Registered number
03788212
OASIS HOTEL (HARLOW) LIMITED
Filleted Accounts
30 June 2024
OASIS HOTEL (HARLOW) LIMITED
Registered number: 03788212
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,560,183 2,173,921
Current assets
Debtors 4 121,322 93,810
Cash at bank and in hand 223,091 901,138
344,413 994,948
Creditors: amounts falling due within one year 5 (306,322) (448,115)
Net current assets 38,091 546,833
Total assets less current liabilities 2,598,274 2,720,754
Creditors: amounts falling due after more than one year 6 (225,625) (369,183)
Net assets 2,372,649 2,351,571
Capital and reserves
Called up share capital 5 5
Profit and loss account 2,372,644 2,351,566
Shareholders' funds 2,372,649 2,351,571
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Imdad Hussain
Director
Approved by the board on 19 March 2025
OASIS HOTEL (HARLOW) LIMITED
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 5% reducing balance
Freehold land Not depreciated
Plant and machinery 20-25% straight line
Motor vehciles 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 21 19
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 3,165,724 219,569 117,101 3,502,394
Additions 389,419 - 51,250 440,669
At 30 June 2024 3,555,143 219,569 168,351 3,943,063
Depreciation
At 1 July 2023 1,096,114 197,061 35,298 1,328,473
Charge for the year 34,084 8,052 12,271 54,407
At 30 June 2024 1,130,198 205,113 47,569 1,382,880
Net book value
At 30 June 2024 2,424,945 14,456 120,782 2,560,183
At 30 June 2023 2,069,610 22,508 81,803 2,173,921
4 Debtors 2024 2023
£ £
Trade debtors 8,141 -
Other debtors 113,181 93,810
121,322 93,810
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 97,973 80,710
Accruals 14,500 12,500
Obligations under finance lease and hire purchase contracts 11,961 7,435
Trade creditors 5,167 3,202
Taxation and social security costs 124,337 311,494
Other creditors 52,384 32,774
306,322 448,115
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 210,927 361,951
Obligations under finance lease and hire purchase contracts 14,698 7,232
225,625 369,183
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 308,900 440,440
The bank loans above are secured by fixed and floating charge over the company's assets.
8 Other information
OASIS HOTEL (HARLOW) LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
2 Hart Road
Harlow
CM17 0HL
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