French Horn Hotel Limited
Unaudited Financial Statements
For the period ended 27 January 2024
Pages for Filing with Registrar
Company Registration No. 00491058 (England and Wales)
French Horn Hotel Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
French Horn Hotel Limited
Balance Sheet
As at 27 January 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,427,254
1,457,162
Current assets
Stock
77,042
120,417
Debtors
4
217,664
166,610
Cash at bank and in hand
21
315
294,727
287,342
Creditors: amounts falling due within one year
5
(708,626)
(620,243)
Net current liabilities
(413,899)
(332,901)
Total assets less current liabilities
1,013,355
1,124,261
Creditors: amounts falling due after more than one year
6
(525,254)
(429,347)
Provisions for liabilities
(25,549)
(32,910)
Net assets
462,552
662,004
Capital and reserves
Called up share capital
7
1,405,100
1,405,100
Share premium account
1,647
1,647
Other reserves
316
316
Profit and loss reserves
(944,511)
(745,059)
Total equity
462,552
662,004
French Horn Hotel Limited
Balance Sheet (Continued)
As at 27 January 2024
Page 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 period ended 27 January 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 period 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 31 January 2025 and are signed on its behalf by:
M. Emmanuel
Director
Company Registration No. 00491058
French Horn Hotel Limited
Notes to the Financial Statements
For the period ended 27 January 2024
Page 3
1
Accounting policies
Company information
French Horn Hotel Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with section 1A 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The statutory accounts are prepared to the period end aligned to a number of full weeks up to the end of January each year which is in line with industry practice.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The company made a loss before taxation in the period of £199,452 (2023: £357,689), and the balance sheet remains in a net asset position of £462,552 (2023: £662,004). This is largely due to the issue of £1,400,000 redeemable preference shares to Walsh's Seafood & Shellfish Restaurant Limited, a company connected by way of common control.
Post year end the company has ceased to trade as a hotel and restaurant and are exploring future options.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT.
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.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings freehold
no depreciation charged
Plant and machinery
15% straight line
Fixtures, fittings & equipment
10% - 20% straight line
Motor vehicles
25% reducing balance
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.
French Horn Hotel Limited
Notes to the Financial Statements (Continued)
For the period ended 27 January 2024
1
Accounting policies
(Continued)
Page 4
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Stock
Stock is stated at the lower of cost and net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
French Horn Hotel Limited
Notes to the Financial Statements (Continued)
For the period ended 27 January 2024
1
Accounting policies
(Continued)
Page 5
Basic financial liabilities
Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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.
French Horn Hotel Limited
Notes to the Financial Statements (Continued)
For the period ended 27 January 2024
1
Accounting policies
(Continued)
Page 6
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
The company makes contributions to a defined contribution scheme, the assets of the scheme being held separately from the assets of the company in an independently administered fund. The pension costs charged in the financial statements represent the contributions payable by the company during the period.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
30
24
French Horn Hotel Limited
Notes to the Financial Statements (Continued)
For the period ended 27 January 2024
Page 7
3
Tangible fixed assets
Land and buildings freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 28 January 2023
1,303,227
332,469
416,523
2,500
2,054,719
Additions
5,400
5,400
At 27 January 2024
1,303,227
332,469
421,923
2,500
2,060,119
Depreciation and impairment
At 28 January 2023
299,962
295,429
2,166
597,557
Depreciation charged in the period
9,431
25,794
83
35,308
At 27 January 2024
309,393
321,223
2,249
632,865
Carrying amount
At 27 January 2024
1,303,227
23,076
100,700
251
1,427,254
At 27 January 2023
1,303,227
32,507
121,094
334
1,457,162
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
198,079
156,814
Prepayments and accrued income
19,585
9,796
217,664
166,610
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
192,134
224,615
Trade creditors
196,534
74,879
Taxation and social security
104,626
147,917
Other creditors
189,760
152,285
Accruals and deferred income
25,572
20,547
708,626
620,243
The bank loan and overdraft are secured by legal charges over certain of the company’s freehold properties.
French Horn Hotel Limited
Notes to the Financial Statements (Continued)
For the period ended 27 January 2024
Page 8
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
134,398
153,728
Other creditors
390,856
275,619
525,254
429,347
As disclosed in the related party note, other creditors falling due after more than one year represent loans from C.A. Emmanuel and M. Emmanuel, both directors of the company. The balance owed to C.A. Emmanuel is secured by a legal charge over one of the company's freehold properties and a floating charge over the assets of the company. The loans are repayable on demand, hence no discounting is required.
7
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary-A Shares of £1 each
1,700
1,700
Ordinary-B Shares of £1 each
3,400
3,400
5,100
5,100
2024
2023
Preference share capital
£
£
Issued and fully paid
Redeemable preference shares of £1 each
1,400,000
1,400,000
8
Controlling party
The company is controlled by C.A. Emmanuel, by virtue of her majority shareholding in the company.
French Horn Hotel Limited
Notes to the Financial Statements (Continued)
For the period ended 27 January 2024
Page 9
9
Related party transactions
Included within other creditors falling due after more than one year are the following loans owed to the directors:
C.A. Emmanuel £58,092 (2023: £137,111)
M. Emmanuel £332,764 (2023: £138,508)
The maximum amount outstanding for both directors during the period was £390,856 (2023: £275,619). Net interest of £9,000 (2023: £7,200) was paid during the year to C.A. Emmanuel on the loan.
Included within other debtors is an amount due from Walsh's Seafood & Shellfish Restaurant Limited of £163,599 (2023: £132,604). The movement in the balance represents monies loaned to and payments made on behalf of the company during the year.
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