Pantheon Hotels And Leisure Limited 01566794 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the operation and management of hotels Digita Accounts Production Advanced 6.30.9574.0 true true true true true 01566794 2023-04-01 2024-03-31 01566794 2024-03-31 01566794 bus:OrdinaryShareClass1 2024-03-31 01566794 bus:Consolidated 2024-03-31 01566794 core:RevaluationPropertyDeferredTax 2024-03-31 01566794 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 01566794 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 01566794 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-03-31 01566794 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2024-03-31 01566794 core:CurrentFinancialInstruments 2024-03-31 01566794 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 01566794 core:Non-currentFinancialInstruments 2024-03-31 01566794 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 01566794 core:Goodwill 2024-03-31 01566794 core:FurnitureFittings 2024-03-31 01566794 core:FurnitureFittingsToolsEquipment 2024-03-31 01566794 core:LandBuildings 2024-03-31 01566794 core:LandBuildings core:LongLeaseholdAssets 2024-03-31 01566794 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 01566794 core:MotorVehicles 2024-03-31 01566794 core:PlantMachinery 2024-03-31 01566794 core:OtherRelatedParties 2024-03-31 01566794 bus:FRS102 2023-04-01 2024-03-31 01566794 bus:Audited 2023-04-01 2024-03-31 01566794 bus:FullAccounts 2023-04-01 2024-03-31 01566794 bus:RegisteredOffice 2023-04-01 2024-03-31 01566794 bus:CompanySecretary1 2023-04-01 2024-03-31 01566794 bus:Director2 2023-04-01 2024-03-31 01566794 bus:Director3 2023-04-01 2024-03-31 01566794 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 01566794 bus:Consolidated 2023-04-01 2024-03-31 01566794 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01566794 bus:Agent1 2023-04-01 2024-03-31 01566794 core:Goodwill 2023-04-01 2024-03-31 01566794 core:FurnitureFittings 2023-04-01 2024-03-31 01566794 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 01566794 core:LandBuildings 2023-04-01 2024-03-31 01566794 core:LandBuildings core:LongLeaseholdAssets 2023-04-01 2024-03-31 01566794 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01566794 core:MotorCars 2023-04-01 2024-03-31 01566794 core:MotorVehicles 2023-04-01 2024-03-31 01566794 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 01566794 core:PlantMachinery 2023-04-01 2024-03-31 01566794 core:OtherRelatedParties 2023-04-01 2024-03-31 01566794 core:UKTax 2023-04-01 2024-03-31 01566794 1 2023-04-01 2024-03-31 01566794 countries:EnglandWales 2023-04-01 2024-03-31 01566794 2023-03-31 01566794 core:Goodwill 2023-03-31 01566794 core:FurnitureFittings 2023-03-31 01566794 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 01566794 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 01566794 core:MotorVehicles 2023-03-31 01566794 core:PlantMachinery 2023-03-31 01566794 core:OtherRelatedParties 2023-03-31 01566794 2022-04-01 2023-03-31 01566794 2023-03-31 01566794 bus:OrdinaryShareClass1 2023-03-31 01566794 core:RevaluationPropertyDeferredTax 2023-03-31 01566794 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 01566794 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 01566794 core:CurrentFinancialInstruments 2023-03-31 01566794 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 01566794 core:Non-currentFinancialInstruments 2023-03-31 01566794 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 01566794 core:FurnitureFittings 2023-03-31 01566794 core:FurnitureFittingsToolsEquipment 2023-03-31 01566794 core:LandBuildings 2023-03-31 01566794 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 01566794 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 01566794 core:MotorVehicles 2023-03-31 01566794 core:PlantMachinery 2023-03-31 01566794 core:OtherRelatedParties 2023-03-31 01566794 core:OtherRelatedParties 2022-04-01 2023-03-31 01566794 core:UKTax 2022-04-01 2023-03-31 01566794 2022-03-31 01566794 core:OtherRelatedParties 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01566794

Pantheon Hotels And Leisure Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Pantheon Hotels And Leisure Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Independent Auditor's Report

