Company registration number 14698268 (England and Wales)
WARBROOK HOUSE HERITAGE HOTEL LTD (FORMERLY KNOWN AS TULIP WARBROOK HOUSE HOTEL LTD)
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
WARBROOK HOUSE HERITAGE HOTEL LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
WARBROOK HOUSE HERITAGE HOTEL LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
Notes
£
£
Fixed assets
Investment property
2
8,879,756
Current assets
Debtors
3
2,370,820
Creditors: amounts falling due within one year
4
(1,650,083)
Net current assets
720,737
Total assets less current liabilities
9,600,493
Creditors: amounts falling due after more than one year
5
(6,691,457)
Net assets
2,909,036
Capital and reserves
Called up share capital
6
3,000,000
Profit and loss reserves
(90,964)
Total equity
2,909,036
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
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 and signed by the director and authorised for issue on 22 January 2025
Mr S Mahajan
Director
Company registration number 14698268 (England and Wales)
WARBROOK HOUSE HERITAGE HOTEL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Warbrook House Heritage Hotel Ltd is a private company limited by shares incorporated in England and Wales. The company was incorporated on 1 March 2023 and it changed its name from Tulip Warbrook House Hotel Ltd on 6 April 2023.
The registered office is Tulip House, Amory Towers, 205 Marsh Wall, Canary Wharf, London, United Kingdom, E14 9TW.
1.1
Reporting period
The company was incorporated on 1 March 2023. The accounting period is from the date of incorporation until the reporting date of 31 March 2024.
1.2
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 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Turnover
Rental income from investment property leased out under operating leases is recognised in the income statement on a straight-line basis over the term of the leases.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
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.
1.6
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.
WARBROOK HOUSE HERITAGE HOTEL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
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.
2
Investment property
2024
£
Fair value
At 1 March 2023
Additions
8,879,756
At 31 March 2024
8,879,756
Investment property comprises of a hotel acquired during the year on an arms length basis. In the opinion of the directors, its value has not changed materially since acquisition.
3
Debtors
2024
Amounts falling due within one year:
£
Other debtors
2,370,820
Included in other debtors is £1,499,900 of unpaid share capital in relation to shares issued to a Director.
WARBROOK HOUSE HERITAGE HOTEL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
4
Creditors: amounts falling due within one year
2024
£
Trade creditors
52,204
Taxation and social security
10,007
Other creditors
1,587,872
1,650,083
Included in other creditors is a loan amounting £25,056. The loan is secured over the investment property.
5
Creditors: amounts falling due after more than one year
2024
£
Other loans
6,691,457
The loan is secured over the investment property.
6
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and not fully paid
Ordinary shares of £1 each
3,000,000
3,000,000
During the year the company issued 100 shares at par on incorporation and on 27 April 2023 a further
2,999,900 shares at par.
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Anwer Patel BA(Hons),FCA,BFP
Statutory Auditor:
Prestons
Date of audit report:
22 January 2025