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REGISTERED NUMBER: 11816246 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

PORT HOTEL EASTBOURNE LIMITED

PORT HOTEL EASTBOURNE LIMITED (REGISTERED NUMBER: 11816246)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PORT HOTEL EASTBOURNE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: P M Cadwallader
C H J Douglas
I R Douglas





SECRETARY:





REGISTERED OFFICE: 29 Gildredge Road
Eastbourne
East Sussex
BN21 4RU





BUSINESS ADDRESS: 11-12 Royal Parade
Eastbourne
East Sussex
BN22 7AR





REGISTERED NUMBER: 11816246 (England and Wales)





ACCOUNTANTS: Advanta
Chartered Accountants
29 Gildredge Road
Eastbourne
East Sussex
BN21 4RU

PORT HOTEL EASTBOURNE LIMITED (REGISTERED NUMBER: 11816246)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 937 1,093
Tangible assets 5 2,340,291 2,369,193
2,341,228 2,370,286

CURRENT ASSETS
Stocks 6 2,971 2,701
Debtors 7 47,048 46,235
Cash at bank and in hand 20,588 22,042
70,607 70,978
CREDITORS
Amounts falling due within one year 8 148,765 120,411
NET CURRENT LIABILITIES (78,158 ) (49,433 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,263,070

2,320,853

CREDITORS
Amounts falling due after more than one
year

9

(2,451,977

)

(2,345,703

)

PROVISIONS FOR LIABILITIES 12 (20,042 ) (36,777 )
NET LIABILITIES (208,949 ) (61,627 )

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 13 563,303 563,303
Retained earnings (772,352 ) (625,030 )
SHAREHOLDERS' FUNDS (208,949 ) (61,627 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

PORT HOTEL EASTBOURNE LIMITED (REGISTERED NUMBER: 11816246)

BALANCE SHEET - continued
31 MARCH 2024


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2025 and were signed on its behalf by:




P M Cadwallader - Director



I R Douglas - Director


PORT HOTEL EASTBOURNE LIMITED (REGISTERED NUMBER: 11816246)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Port Hotel Eastbourne Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

These financial statements have been prepared on the basis that the company will continue to be a going concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.

The validity of the going concern basis depends upon the continued support of the company directors and bankers. The directors confirm that support will continue.

Preparation of consolidated financial statements
The financial statements contain information about Port Hotel Eastbourne Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents amounts receivable for hotel accommodation and food net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards and ownership of the goods have been passed to the buyer (usually on dispatch of goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transactions will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the sale of services is recognised by reference to the stage of completion and when the costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents & licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 1% on cost
Furniture,fittings & equipment - 25% on reducing balance
Computer equipment - Straight line over 3 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


PORT HOTEL EASTBOURNE LIMITED (REGISTERED NUMBER: 11816246)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
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.

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.

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 15 (2023 - 25 ) .

4. INTANGIBLE FIXED ASSETS
Patents &
licences
£   
COST
At 1 April 2023
and 31 March 2024 1,561
AMORTISATION
At 1 April 2023 468
Amortisation for year 156
At 31 March 2024 624
NET BOOK VALUE
At 31 March 2024 937
At 31 March 2023 1,093

PORT HOTEL EASTBOURNE LIMITED (REGISTERED NUMBER: 11816246)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. TANGIBLE FIXED ASSETS
Long Furniture,fittings Computer
leasehold & equipment equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 April 2023 2,250,000 265,534 22,459 2,537,993
Additions - 1,779 - 1,779
At 31 March 2024 2,250,000 267,313 22,459 2,539,772
DEPRECIATION
At 1 April 2023 - 147,187 21,613 168,800
Charge for year - 30,031 650 30,681
At 31 March 2024 - 177,218 22,263 199,481
NET BOOK VALUE
At 31 March 2024 2,250,000 90,095 196 2,340,291
At 31 March 2023 2,250,000 118,347 846 2,369,193

Cost or valuation at 31 March 2024 is represented by:

Long Furniture,fittings Computer
leasehold & equipment equipment Totals
£    £    £    £   
Valuation in 2023 751,070 - - 751,070
Cost 1,498,930 267,313 22,459 1,788,702
2,250,000 267,313 22,459 2,539,772

If freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,498,930 1,498,930
Aggregate depreciation 44,446 44,446

Freehold property was valued on an open market basis on 21 September 2022 by Fleurets Leisure Property Specialists .

The directors confirm that the open market valuation of the freehold property is not materially different to that of the valuation that took place in September 2022.

6. STOCKS
2024 2023
£    £   
Stocks 2,971 2,701

PORT HOTEL EASTBOURNE LIMITED (REGISTERED NUMBER: 11816246)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 13,704 5,880
Other debtors 10,158 9,079
Prepayments 23,186 31,276
47,048 46,235

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 27,607 25,780
Trade creditors 63,967 59,888
PAYE 3,775 7,039
VAT 39,507 22,842
Other creditors 646 1,180
Directors' current accounts 1,681 1,681
Accrued expenses 11,582 2,001
148,765 120,411

Creditors include a loan from a director of £1,681 (2023: £1681). This loan is interest free, unsecured and repayable on demand.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 29,898 27,637
Bank loans - 2-5 years 105,425 97,452
Bank loans more 5 yr by instal 1,010,048 1,047,523
Amounts owed to group undertakings 1,306,606 1,173,091
2,451,977 2,345,703

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,010,048 1,047,523

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 2,244 2,244
Between one and five years 8,978 8,978
In more than five years - 2,244
11,222 13,466

PORT HOTEL EASTBOURNE LIMITED (REGISTERED NUMBER: 11816246)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,172,978 1,198,392

Loans of £1,172,978 (2023: £1,198,392) are secured by way of a fixed first charge over the leasehold property and a floating charge over all assets.

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Deferred tax on assets 21,772 30,744
Deferred tax on losses (192,309 ) (181,735 )
Deferred tax on revaluation 190,579 187,768
20,042 36,777

Deferred
tax
£   
Balance at 1 April 2023 36,777
Provided during year (16,735 )
Balance at 31 March 2024 20,042

13. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 563,303

14. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Loans of £1,306,606 (2023: £1,173,091) were owed to the parent company, Port Hotels Limited.

During the year the company made net loan repayments of £Nil (2023: £1,150,000) to its parent company. The loan is not due to be repaid before 31 March 2025. The rate of interest is LIBOR plus 5% (capped at 8%). Interest of £99,177 (2023: £147,986) has been charged in the year.

The company is a guarantor for a loan from 2 directors to its parent company. At the balance sheet date the loan balance was £1,306,606 (2023: £1,173,091).

15. CONSOLIDATED FINANCIAL STATEMENTS

The company is a wholly owned subsidiary of Port Hotels Limited. Port Hotels Limited is exempt by virtue of section 399 of the Companies Act 2006 from the requirement to prepare consolidated financial statements. Copies of the financial statements for Port Hotels Limited can be obtained from Companies House in the United Kingdom.