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REGISTERED NUMBER: 12016094 (England and Wales)















RUBY HOTEL COLLECTION HOLDINGS LTD

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD

1 JANUARY 2023 TO 30 DECEMBER 2023






RUBY HOTEL COLLECTION HOLDINGS LTD (REGISTERED NUMBER: 12016094)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


RUBY HOTEL COLLECTION HOLDINGS LTD

COMPANY INFORMATION
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023







DIRECTOR: Ms N Rabani





REGISTERED OFFICE: Hollin Hall Hotel
Jackson Lane
Bollington
Macclesfield
SK10 5BG





REGISTERED NUMBER: 12016094 (England and Wales)





AUDITORS: Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

RUBY HOTEL COLLECTION HOLDINGS LTD (REGISTERED NUMBER: 12016094)

GROUP STRATEGIC REPORT
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023


The director presents her strategic report of the company and the group for the period 1 January 2023 to 30 December 2023.

REVIEW OF BUSINESS
The main activity of the Group is the operation of its main asset, Ruthin Castle Hotel & Spa, in the United Kingdom.

The strategy of the Group is to operate the hotel profitably whilst maintaining good customer satisfaction ratings and hiring and managing employees effectively.

Key Financial Performance Indicators

Year Ended Year Ended
30/12/23 31/12/22
£ £

Turnover £2,885,102 £2,799,204
Gross Profit £2,298,664 £2,239,151
Gross Profit percentage 79.67% 80.00%
Net Profit (loss) before Tax £123,697 (£51,729)
Net current liabilities (£2,099,887) (£1,645,917)


PRINCIPAL RISKS AND UNCERTAINTIES
The Group is directly exposed to the risks associated with the hotel industry such as any downturn in the general operating conditions in the UK provincial hotel industry and new hotel openings close to its existing location.

The Group is also exposed to risks regarding property valuations in periods of market instability. This instability means that professional valuers and the Director are not able to value properties with the same degree of certainty as would be the case in a more stable market with a good level of transactional evidence to support valuations.

The Group's exposure to credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of any allowances for doubtful debts. The Group seeks to mitigate credit risk through credit checking and, where customers pay on departure, Group policy is to obtain a pre-authorised credit card for payment. In certain circumstances customers pay all or part of their stay in advance.

The Group's exposure to liquidity and cash flow risk is mitigated by the trade debtors procedures described above and by negotiating commercial payment terms with suppliers. The Group aims to mitigate liquidity risk by managing cash generation and uses through its operations.

FUTURE DEVELOPMENTS
The director is confident for the future as the company continues to build its brand and reputation.

ON BEHALF OF THE BOARD:





Ms N Rabani - Director


18 March 2025

RUBY HOTEL COLLECTION HOLDINGS LTD (REGISTERED NUMBER: 12016094)

REPORT OF THE DIRECTOR
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023


The director presents her report with the financial statements of the company and the group for the period 1 January 2023 to 30 December 2023.

DIVIDENDS
No dividends will be distributed for the period ended 30 December 2023.

DIRECTOR
Ms N Rabani held office during the whole of the period from 1 January 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Ms N Rabani - Director


18 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RUBY HOTEL COLLECTION HOLDINGS LTD


Opinion
We have audited the financial statements of Ruby Hotel Collection Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 December 2023 and of the group's profit for the period 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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
We draw attention to Note 2 in the financial statements, which as of 30 December 2023, the group's liabilities exceeded its total assets by £1,617,571.

As stated in Note 2, these events or conditions, along with other matters as set forth in Note 2, indicate that a material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

Key audit matters
Except for the matter described in the material uncertainty related to going concern section, we have determined that there are no key audit matters to be communicated in our report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RUBY HOTEL COLLECTION HOLDINGS LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RUBY HOTEL COLLECTION HOLDINGS LTD


Auditors' 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 a Report of the Auditors 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:

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to the preparation of statutory accounts and corporation tax legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. As part of this assessment we considered both quantitative and qualitative factors. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006 and FRS 102.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements which included the risk of management override of controls. We determined that the principal risks were related to posting inappropriate journal entries, omitting, advancing or delaying recognition of events and transactions that have occurred during or after the reporting period, and potential management bias in the determination of accounting estimates or judgements to manipulate results.