5 to 8

Profit and Loss Account and Statement of Retained Earnings

9

Balance Sheet

10

Notes to the Financial Statements

11 to 22

 

Pantheon Hotels And Leisure Limited

Company Information

Directors

Mr SN Bhattessa

Mrs NF Bhattessa

Company secretary

Mr K Jegeswaran

Registered office

Marygreen Manor Hotel
London Road
Brentwood
CM14 4NR

Auditors

Xeinadin Audit Limited
Chartered Accountants and Statutory AuditorsLeavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

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 Board on 14 March 2025 and signed on its behalf by:
 

.........................................
Mr K Jegeswaran
Company secretary

 

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:

Mr SN Bhattessa

Mrs NF Bhattessa

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 Board on 14 March 2025 and signed on its behalf by:
 

.........................................
Mr K Jegeswaran
Company secretary

 

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.

......................................
Philip Cole FCA (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited
Chartered Accountants
Statutory Auditors
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

14 March 2025

 

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

3

3,058,095

4,158,071

Cost of sales

 

(2,303,607)

(2,464,126)

Gross profit

 

754,488

1,693,945

Administrative expenses

 

(1,383,519)

(1,715,719)

Operating loss

4

(629,031)

(21,774)

Income from other fixed asset investments

 

44,774

(52,726)

Other interest receivable and similar income

5

131,701

-

Interest payable and similar charges

6

(158,802)

(197,332)

 

17,673

(250,058)

Loss before tax

 

(611,358)

(271,832)

Taxation

10

-

(4,790)

Loss for the financial year

 

(611,358)

(276,622)

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

12

 

7,350,025

 

6,569,027

Other financial assets

13

 

726,009

 

1,400,553

   

8,076,034

 

7,969,580

Current assets

   

 

Stocks

14

43,928

 

71,015

 

Debtors

15

736,012

 

151,542

 

Cash at bank and in hand

 

929,308

 

2,454,612

 

 

1,709,248

 

2,677,169

 

Creditors: Amounts falling due within one year

16

(906,328)

 

(854,078)

 

Net current assets

   

802,920

 

1,823,091

Total assets less current liabilities

   

8,878,954

 

9,792,671

Creditors: Amounts falling due after more than one year

16

 

(1,868,268)

 

(2,170,627)

Provisions for liabilities

 

(72,586)

 

(72,586)

Net assets

   

6,938,100

 

7,549,458

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 Board on 14 March 2025 and signed on its behalf by:
 

.........................................
Mr SN Bhattessa
Director

 

Pantheon Hotels And Leisure Limited

Notes to the 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:
Marygreen Manor Hotel
London Road
Brentwood
CM14 4NR
England

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 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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.
 

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

3,058,095

4,158,071

4

Operating loss

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

115,852

91,803

Loss on disposal of property, plant and equipment

37,225

95,765

5

Other interest receivable and similar income

2024
£

2023
£

Interest income on financial assets

56

-

Dividend income from financial assets

67,962

-

Other finance income

63,683

-

131,701

-

 

Pantheon Hotels And Leisure Limited

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

6

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

128,345

163,561

Interest on obligations under finance leases and hire purchase contracts

534

-

Interest expense on other finance liabilities

18,334

33,771

Foreign exchange gains

11,589

-

158,802

197,332

7

Staff costs

The aggregate payroll costs (including Directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,619,237

1,634,573

Social security costs

108,521

140,278

Pension costs, defined contribution scheme

34,070

38,662

1,761,828

1,813,513

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

17

22

Sales

47

39

64

61

8

Directors' remuneration

The Directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

21,850

-

 

Pantheon Hotels And Leisure Limited

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

9

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

23,292

22,500

Other fees to auditors

Taxation compliance services

14,750

12,500

All other assurance services

10,303

6,737

25,053

19,237


 

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax adjustment to prior periods

-

4,790

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 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Loss before tax

(611,358)

(271,832)

Corporation tax at standard rate

(152,840)

(51,648)

Increase in UK and foreign current tax from adjustment for prior periods

-

4,790

Tax increase from effect of capital allowances and depreciation

5,991

6,170

Effect of expense not deductible in determining taxable profit (tax loss)

