REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2024 |
FOR |
GRAND HOTEL SWANAGE LIMITED(THE) |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2024 |
FOR |
GRAND HOTEL SWANAGE LIMITED(THE) |
GRAND HOTEL SWANAGE LIMITED(THE) (REGISTERED NUMBER: 01820911) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
GRAND HOTEL SWANAGE LIMITED(THE) |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MAY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
GRAND HOTEL SWANAGE LIMITED(THE) (REGISTERED NUMBER: 01820911) |
BALANCE SHEET |
31ST MAY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
GRAND HOTEL SWANAGE LIMITED(THE) (REGISTERED NUMBER: 01820911) |
BALANCE SHEET - continued |
31ST MAY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
GRAND HOTEL SWANAGE LIMITED(THE) (REGISTERED NUMBER: 01820911) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2024 |
1. | STATUTORY INFORMATION |
Grand Hotel Swanage Limited(The) is a |
The financial statements are presented in £ Sterling which is the functional currency of the company and are rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared on the going concern basis on the understanding that: |
a) The company will continue to receive the support of the creditors. |
b) The company will manage to trade with sufficient profits. |
Turnover |
Turnover represents the revenue generated by the company's operating activities, excluding value added tax. |
Tangible fixed assets |
Fixtures and fittings | - |
Improvements and leasehold property are not depreciated due to the high residual value, as the company carries out regular repairs and maintenance which means that the assets maintain their value. |
An impairment review has been carried out on the improvements and leasehold property as a whole, which indicates that non-depreciation is acceptable. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
GRAND HOTEL SWANAGE LIMITED(THE) (REGISTERED NUMBER: 01820911) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1st June 2023 |
Additions |
At 31st May 2024 |
DEPRECIATION |
At 1st June 2023 |
Charge for year |
At 31st May 2024 |
NET BOOK VALUE |
At 31st May 2024 |
At 31st May 2023 |
Improvements and leasehold property are not depreciated due to the high residual value, as the company carries out regular repairs and maintenance which means that the assets maintain their value. |
An impairment review has been carried out on the improvements and leasehold property as a whole, which indicates that non-depreciation is acceptable. |
GRAND HOTEL SWANAGE LIMITED(THE) (REGISTERED NUMBER: 01820911) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
5. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 503,684 | 572,430 |
GRAND HOTEL SWANAGE LIMITED(THE) (REGISTERED NUMBER: 01820911) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Other loans | 100,000 | 100,000 |
The bank loans and overdrafts and £100,000 of other loans are secured by legal charges. |
9. | RELATED PARTY DISCLOSURES |
TGHS LTD owns 100% of the shares in the company. |
Transactions and balances with TGHS are as follows: |
2024 | 2023 |
£ | £ |
Management fees charged by TGHS | 39,900 | 30,000 |
Amount due from TGHS | 971,960 | 1,157,943 |
Interest has been charged on the loan at a rate of 2.5% |
Mr JD Kleiner is a director of the company. |
Transactions and balances with Mr JD Kleiner are as follows: |
2024 | 2023 |
£ | £ |
Amount owed by the company to the director | 411,528 | 413,425 |
No interest has been charged on the amount owed to the director. |
Mr J D Kleiner, a director, has given a personal guarantee of £100,000. |
The company and parent company, as a group, had aggregate debts of £648,153 (2023: £640,739) owed to Mr J D Kleiner. |
10. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr J D Kleiner. |
The ultimate controlling party is |
At the end of the year the company was controlled and ultimately controlled by Mr J D Kleiner by virtue of his shareholding in the parent company at that time. |