Audit procedures performed by the engagement team include:

- Enquiring of and obtaining written representation from management in relation to known or suspected instances of non-compliance with laws and regulations and fraud;
- Evaluation of management's controls designed to prevent and detect irregularities;
- Identifying and, where relevant, testing journal entries posted by senior management or with unusual combinations;
- Assessing and evaluating the business rationale of significant transactions outside the normal course of business;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Incorporating elements of unpredictability into the nature, timing and/or extent of audit procedures performed.
- Review of board meeting minutes and meetings of those charged with governance

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RUBY HOTEL COLLECTION HOLDINGS LTD


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 a Report of the Auditors 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.




Kelvin Fitton FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

18 March 2025

RUBY HOTEL COLLECTION HOLDINGS LTD (REGISTERED NUMBER: 12016094)

CONSOLIDATED
INCOME STATEMENT
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023

Period
1.1.23
to Year Ended
30.12.23 31.12.22
Notes £    £   

TURNOVER 2,885,102 2,799,204

Cost of sales 586,438 560,053
GROSS PROFIT 2,298,664 2,239,151

Administrative expenses 2,141,033 2,143,750
157,631 95,401

Other operating income 11,082 22,979
OPERATING PROFIT 4 168,713 118,380


Interest payable and similar expenses 5 45,016 170,109
PROFIT/(LOSS) BEFORE TAXATION 123,697 (51,729 )

Tax on profit/(loss) 6 - 51,200
PROFIT/(LOSS) FOR THE FINANCIAL
PERIOD

123,697

(102,929

)
Profit/(loss) attributable to:
Owners of the parent 123,697 (102,929 )

RUBY HOTEL COLLECTION HOLDINGS LTD (REGISTERED NUMBER: 12016094)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023

Period
1.1.23
to Year Ended
30.12.23 31.12.22
Notes £    £   

PROFIT/(LOSS) FOR THE PERIOD 123,697 (102,929 )


OTHER COMPREHENSIVE INCOME
Release of deferred tax on revaluation 18,015 (301,172 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE PERIOD, NET OF INCOME
TAX


18,015


(301,172


)
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

141,712

(404,101

)

Total comprehensive income attributable to:
Owners of the parent 141,712 (404,101 )

RUBY HOTEL COLLECTION HOLDINGS LTD (REGISTERED NUMBER: 12016094)

CONSOLIDATED BALANCE SHEET
30 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 63,031 74,054
Tangible assets 9 4,804,388 4,500,001
Investments 10 - -
4,867,419 4,574,055

CURRENT ASSETS
Stocks 11 23,568 21,394
Debtors 12 492,521 430,958
Cash at bank and in hand 55,090 137,053
571,179 589,405
CREDITORS
Amounts falling due within one year 13 2,671,066 2,235,322
NET CURRENT LIABILITIES (2,099,887 ) (1,645,917 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,767,532

2,928,138

CREDITORS
Amounts falling due after more than one
year

14

(3,502,358

)

(3,786,661

)

PROVISIONS FOR LIABILITIES 18 (882,745 ) (900,760 )
NET LIABILITIES (1,617,571 ) (1,759,283 )

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 (1,617,671 ) (1,759,383 )
SHAREHOLDERS' FUNDS (1,617,571 ) (1,759,283 )

The financial statements were approved by the director and authorised for issue on 18 March 2025 and were signed by:





Ms N Rabani - Director


RUBY HOTEL COLLECTION HOLDINGS LTD (REGISTERED NUMBER: 12016094)

COMPANY BALANCE SHEET
30 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 - -
Investments 10 2,804,958 2,804,958
2,804,958 2,804,958

