Registration number:
Pantheon Hotels And Leisure Limited
for the Year Ended 31 March 2024
Pantheon Hotels And Leisure Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Independent Auditor's Report |
|
Profit and Loss Account and Statement of Retained Earnings |
|
Balance Sheet |
|
Notes to the Financial Statements |
Pantheon Hotels And Leisure Limited
Company Information
Directors |
Mr SN Bhattessa Mrs NF Bhattessa |
Company secretary |
Mr K Jegeswaran |
Registered office |
|
Auditors |
|
Pantheon Hotels And Leisure Limited
Strategic Report for the Year Ended 31 March 2024
The Directors present their strategic report for the year ended 31 March 2024.
Principal activity
The principal activity of the company is the operation and management of hotels.
Fair review of the business
The company owns and a luxury hotel in Brentwood, The Marygreen Manor Hotel.
The hotel has maintained its reputation for excellence as evidenced by the AA 4 star accreditation.
Following the sale of The Barn, the director is taking this opportunity to invest in The Marygreen Manor Hotel to further improve the facilities and other investment opportunities as they arise.
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2024 |
2023 |
Turnover |
£ |
3,058,095 |
4,158,071 |
Turnover growth/(decline) |
% |
(26) |
12 |
Gross profit margin |
% |
25 |
41 |
Trading profit/(loss) |
£ |
(611,358) |
(271,832) |
Principal risks and uncertainties
The directors are aware and keep themselves informed on the current downturn in the global economy.
They have taken measures to mitigate risks and have further plans to manage the adverse effects that may impact on the hotel and leisure industry.
Approved and authorised by the
......................................... |
Pantheon Hotels And Leisure Limited
Directors' Report for the Year Ended 31 March 2024
The Directors present their report and the financial statements for the year ended 31 March 2024.
Directors of the company
The Directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company's principal financial instruments comprise bank balances, bank overdrafts, and loans to the company. The main purpose of these loans is to raise funds for the company's operation and to finance the company's operations.
Price risk, credit risk, liquidity risk and cash flow risk
Due to the nature of the financial instruments used by the company, there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.
In respect of the bank balances, the liquidity risk is managed by maintaining a balance between continuity of funding and flexibility through the use of overdrafts at floating rates of interest. Any excess funds are held on high interest deposit accounts.
In respect of the loans, these comprise of loans from financial institutions. The interest rates on the loans are variable. The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments.
Disclosure of information to the auditors
Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors Xeinadin Audit Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved and authorised by the
......................................... |
Pantheon Hotels And Leisure Limited
Directors' Report for the Year Ended 31 March 2024
Statement of directors' responsibilities
The Directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the Directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Pantheon Hotels And Leisure Limited
Independent Auditor's Report to the Members of Pantheon Hotels And Leisure Limited
Opinion
We have audited the financial statements of Pantheon Hotels And Leisure Limited (the 'company') for the year ended 31 March 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
Other information
The Directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Pantheon Hotels And Leisure Limited
Independent Auditor's Report to the Members of Pantheon Hotels And Leisure Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of Directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the statement of directors' responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Pantheon Hotels And Leisure Limited
Independent Auditor's Report to the Members of Pantheon Hotels And Leisure Limited
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
• investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HMRC, relevant regulators, and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Pantheon Hotels And Leisure Limited
Independent Auditor's Report to the Members of Pantheon Hotels And Leisure Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Chartered Accountants
Statutory Auditors
Leavesden Park
5 Hercules Way
Hertfordshire
WD25 7GS
Pantheon Hotels And Leisure Limited
Profit and Loss Account and Statement of Retained Earnings
for the Year Ended 31 March 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating loss |
( |
( |
|
Income from other fixed asset investments |
|
( |
|
Other interest receivable and similar income |
|
- |
|
Interest payable and similar charges |
( |
( |
|
17,673 |
(250,058) |
||
Loss before tax |
( |
( |
|
Taxation |
- |
( |
|
Loss for the financial year |
( |
( |
|
Retained earnings brought forward |
7,549,358 |
7,825,980 |
|
Retained earnings carried forward |
6,938,000 |
7,549,358 |
Pantheon Hotels And Leisure Limited
(Registration number: 01566794)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
|||
£ |
£ |
£ |
£ |
||
Fixed assets |
|||||
Tangible assets |
|
|
|||
Other financial assets |
726,009 |
1,400,553 |
|||
|
|
||||
Current assets |
|||||
Stocks |
|
|
|||
Debtors |
|
|
|||
Cash at bank and in hand |
|
|
|||
|
|
||||
Creditors: Amounts falling due within one year |
( |
( |
|||
Net current assets |
|
|
|||
Total assets less current liabilities |
|
|
|||
Creditors: Amounts falling due after more than one year |
( |
( |
|||
Provisions for liabilities |
( |
( |
|||
Net assets |
|
|
|||
Capital and reserves |
|||||
Called up share capital |
100 |
100 |
|||
Retained earnings |
6,938,000 |
7,549,358 |
|||
Shareholders' funds |
6,938,100 |
7,549,458 |
Approved and authorised by the
......................................... |
Pantheon Hotels And Leisure Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £.
Summary of disclosure exemptions
The company has taken advantage of disclosure exemptions in FRS 102 1.12 relating to Section 33 Related Party Disclosures and Section 7 Statement of Cash Flows
The company has taken advantage of the exemption available under paragraph 33.1A of FRS 102 not to disclose transactions with wholly owned members of the same group..