12,631

19,357

Tax increase from effect of unrelieved tax losses carried forward

150,774

24,847

Tax decrease from effect of dividends from UK companies

(16,991)

-

Tax increase from changes in pension fund prepayment

435

1,274

Total tax charge

-

4,790

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Revaluation of property

72,586

72,586

 

Pantheon Hotels And Leisure Limited

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

2023

Liability
£

Revaluation of property

72,586

72,586

11

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

1,800,001

1,800,001

At 31 March 2024

1,800,001

1,800,001

Amortisation

At 1 April 2023

1,800,001

1,800,001

At 31 March 2024

1,800,001

1,800,001

Carrying amount

At 31 March 2024

-

-

 

Pantheon Hotels And Leisure Limited

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

12

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

6,923,802

200,000

1,389,654

607,365

95,640

9,216,461

Additions

769,771

-

9,763

45,171

113,900

938,605

Disposals

-

-

(845,087)

(429,672)

(44,646)

(1,319,405)

At 31 March 2024

7,693,573

200,000

554,330

222,864

164,894

8,835,661

Depreciation

At 1 April 2023

608,932

17,600

1,359,346

566,051

95,505

2,647,434

Charge for the year

61,549

1,600

7,699

15,770

29,234

115,852

Eliminated on disposal

-

-

(829,631)

(403,373)

(44,646)

(1,277,650)

At 31 March 2024

670,481

19,200

537,414

178,448

80,093

1,485,636

Carrying amount

At 31 March 2024

7,023,092

180,800

16,916

44,416

84,801

7,350,025

At 31 March 2023

6,314,870

182,400

30,308

41,314

135

6,569,027

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

Land and buildings with a carrying amount of £7,203,892 (2023 - £6,497,270) has been pledged as security for bank loans.

Furniture, fittings and equipment with a carrying amount of £61,332 (2023 - £71,622) has been pledged as security for bank loans.

13

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

482,959

243,050

726,009

14

Stocks

2024
£

2023
£

Other inventories

43,928

71,015

15

Debtors

Current

2024
£

2023
£

Trade debtors

4,493

14,789

Other debtors

688,669

93,576

Prepayments

42,850

43,177

 

736,012

151,542

 

Pantheon Hotels And Leisure Limited

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

16

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

19

73,333

65,000

Trade creditors

 

210,383

173,349

Social security and other taxes

 

108,386

138,406

Outstanding defined contribution pension costs

 

13,057

9,767

Other creditors

 

156,030

138,167

Accruals

 

38,250

22,500

Corporation tax

10

306,889

306,889

 

906,328

854,078

Due after one year

 

Loans and borrowings

19

1,508,940

1,517,683

Other non-current financial liabilities

 

359,328

652,944

 

1,868,268

2,170,627

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.

17

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 £34,070 (2023 - £38,662).

Contributions totalling £13,057 (2023 - £9,767) were payable to the scheme at the end of the year and are included in creditors.

18

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

Pantheon Hotels And Leisure Limited

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

19

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,487,690

1,503,933

Hire purchase contracts

12,500

-

Other borrowings

8,750

13,750

1,508,940

1,517,683

Current loans and borrowings

2024
£

2023
£

Bank borrowings

60,000

60,000

Hire purchase contracts

8,333

-

Other borrowings

5,000

5,000

73,333

65,000

20

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 £1,500,000.

21

Related party transactions

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

6,791

6,791

Advanced

164,538

164,538

Repaid

(83,638)

(83,638)

At end of period

87,691

87,691

2023

Other related parties
£

Total
£

At start of period

(5,363)

(5,363)

Advanced

210,054

210,054

Repaid

(197,900)

(197,900)

At end of period

6,791

6,791

 

Pantheon Hotels And Leisure Limited

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

Terms of loans to related parties

Loans are interest free and repayable on demand.

22

Parent and ultimate parent undertaking

The company's immediate parent is SNB Holdings Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is SNB Holdings Limited. These financial statements are available upon request from Companies House.