CURRENT ASSETS
Debtors 12 1,216,416 1,415,346

CREDITORS
Amounts falling due within one year 13 3,411,438 3,284,368
NET CURRENT LIABILITIES (2,195,022 ) (1,869,022 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

609,936

935,936

CREDITORS
Amounts falling due after more than one
year

14

704,406

1,012,062
NET LIABILITIES (94,470 ) (76,126 )

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings (94,570 ) (76,226 )
SHAREHOLDERS' FUNDS (94,470 ) (76,126 )

Company's loss for the financial year (18,344 ) -

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 18 March 2025 and were signed by:





Ms N Rabani - Director


RUBY HOTEL COLLECTION HOLDINGS LTD (REGISTERED NUMBER: 12016094)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 100 (1,355,282 ) 305,430 (1,049,752 )

Changes in equity
Total comprehensive income - (404,101 ) (305,430 ) (709,531 )
Balance at 31 December 2022 100 (1,759,383 ) - (1,759,283 )

Changes in equity
Total comprehensive income - 141,712 - 141,712
Balance at 30 December 2023 100 (1,617,671 ) - (1,617,571 )

RUBY HOTEL COLLECTION HOLDINGS LTD (REGISTERED NUMBER: 12016094)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 (76,226 ) (76,126 )

Changes in equity
Balance at 31 December 2022 100 (76,226 ) (76,126 )

Changes in equity
Total comprehensive income - (18,344 ) (18,344 )
Balance at 30 December 2023 100 (94,570 ) (94,470 )

RUBY HOTEL COLLECTION HOLDINGS LTD (REGISTERED NUMBER: 12016094)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023

Period
1.1.23
to Year Ended
30.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 398,264 429,206
Interest paid (45,016 ) (170,109 )
Net cash from operating activities 353,248 259,097

Cash flows from investing activities
Purchase of tangible fixed assets (475,564 ) (134,142 )
Net cash from investing activities (475,564 ) (134,142 )

Cash flows from financing activities
Loan repayments in year (111,059 ) (60,529 )
Capital repayments in year 151,412 -
Net cash from financing activities 40,353 (60,529 )

(Decrease)/increase in cash and cash equivalents (81,963 ) 64,426
Cash and cash equivalents at beginning of
period

2

137,053

72,627

Cash and cash equivalents at end of
period

2

55,090

137,053

RUBY HOTEL COLLECTION HOLDINGS LTD (REGISTERED NUMBER: 12016094)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023


1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

Period
1.1.23
to Year Ended
30.12.23 31.12.22
£    £   
Profit/(loss) before taxation 123,697 (51,729 )
Depreciation charges 182,200 70,216
Finance costs 45,016 170,109
350,913 188,596
Increase in stocks (2,174 ) (7,428 )
Decrease in trade and other debtors 78,437 197,938
(Decrease)/increase in trade and other creditors (28,912 ) 50,100
Cash generated from operations 398,264 429,206

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 30 December 2023
30.12.23 1.1.23
£    £   
Cash and cash equivalents 55,090 137,053
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 137,053 72,627


RUBY HOTEL COLLECTION HOLDINGS LTD (REGISTERED NUMBER: 12016094)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 30.12.23
£    £    £   
Net cash
Cash at bank and in hand 137,053 (81,963 ) 55,090
137,053 (81,963 ) 55,090
Debt
Finance leases - (151,412 ) (151,412 )
Debts falling due within 1 year (111,059 ) - (111,059 )
Debts falling due after 1 year (2,774,599 ) 111,059 (2,663,540 )
(2,885,658 ) (40,353 ) (2,926,011 )
Total (2,748,605 ) (122,316 ) (2,870,921 )

RUBY HOTEL COLLECTION HOLDINGS LTD (REGISTERED NUMBER: 12016094)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023


1. STATUTORY INFORMATION

Ruby Hotel Collection Holdings Ltd 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

During the period to 30 December 2023, the group incurred a profit of £123,697 (2022: loss of £102,929).