Going concern
The directors have considered the next twelve months from the date of approval of the financial statements, and believe the company has sufficient financial resources to meet its liabilities as they fall due. As a result of this, the directors believe it is appropriate to prepare these accounts 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.
Pantheon Hotels And Leisure Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Government grants
Government grants are recognised where there is a reasonable assurance that the grant will be received and the entity will comply with the conditions attached to them,
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. On transition to FRS 102, the company elected to use the revalued amounts for Land and buildings as deemed cost.
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:
Asset class |
Depreciation method and rate |
Land and buildings |
Over 125 years |
Fixtures and fittings |
12.5% Straight Line |
Plant and machinery |
25% Straight Line |
Motor vehicles |
25% Straight Line |
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 is estimated to be 7 years.
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 |
Amortised over 7 years |
Pantheon Hotels And Leisure Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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 recognised at the transaction price 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 transaction.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Trade creditors
Trade creditors are recognised at the transaction price, and 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.
Borrowings
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.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Pantheon Hotels And Leisure Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Rendering of services |
|
|
Operating loss |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Loss on disposal of property, plant and equipment |
|
|
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on financial assets |
|
- |
Dividend income from financial assets |
67,962 |
- |
Other finance income |
|
- |
|
- |
Pantheon Hotels And Leisure Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
- |
Interest expense on other finance liabilities |
|
|
Foreign exchange gains |
|
- |
|
|
Staff costs |
The aggregate payroll costs (including Directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Administration and support |
|
|
Sales |
|
|
|
|
Directors' remuneration |
The Directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
- |
Pantheon Hotels And Leisure Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Other fees to auditors |
||
Taxation compliance services |
|
|
All other assurance services |
|
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax adjustment to prior periods |
- |
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Loss before tax |
( |
( |
Corporation tax at standard rate |
( |
( |
Increase in UK and foreign current tax from adjustment for prior periods |
- |
|
Tax increase from effect of capital allowances and depreciation |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Tax increase from effect of unrelieved tax losses carried forward |
|
|
Tax decrease from effect of dividends from UK companies |
( |
- |
Tax increase from changes in pension fund prepayment |
|
|
Total tax charge |
- |
|
Deferred tax
Deferred tax assets and liabilities
2024 |
Liability |
Revaluation of property |
|
|
Pantheon Hotels And Leisure Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
2023 |
Liability |
Revaluation of property |
|
|
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 April 2023 |
|
|
At 31 March 2024 |
|
|
Amortisation |
||
At 1 April 2023 |
|
|
At 31 March 2024 |
|
|
Carrying amount |
||
At 31 March 2024 |
- |
- |
Pantheon Hotels And Leisure Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Land and buildings |
Long leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
Total |
|
Cost or valuation |
||||||
At 1 April 2023 |
|
|
|
|
|
|
Additions |
|
- |
|
|
|
|
Disposals |
- |
- |
( |
( |
( |
( |
At 31 March 2024 |
|
|
|
|
|
|
Depreciation |
||||||
At 1 April 2023 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
( |
( |
At 31 March 2024 |
|
|
|
|
|
|
Carrying amount |
||||||
At 31 March 2024 |
|
|
|
|
|
|
At 31 March 2023 |
|
|
|
|
|
|
Included within the net book value of land and buildings above is £7,023,092 (2023 - £6,314,870) in respect of freehold land and buildings and £180,800 (2023 - £182,400) in respect of long leasehold land and buildings.
Pantheon Hotels And Leisure Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Restriction on title and pledged as security
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Financial assets at cost less impairment |
Total |
|
Non-current financial assets |
|||
Cost or valuation |
|||
At 1 April 2023 |
1,157,503 |
243,050 |
1,400,553 |
Fair value adjustments |
44,774 |
- |
44,774 |
Additions |
291,299 |
- |
291,299 |
Disposals |
(1,010,617) |
- |
(1,010,617) |
At 31 March 2024 |
482,959 |
243,050 |
726,009 |
Impairment |
|||
Carrying amount |
|||
At 31 March 2024 |
|
|
726,009 |
Stocks |
2024 |
2023 |
|
Other inventories |
|
|
Debtors |
Current |
2024 |
2023 |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
Pantheon Hotels And Leisure Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other creditors |
|
|
|
Accruals |
|
|
|
Corporation tax |
306,889 |
306,889 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
|
Other non-current financial liabilities |
|
|
|
|
|
Secured creditors
The bank has a floating charge over the company's assets to secure the bank loan and overdraft. The loans in respect of the bank loans are secured against the assets to which they relate.
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Pantheon Hotels And Leisure Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Hire purchase contracts |
|
- |
Other borrowings |
|
|
|
|
Current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Hire purchase contracts |
|
- |
Other borrowings |
|
|
|
|
Financial guarantee contracts |
The company entered into a guarantee dated 10 January 2012 with another group company. Each company has provided a cross guarantee to National Westminster Bank Plc as security for monies due.
The amount of the financial guarantee contract is £
Related party transactions |
Loans to related parties
2024 |
Other related parties |
Total |
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
2023 |
Other related parties |
Total |
At start of period |
( |
( |
Advanced |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
Pantheon Hotels And Leisure Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Terms of loans to related parties
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is