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Registered Number: 11210420
England and Wales

 

 

 

CENTRAL SUITES LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 March 2023

End date: 29 February 2024
Directors Mr J Jiggens
Mr R Jiggens
Registered Number 11210420
Registered Office The Old Bakery, 12-14 Hart Street,
Henley-On-Thames, England,
RG9 2AU
Accountants Blue Peak
100 Berkshire Place
GF33
Winnersh
RG41 5RD
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 2,972,936    2,860,749 
Investments 4 51    51 
2,972,987    2,860,800 
Current assets      
Stocks 5 1,135,862    447,905 
Debtors 6 59,529    9,771 
Cash at bank and in hand 84,740    13,190 
1,280,131    470,866 
Creditors: amount falling due within one year 7 (1,996,252)   (1,009,747)
Net current assets (716,121)   (538,881)
 
Total assets less current liabilities 2,256,866    2,321,919 
Creditors: amount falling due after more than one year 8 (1,817,973)   (1,765,268)
Provisions for liabilities 9 (83,467)   (90,997)
Net assets 355,426    465,654 
 

Capital and reserves
     
Called up share capital 10 2    2 
Profit and loss account 355,424    465,652 
Shareholders' funds 355,426    465,654 
 


For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

  1. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 09 October 2024 and were signed on its behalf by:


-------------------------------
Mr J Jiggens
Director
2
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 March 2022 2  381,064  381,066 
Profit for the year 84,588  84,588 
Total comprehensive income for the year 84,588  84,588 
Total investments by and distributions to owners
At 28 February 2023 2  465,652  465,654 
At 01 March 2023 2  465,652  465,654 
Profit for the year (110,228) (110,228)
Total comprehensive income for the year (110,228) (110,228)
Total investments by and distributions to owners
At 29 February 2024 2  355,424  355,426 
3
Company information
Central Suites Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Bakery, 12-14 Hart Street, Henley-On-Thames, England, RG9 2AU.

1.

Accounting policies

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.


The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.


When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.


Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
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.
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
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 employees 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.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 companys 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.
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.


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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor Vehicles 20% Straight Line
Fixtures and Fittings 20% Straight Line
Computer Equipment 33.33% Straight Line
Investment properties
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. The surplus or deficit on revaluation is recognised in the profit and loss account.


Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.


A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.


An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a longterm interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.


Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.


If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.


Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cashgenerating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Cash at bank and in hand
Cash at bank and in hand 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.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
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 assetsclassified 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.


2.

Average number of employees

Average number of employees during the year was 3 (2023 : 3).
3.

Tangible fixed assets

Cost or valuation Motor Vehicles   Fixtures and Fittings   Computer Equipment   Investment properties   Total
  £   £   £   £   £
At 01 March 2023 27,912    40,211    2,746    2,815,000    2,885,869 
Additions 7,400    12,594    3,494    144,617    168,105 
Disposals        
Revaluations       (39,631)   (39,631)
At 29 February 2024 35,312    52,805    6,240    2,919,986    3,014,343 
Depreciation
At 01 March 2023 8,839    14,217    2,064      25,120 
Charge for year 6,446    9,193    648      16,287 
On disposals        
At 29 February 2024 15,285    23,410    2,712      41,407 
Net book values
Closing balance as at 29 February 2024 20,027    29,395    3,528    2,919,986    2,972,936 
Opening balance as at 01 March 2023 19,073    25,994    682    2,815,000    2,860,749 


4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 March 2023 51    51 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
At 29 February 2024 51    51 

5.

Stocks

2024
£
  2023
£
Work in Progress 1,135,862    447,905 
1,135,862    447,905 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Prepayments & Accrued Income 27,912    500 
Other Debtors 31,617    9,271 
59,529    9,771 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 3,596   
Bank Loans & Overdrafts (Secured) 1,742,524    713,552 
Amounts Owed to Group Undertakings 13,870    25,045 
Other Creditors 37,755    82,090 
Deposits Held 3,250    15,655 
Accruals 900    720 
Directors' Loan Account - Jack Jiggens 193,379    171,850 
Pensions Payable 177    177 
PAYE Payable 801    658 
1,996,252    1,009,747 

8.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts (secured) 1,514,056    1,514,056 
Other Creditors 303,917    251,212 
1,817,973    1,765,268 

9.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 83,467    90,997 
83,467    90,997 

10.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
2 Class A shares of £1.00 each  
 

4