As at 30 December 2023, the group had net current liabilities of £2,099,887 and an overall deficiency of assets amounting to £1,617,571.

The Group is party to a composite loan in the name of Amazehotels Ltd, covering multiple other Companies, under a joint and several liability arrangement. The Group is reliant on the other companies for financial support in the event it cannot meet its repayment obligations.

Moving into 2024 the current macro economic conditions, with significant inflationary pressures, have the potential to limit the Group's future planned growth and may alter the assessment of its ability to continue as a going concern.

The director considers it appropriate to prepare the accounts on a going concern basis, however the above events and conditions indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on cost
Fixtures and fittings - 10% on cost
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.


RUBY HOTEL COLLECTION HOLDINGS LTD (REGISTERED NUMBER: 12016094)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated 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 period 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS
Period
1.1.23
to Year Ended
30.12.23 31.12.22
£    £   
Wages and salaries 1,136,783 1,215,163

The average number of employees during the period was as follows:
Period
1.1.23
to Year Ended
30.12.23 31.12.22

79 68

The average number of employees by undertakings that were proportionately consolidated during the period was 79 (2022 - NIL ) .

RUBY HOTEL COLLECTION HOLDINGS LTD (REGISTERED NUMBER: 12016094)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023


3. EMPLOYEES AND DIRECTORS - continued

Period
1.1.23
to Year Ended
30.12.23 31.12.22
£    £   
Director's remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging:

Period
1.1.23
to Year Ended
30.12.23 31.12.22
£    £   
Hire of plant and machinery 18,758 16,310
Other operating leases 2,310 13,860
Depreciation - owned assets 171,177 59,190
Goodwill amortisation 11,023 11,024
Auditors' remuneration 8,040 10,050

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.1.23
to Year Ended
30.12.23 31.12.22
£    £   
Bank loan interest 26,672 170,109
Other loan interest 18,344 -
45,016 170,109

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
1.1.23
to Year Ended
30.12.23 31.12.22
£    £   
Deferred tax - 51,200
Tax on profit/(loss) - 51,200

RUBY HOTEL COLLECTION HOLDINGS LTD (REGISTERED NUMBER: 12016094)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023


6. TAXATION - continued

Tax effects relating to effects of other comprehensive income

1.1.23 to 30.12.23
Gross Tax Net
£    £    £   
Release of deferred tax on revaluation 18,015 - 18,015

2022
Gross Tax Net
£    £    £   
Revaluation (301,172 ) - (301,172 )
Transfer to reval reserve (305,430 ) - (305,430 )
(606,602 ) - (606,602 )

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 30 December 2023 110,237
AMORTISATION
At 1 January 2023 36,183
Amortisation for period 11,023
At 30 December 2023 47,206
NET BOOK VALUE
At 30 December 2023 63,031
At 31 December 2022 74,054

RUBY HOTEL COLLECTION HOLDINGS LTD (REGISTERED NUMBER: 12016094)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023


9. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023 4,198,747 144,062 430,690 7,500 4,780,999
Additions - 190,833 284,731 - 475,564
At 30 December 2023 4,198,747 334,895 715,421 7,500 5,256,563
DEPRECIATION
At 1 January 2023 - 58,552 218,981 3,465 280,998
Charge for period 81,592 16,889 71,541 1,155 171,177
At 30 December 2023 81,592 75,441 290,522 4,620 452,175
NET BOOK VALUE
At 30 December 2023 4,117,155 259,454 424,899 2,880 4,804,388
At 31 December 2022 4,198,747 85,510 211,709 4,035 4,500,001

Cost or valuation at 30 December 2023 is represented by:

Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
Valuation in 2016 3,180,508 - - - 3,180,508
Valuation in 2018 38,192 - - - 38,192
Valuation in 2020 377,074 - - - 377,074
Valuation in 2022 7,266 - - - 7,266
Cost 595,707 334,895 715,421 7,500 1,653,523
4,198,747 334,895 715,421 7,500 5,256,563

If Freehold Property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 595,707 595,707

Value of land in freehold land and buildings 119,141 119,141

Freehold land and buildings wer valued on an open market basis on 1 February 2023 by Knight Frank LLP .

