 (2023: £4,080) was further due to Zeal Hotels Ltd. |
By year end, an amount of £37,058 (2023: £18,529) was included in trade creditors and due to Zeal Projects Ltd for services rendered to the company. An additional amount of £150 (2023: £150) was due to Zeal Projects Ltd. |
ZEAL HOTEL (EXETER) LTD (REGISTERED NUMBER: 13551404) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST SEPTEMBER 2023 TO 30TH SEPTEMBER 2024 |
11. | ULTIMATE CONTROLLING PARTY |
The parent company is Lousada PLC. |
The ultimate parent company is Lousada Holdings Limited, a company incorporated in the United Kingdom. Group accounts are available from the registered company address: |
Estate Office |
Oakley House |
Oakley |
Bedford |
MK43 7ST |
The ultimate controlling party is Mr S C Lousada by virtue of his controlling interest in Lousada Holdings Limited. |
12. | COMPARATIVE FIGURES |
The comparative figures are not comparable with the current year as the current year represents a 13 month period of operations. |
13. | FIRST YEAR ADOPTION |
No transitional adjustments were deemed necessary to equity or retained earnings on transition to FRS 102 1A. |