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Company No: 00586760 (England and Wales)

P. & H. HOTELS (TORQUAY) LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

P. & H. HOTELS (TORQUAY) LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

P. & H. HOTELS (TORQUAY) LIMITED

BALANCE SHEET

As at 31 October 2024
P. & H. HOTELS (TORQUAY) LIMITED

BALANCE SHEET (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 18,870 19,510
Investments 4 4,973,832 4,550,513
4,992,702 4,570,023
Current assets
Debtors 5 24,785 30,081
Cash at bank and in hand 2,477,045 2,381,775
2,501,830 2,411,856
Creditors: amounts falling due within one year 6 ( 26,401) ( 10,338)
Net current assets 2,475,429 2,401,518
Total assets less current liabilities 7,468,131 6,971,541
Creditors: amounts falling due after more than one year 7 ( 20) ( 20)
Provision for liabilities 8 ( 50,130) 0
Net assets 7,417,981 6,971,521
Capital and reserves
Called-up share capital 9 35,000 35,000
Capital redemption reserve 5,000 5,000
Profit and loss account 10 7,377,981 6,931,521
Total shareholders' funds 7,417,981 6,971,521

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of P. & H. Hotels (Torquay) Limited (registered number: 00586760) were approved and authorised for issue by the Board of Directors on 06 February 2025. They were signed on its behalf by:

Mrs P S Perry
Director
P. & H. HOTELS (TORQUAY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
P. & H. HOTELS (TORQUAY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

P. & H. Hotels (Torquay) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Dividend income

Dividend income is recognised when the company's right to receive payment has been established.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 50 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

The company holds the following financial instruments

• Short term trade and other debtors and creditors
• Cash and bank balances.

All financial instruments are classified as basic. The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to
another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Land and buildings Total
£ £
Cost
At 01 November 2023 31,989 31,989
At 31 October 2024 31,989 31,989
Accumulated depreciation
At 01 November 2023 12,479 12,479
Charge for the financial year 640 640
At 31 October 2024 13,119 13,119
Net book value
At 31 October 2024 18,870 18,870
At 31 October 2023 19,510 19,510

4. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 November 2023 4,550,513 4,550,513
Additions 92,300 92,300
Movement in fair value 331,019 331,019
At 31 October 2024 4,973,832 4,973,832
Carrying value at 31 October 2024 4,973,832 4,973,832
Carrying value at 31 October 2023 4,550,513 4,550,513

5. Debtors

2024 2023
£ £
Other debtors 24,785 30,081

6. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 24,033 7,971
Other creditors 2,368 2,367
26,401 10,338

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 20 20

There are no amounts included above in respect of which any security has been given by the small entity.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year 0 0
Charged to the Profit and Loss Account ( 50,130) 0
At the end of financial year ( 50,130) 0

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
12,500 Ordinary A shares of £ 1.00 each 12,500 12,500
22,500 Ordinary B shares of £ 1.00 each 22,500 22,500
35,000 35,000

10. Reserves

Included within the profit and loss account balance carried forward are non-distributable reserves of £150,389. These reserves represent the cumulative revaluation gains, after provision for deferred tax, on the company's investment portfolio.