A bank loan in the name of Amazehotels Ltd, this company's share of which amounts to £2,745,432 is secured on the land and buildings held by this company.

RUBY HOTEL COLLECTION HOLDINGS LTD (REGISTERED NUMBER: 12016094)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023


9. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
Additions 170,000
At 30 December 2023 170,000
NET BOOK VALUE
At 30 December 2023 170,000

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 30 December 2023 2,804,958
NET BOOK VALUE
At 30 December 2023 2,804,958
At 31 December 2022 2,804,958

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Ruthin Castle Estates Limited
Registered office: United Kingdom
Nature of business: Hotels & similar accommodation
%
Class of shares: holding
Ordinary 100.00

Ruthin Castle Hotel Limited
Registered office: United Kingdom
Nature of business: Hotels and similar accommodation
%
Class of shares: holding
Ordinary 100.00

Ruthin Castle Hotel Limited is a subsidiary of Ruthin Castle Estates Limited.


RUBY HOTEL COLLECTION HOLDINGS LTD (REGISTERED NUMBER: 12016094)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023


11. STOCKS

Group
2023 2022
£    £   
Stocks 23,568 21,394

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 48,530 157,889 - -
Amounts owed by group undertakings - - 1,216,315 1,216,315
Other debtors 63,419 101 101 101
Intercompany loans 58,695 204,880 - 198,930
Prepayments and accrued income 251,100 - - -
Prepayments 70,777 68,088 - -
492,521 430,958 1,216,416 1,415,346

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 15) 111,059 111,059 - -
Hire purchase contracts (see note 16) 17,000 - - -
Trade creditors 231,721 148,811 - -
Amounts owed to group undertakings - - 3,054,268 2,824,268
Social security and other taxes 11,328 22,370 - -
VAT 86,494 61,272 - -
Other creditors 161,766 172,688 - -
Intercompany loans 1,648,299 1,164,950 31,170 30,100
Deferred consideration 326,000 430,000 326,000 430,000
Accrued expenses 77,399 124,172 - -
2,671,066 2,235,322 3,411,438 3,284,368

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 15) 2,663,540 2,774,599 - -
Hire purchase contracts (see note 16) 134,412 - - -
Deferred consideration > 1 yr 704,406 1,012,062 704,406 1,012,062
3,502,358 3,786,661 704,406 1,012,062

RUBY HOTEL COLLECTION HOLDINGS LTD (REGISTERED NUMBER: 12016094)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023


15. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 111,059 111,059
Amounts falling due between one and two years:
Bank loans - 1-2 years 111,059 111,059
Amounts falling due between two and five years:
Bank loans - 2-5 years 2,552,481 2,663,540

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 17,000 -
Between one and five years 134,412 -
151,412 -

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank loans 2,774,599 2,846,491

18. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 882,745 900,760

RUBY HOTEL COLLECTION HOLDINGS LTD (REGISTERED NUMBER: 12016094)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023


18. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 January 2023 900,760
Provided during period (18,015 )
Balance at 30 December 2023 882,745

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

20. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2023 (1,759,383 ) - (1,759,383 )
Profit for the period 123,697 123,697
Deferred tax on revaluations - 18,015 18,015
Revaluation transfer 18,015 (18,015 ) -
At 30 December 2023 (1,617,671 ) - (1,617,671 )


21. CONTINGENT LIABILITIES

The Company is party to a composite loan in the name of Amazehotels Ltd, covering multiple other Companies, under a joint and several liability arrangement. The Company's share of this loan is disclosed as a bank loan within these Accounts. However in the event that one of the other Companies is unable to meet its repayment obligations then the Company may be required to make further payments, over and above its disclosed commitments. As the amount and nature of these payments is not able to be quantified as at the Balance Sheet date, no provision has been made, rather has been disclosed as a potential contingent liability.