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Registration number: 11330746

The Guest House ( Torquay) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

The Guest House ( Torquay) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

The Guest House ( Torquay) Ltd

Company Information

Director

Mrs Maria Eremberta Broncano Rodriguez

Registered office

54 Bampfylde Road
Torquay
Devon
TQ2 5AY

Accountants

Neil Wilson & Co
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

The Guest House ( Torquay) Ltd

(Registration number: 11330746)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

800

1,000

Tangible assets

5

376,431

377,998

 

377,231

378,998

Current assets

 

Debtors

6

766

526

Cash at bank and in hand

 

10

-

 

776

526

Creditors: Amounts falling due within one year

7

(255,180)

(226,743)

Net current liabilities

 

(254,404)

(226,217)

Total assets less current liabilities

 

122,827

152,781

Creditors: Amounts falling due after more than one year

7

(196,460)

(201,026)

Net liabilities

 

(73,633)

(48,245)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(73,733)

(48,345)

Shareholders' deficit

 

(73,633)

(48,245)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 January 2025
 

 

The Guest House ( Torquay) Ltd

(Registration number: 11330746)
Balance Sheet as at 31 March 2024

.........................................
Mrs Maria Eremberta Broncano Rodriguez
Director

 

The Guest House ( Torquay) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
54 Bampfylde Road
Torquay
Devon
TQ2 5AY

These financial statements were authorised for issue by the director on 28 January 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/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.

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:

 

The Guest House ( Torquay) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line basis

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.

Trade 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.

Trade 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.

Borrowings

 

The Guest House ( Torquay) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

The Guest House ( Torquay) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

2,000

2,000

At 31 March 2024

2,000

2,000

Amortisation

At 1 April 2023

1,000

1,000

Amortisation charge

200

200

At 31 March 2024

1,200

1,200

Carrying amount

At 31 March 2024

800

800

At 31 March 2023

1,000

1,000

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

371,731

23,011

394,742

At 31 March 2024

371,731

23,011

394,742

Depreciation

At 1 April 2023

-

16,744

16,744

Charge for the year

-

1,567

1,567

At 31 March 2024

-

18,311

18,311

Carrying amount

At 31 March 2024

371,731

4,700

376,431

At 31 March 2023

371,731

6,267

377,998

Included within the net book value of land and buildings above is £371,731 (2023 - £371,731) in respect of freehold land and buildings.
 

 

The Guest House ( Torquay) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

Current

2024
£

2023
£

Other debtors

766

526

 

The Guest House ( Torquay) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

7,028

14,456

Accruals and deferred income

 

995

895

Other creditors

 

247,157

211,392

 

255,180

226,743

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

196,460

201,026

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

196,460

201,026

2024
£

2023
£

Current loans and borrowings

Bank borrowings

4,688

5,739

Bank overdrafts

2,340

8,717

7,028

14,456

 

The Guest House ( Torquay) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Repayments by director
£

At 31 March 2024
£

Mrs Maria Eremberta Broncano Rodriguez

Director loan

(211,392)

(35,225)

(246,617)

       
     

 

2023

At 1 April 2022
£

Repayments by director
£

At 31 March 2023
£

Mrs Maria Eremberta Broncano Rodriguez

Director loan

(202,192)

(9,200)

(211,392)

       
     

 

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

6,400

12,570