REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
METHODIST HOLIDAY HOTELS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
METHODIST HOLIDAY HOTELS LIMITED |
METHODIST HOLIDAY HOTELS LIMITED (REGISTERED NUMBER: 00361879) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 April 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
METHODIST HOLIDAY HOTELS LIMITED |
COMPANY INFORMATION |
for the year ended 30 April 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
METHODIST HOLIDAY HOTELS LIMITED (REGISTERED NUMBER: 00361879) |
STATEMENT OF FINANCIAL POSITION |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Property, plant and equipment | 5 |
Investments | 6 |
CURRENT ASSETS |
Inventories |
Debtors | 7 |
Cash at bank and in hand | 8 |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Revaluation reserve | 14 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
METHODIST HOLIDAY HOTELS LIMITED (REGISTERED NUMBER: 00361879) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Methodist Holiday Hotels Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The presentational and functional currency is £ sterling. |
Preparation of consolidated financial statements |
The financial statements contain information about Methodist Holiday Hotels Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 402 of the Companies Act 2006 not to prepare consolidated financial statement as it only has one dormant immaterial subsidiary. |
Significant judgements and estimates |
In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. |
Critical judgements in applying the company's policies |
The management consider that no significant judgements have had to made in preparing these financial statements. |
Critical accounting estimates and assumptions |
1. Depreciation of tangible fixed assets |
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and future revenues generated from the assets. The assumptions used regarding useful economic lives are assessed annually and are amended where necessary. |
The directors do not consider that any other estimates and assumptions used in the preparation of these financial statements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Turnover |
Turnover comprises sales to customers of goods and services net of value added tax. Revenue from the sale of services is recognised when the services are performed and revenue from goods are recognised on the transfer of significant risks and rewards of ownership. |
Goodwill |
The goodwill became fully amortised in a previous financial period. |
Development costs |
Website development costs are capitalised as intangibles assets and are amortised evenly over their estimated useful life of three years. |
Tangible fixed assets and depreciation |
Depreciation of fixed assets has been provided at various rates which are anticipated to amortise the cost or valuation less residual value over the assets' expected useful lives. The freehold land and buildings cost comprise a previous revaluation as deemed cost on transition to FRS 102. Indicative annual rates are:- |
Freehold land | 0% |
Freehold property | straight line over 50 years |
Plant & equipment, fixtures & fittings | 5% - 25% on a straight line basis |
Motor vehicles | 20% on a straight line basis |
METHODIST HOLIDAY HOTELS LIMITED (REGISTERED NUMBER: 00361879) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less impairment. |
Inventories |
Inventories are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Leases |
Assets acquired under finance lease agreements, including hire purchase agreements, are capitalised and the corresponding liability is included in creditors. Finance lease interest is charged to the income statement on a straight basis over the period of the agreement. Operating lease rentals are charged against profits of the period to which they relate. |
Pension costs and other post-retirement benefits |
Payments to defined contribution pension schemes are charged as an expense in the period to which they relate. |
Grants |
Grants are recognised using the accruals model. Revenue grants are recognised as other operating income on a systematic basis over the period in which the related costs for which the grants are intended to compensate are so recognised. Grants receivable as compensation for expenses or losses already incurred, or for the purpose of receiving immediate financial support, are recognised in other operating income in the period in which they become receivable. |
Going concern |
The directors have considered the financial resources and commitments of the company and concluded that they have sufficient resources to meet liabilities as they fall due. This assessment is made on the basis of the net current asset position of the company at the reporting date and the healthy bank balance following the sale of the hotel in the period. The directors therefore consider it appropriate to prepare the financial statements on the going concern basis. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans to related parties. |
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised costs using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
METHODIST HOLIDAY HOTELS LIMITED (REGISTERED NUMBER: 00361879) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 April 2024 |
4. | INTANGIBLE FIXED ASSETS |
Development |
Goodwill | costs | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 April 2024 |
AMORTISATION |
At 1 May 2023 |
Amortisation for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
equipment, |
fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 |
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 |
The net book value of property, plant and equipment includes £NIL (2023 - £ 5,362 ) in respect of assets held under hire purchase contracts. |
METHODIST HOLIDAY HOTELS LIMITED (REGISTERED NUMBER: 00361879) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 April 2024 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
8. | CASH AT BANK AND IN HAND |
2024 | 2023 |
£ | £ |
Bank current account | 770,125 | 701,958 |
Business reserve account | 1,001,000 | - |
Cash in hand |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 11) |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 11) |
Other creditors |
METHODIST HOLIDAY HOTELS LIMITED (REGISTERED NUMBER: 00361879) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 April 2024 |
11. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1 to 2 years |
Amounts falling due between two and five years: |
Bank loans - 2 to 5 years |
12. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | - | 3,811 |
Bank loans | - | 1,527,482 |
Bank borrowings were secured by legal mortgages over the freehold property, and fixed and floating charges over all other company assets. Hire purchase contracts and other loans were secured on the assets to which they relate. |
All the above debts were settled in the period. |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 750,000 | 750,000 |
14. | RESERVES |
Revaluation |
reserve |
£ |
At 1 May 2023 |
Realised in period | (233,979 | ) |
At 30 April 2024 |
15. | PENSION COMMITMENTS |
The pension cost charge represents contributions payable by the company to the scheme and amounted to £75,615 (2023 - £63,922). The balance outstanding at the year end was £nil (2023 - £8,108). |
METHODIST HOLIDAY HOTELS LIMITED (REGISTERED NUMBER: 00361879) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 April 2024 |
16. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements |