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Registration number: 04922937

Experience Hotels Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 January 2023 to 17 May 2024

 

Experience Hotels Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Experience Hotels Limited

(Registration number: 04922937)
Balance Sheet as at 17 May 2024

Note

2024
£

2022
£

Fixed assets

 

Tangible assets

4

-

1,290,507

Current assets

 

Stocks

5

-

8,770

Debtors

6

11,140

47,394

Cash at bank and in hand

 

333

400

 

11,473

56,564

Creditors: Amounts falling due within one year

7

(645,105)

(1,196,162)

Net current liabilities

 

(633,632)

(1,139,598)

Net (liabilities)/assets

 

(633,632)

150,909

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(633,633)

150,908

Total equity

 

(633,632)

150,909

 

Experience Hotels Limited

(Registration number: 04922937)
Balance Sheet as at 17 May 2024

For the financial period ending 17 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The member has not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 February 2025 and signed on its behalf by:
 

M S G Forbes
Director

   
     
 

Experience Hotels Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 17 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH

The principal place of business is:
The Mill House
Trebarwith
Nr Tintagel
Cornwall
PL34 0HD
United Kingdom

These financial statements were authorised for issue by the Board on 16 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The company sold its trade and assets to a third party on 17 May 2024. Accordingly, the directors consider it appropriate that the financial statements have been prepared on a basis other than that of a going concern and therefore assets have been written down to net realisable value and provisions have been made for contractual commitments at the period end. No provisions for future costs of terminating the business have been made other than those committed to at the period end.

 

Experience Hotels Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 17 May 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

Nil

Fixtures, fittings and equipment

15% straight line

Plant and machinery

15% straight line

 

Experience Hotels Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 17 May 2024

The freehold buildings are not subjected to periodic charges for depreciation. The Companies Act 2006 would normally require such assets to be depreciated over their useful economic life. However, in the opinion of the directors this would not show a true and fair view of the value of the assets at the balance sheet date.

If this departure from the Act had not been made, the profit for the financial year would have been decreased by depreciation on the freehold buildings concerned. However, the directors believe that the residual value of the freehold buildings is greater than historical costs and that therefore the depreciation charge for the year would have been £nil.
 

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Experience Hotels Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 17 May 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period was 14 (2022 - 19).

 

Experience Hotels Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 17 May 2024

4

Tangible assets

Freehold land and buildings
£

Fixtures, fittings and equipment
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

1,280,637

151,513

184,167

1,616,317

Additions

12,803

-

2,292

15,095

Disposals

(1,293,440)

(151,513)

(186,459)

(1,631,412)

At 17 May 2024

-

-

-

-

Depreciation

At 1 January 2023

-

148,939

176,871

325,810

Eliminated on disposal

-

(148,939)

(176,871)

(325,810)

At 17 May 2024

-

-

-

-

Carrying amount

At 17 May 2024

-

-

-

-

At 31 December 2022

1,280,637

2,574

7,296

1,290,507

Included within the net book value of land and buildings above is £Nil (2022 - £1,280,637) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2022
£

Other inventories

-

8,770

6

Debtors

Note

2024
£

2022
£

Trade debtors

 

-

5,394

Amounts owed by related parties

9

5,747

42,000

Other debtors

 

5,393

-

 

11,140

47,394

 

Experience Hotels Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 17 May 2024

7

Creditors

Due within one year

Note

2024
£

2022
£

 

Bank overdrafts and other borrowings

8

10,000

12,680

Trade creditors

 

5,972

35,298

Social security and other taxes

 

19,326

8,920

Other creditors

9

609,807

1,139,264

 

645,105

1,196,162

8

Loans and borrowings

2024
£

2022
£

Current loans and borrowings

Bank overdraft

-

12,680

Other borrowings

10,000

-

10,000

12,680

Bank borrowings

The carrying amount of the bank overdraft at the period end is £Nil (2022 - £12,680).

The bank overdraft was secured against all of the assets of the company until 1 November 2023.

Other borrowings

The carrying amount of other borrowings at the period end is £10,000 (2022 - £Nil).

 

Experience Hotels Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 17 May 2024

9

Related party transactions

Key management personnel

Directors

Summary of transactions with other related parties

Other related parties include a company under similar control.
The company provided security for the bank overdraft of other related parties until 1 November 2023.

 

Expenditure with and payables to related parties

2024

Other related parties
£

Purchase of goods

14,125

2022

Other related parties
£

Purchase of goods

12,529

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

42,000

42,000

Advanced

56,157

56,157

Repaid

(92,410)

(92,410)

At end of period

5,747

5,747

2022

Other related parties
£

Total
£

At start of period

30,000

30,000

Advanced

12,000

12,000

At end of period

42,000

42,000

Terms of loans to related parties

The loan was interest free and was repayable on demand.

Loans from related parties

2024

Key management
£

Total
£

At start of period

1,138,807

1,138,807

Repaid

(529,000)

(529,000)

At end of period

609,807

609,807

 

Experience Hotels Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 17 May 2024

2022

Key management
£

Total
£

At start of period

1,164,088

1,164,088

Advanced

7,000

7,000

Repaid

(32,281)

(32,281)

At end of period

1,138,807

1,138,807

Terms of loans from related parties

The loans are interest free and are repayable on demand.