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REGISTERED NUMBER: 08606915 (England and Wales)















RUTHIN CASTLE ESTATES LTD

REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 JANUARY 2023 TO 30 DECEMBER 2023






RUTHIN CASTLE ESTATES LTD (REGISTERED NUMBER: 08606915)

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










Page

Company Information 1

Report of the Director 2

Report of the Independent Auditors 3

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Notes to the Financial Statements 10


RUTHIN CASTLE ESTATES LTD

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







DIRECTOR: Ms N Rabani





REGISTERED OFFICE: Ruthin Castle
Castle Street
Ruthin
DENBIGHSHIRE
LL15 2NU





REGISTERED NUMBER: 08606915 (England and Wales)





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

RUTHIN CASTLE ESTATES LTD (REGISTERED NUMBER: 08606915)

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 for the period 1 January 2023 to 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 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company'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.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Ms N Rabani - Director


18 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RUTHIN CASTLE ESTATES LTD


Opinion
We have audited the financial statements of Ruthin Castle Estates Ltd (the 'company') for the period ended 30 December 2023 which comprise the Income Statement, Other Comprehensive Income, 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 30 December 2023 and of its loss 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 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.

Material uncertainty relating to going concern
We draw attention to Note 2 in the financial statements, which indicates that as at 31 December 2023 the company's current liabilities exceeded its current assets by £609,208.

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 company'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 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Director has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RUTHIN CASTLE ESTATES LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in 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, 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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page two, 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 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 company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RUTHIN CASTLE ESTATES 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
RUTHIN CASTLE ESTATES 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

RUTHIN CASTLE ESTATES LTD (REGISTERED NUMBER: 08606915)

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 - -

Administrative expenses 81,592 -
(81,592 ) -

Gain/loss on revaluation of tangible assets - 7,266
OPERATING (LOSS)/PROFIT and
(LOSS)/PROFIT BEFORE TAXATION (81,592 ) 7,266

Tax on (loss)/profit - 217,563
LOSS FOR THE FINANCIAL PERIOD (81,592 ) (210,297 )

RUTHIN CASTLE ESTATES LTD (REGISTERED NUMBER: 08606915)

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 £    £   

LOSS FOR THE PERIOD (81,592 ) (210,297 )


OTHER COMPREHENSIVE INCOME
Release of deferred tax on revaluation 18,015 -
Income tax relating to other comprehensive
income

-

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


18,015


-
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

(63,577

)

(210,297

)

RUTHIN CASTLE ESTATES LTD (REGISTERED NUMBER: 08606915)

BALANCE SHEET
30 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 4,117,155 4,198,747
Investments 6 1 1
4,117,156 4,198,748

CURRENT ASSETS
Debtors 7 607,107 607,107

CREDITORS
Amounts falling due within one year 8 1,216,315 1,216,315
NET CURRENT LIABILITIES (609,208 ) (609,208 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,507,948

3,589,540

PROVISIONS FOR LIABILITIES 882,745 900,760
NET ASSETS 2,625,203 2,688,780

CAPITAL AND RESERVES
Called up share capital 200 200
Revaluation reserve 9 2,648,234 2,702,280
Retained earnings (23,231 ) (13,700 )
2,625,203 2,688,780

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


RUTHIN CASTLE ESTATES LTD (REGISTERED NUMBER: 08606915)

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


1. STATUTORY INFORMATION

Ruthin Castle Estates 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 Company Information page.

2. ACCOUNTING POLICIES

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

As at 31 December 2023, the company had net current liabilities of £609,208.

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 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 company'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 company's ability to continue as a going concern.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the 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.

RUTHIN CASTLE ESTATES LTD (REGISTERED NUMBER: 08606915)

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


3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2022 - NIL).

4. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging:

Period
1.1.23
to Year Ended
30.12.23 31.12.22
£    £   
Depreciation - owned assets 81,592 -

5. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST OR VALUATION
At 1 January 2023
and 30 December 2023 4,198,747
DEPRECIATION
Charge for period 81,592
At 30 December 2023 81,592
NET BOOK VALUE
At 30 December 2023 4,117,155
At 31 December 2022 4,198,747

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.

Cost or valuation at 30 December 2023 is represented by:

Land and
buildings
£   
Valuation in 2020 3,595,774
Valuation in 2022 7,266
Cost 595,707
4,198,747

RUTHIN CASTLE ESTATES LTD (REGISTERED NUMBER: 08606915)

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


5. TANGIBLE FIXED ASSETS - continued

If freehold land and buildings had not been revalued they 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 were valued on an open market basis on 1 February 2023 by Knight Frank LLP .

Included in freehold land and buildings is land which is not depreciated.

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 30 December 2023 1
NET BOOK VALUE
At 30 December 2023 1
At 31 December 2022 1

The investment represents the entire issued share capital of Ruthin Castle Hotel Ltd, a company registered in England and Wales.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 607,107 607,107

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 1,216,315 1,216,315

RUTHIN CASTLE ESTATES LTD (REGISTERED NUMBER: 08606915)

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


9. RESERVES
Revaluation
reserve
£   
At 1 January 2023 2,702,280
Deferred tax on revaluations 18,015
Depreciation on revaluation (72,061 )

At 30 December 2023 2,648,234

10. 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. In the event that one of the other Companies is unable to meet its repayment obligations then the Company may be required to make the shortfall payments. 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.

11. ULTIMATE PARENT COMPANY

Ruby Hotel Collection Holdings Limited is regarded by the Director as being the company's ultimate parent company.

The consolidation accounts for the Group are available at companies house (company number: 12016094).