Registered number
08580681
Verve Hotels Ltd
Filleted Accounts
30 June 2024
Verve Hotels Ltd
Registered number: 08580681
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 1,872,064 1,841,805
Current assets
Debtors 5 12,233 4,200
Cash at bank and in hand 24,314 2,873
36,547 7,073
Creditors: amounts falling due within one year 6 (137,870) (345,074)
Net current liabilities (101,323) (338,001)
Total assets less current liabilities 1,770,741 1,503,804
Creditors: amounts falling due after more than one year 7 (936,241) (1,000,000)
Provisions for liabilities (232,284) (176,536)
Net assets 602,216 327,268
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 429,524 429,524
Profit and loss account 9 172,592 (102,356)
Shareholder's funds 602,216 327,268
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
M R Reuben
Director
Approved by the board on 25 March 2025
Verve Hotels Ltd
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Building improvements and refurbishments 15% reducing balance
Fixtures, fittings, tools and equipment 15% reducing balance
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.
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 15 13
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2023 100,000
At 30 June 2024 100,000
Amortisation
At 1 July 2023 100,000
At 30 June 2024 100,000
Net book value
At 30 June 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Fixtures & fittings Computer equipment Total
£ £ £ £
Cost
At 1 July 2023 2,095,228 133,820 3,010 2,232,058
Additions 96,000 - - 96,000
At 30 June 2024 2,191,228 133,820 3,010 2,328,058
Depreciation
At 1 July 2023 301,384 85,941 2,928 390,253
Charge for the year 58,477 7,182 82 65,741
At 30 June 2024 359,861 93,123 3,010 455,994
Net book value
At 30 June 2024 1,831,367 40,697 - 1,872,064
At 30 June 2023 1,793,844 47,879 82 1,841,805
Freehold land and buildings: 2024 2023
£ £
Historical cost 1,206,448 1,110,448
Cumulative depreciation based on historical cost 345,461 301,384
860,987 809,064
5 Debtors 2024 2023
£ £
Other debtors 12,233 4,200
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 13,244
Trade creditors 44,704 51,134
Taxation and social security costs 52,284 49,186
Other creditors 40,882 231,510
137,870 345,074
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 936,241 1,000,000
8 Revaluation reserve 2024 2023
£ £
At 1 July 2023 429,524 429,524
At 30 June 2024 429,524 429,524
9 Reserves
Profit and loss account
At the balance sheet date, included in reserves carried forward are:
Unrealised gains of £929,137 (2023 £929,137) relating to the revaluation of investment properties
Deferred tax provided in respect of these gains totalling £232,284 (2023 £176,536)
Accordingly there are no distributable reserves included in the carried forward reserves balance
10 Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme
are held separately from those of the Company in an independently administered fund. The
pension cost charge represents contributions payable by the Company to the fund and
amounted to £2,016 (2023 £1,301). Contributions totalling £728 (2023 £2,053) were payable to
the fund at the reporting date and are included in creditors.
11 Related party transactions
M R Reuben, the director of the Company, has provided an interest free loan to the Company. At the reporting date, the Company owed M Reuben £936,241 (2023: £1,000,000).
12 Controlling party
The Company is controlled by the director who owns the entire share capital of the company.
13 Other information
Verve Hotels Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Devonshire House
582 Honeypot Lane
Stanmore
HA7 1JS
Verve Hotels Ltd 08580681 false 2023-07-01 2024-06-30 2024-06-30 VT Final Accounts April 2024 M R Reuben No description of principal activity 08580681 2022-07-01 2023-06-30 08580681 core:WithinOneYear 2023-06-30 08580681 core:AfterOneYear 2023-06-30 08580681 core:ShareCapital 2023-06-30 08580681 core:OtherReservesSubtotal 2023-06-30 08580681 core:RetainedEarningsAccumulatedLosses 2023-06-30 08580681 core:RevaluationReserve 2022-06-30 08580681 2023-07-01 2024-06-30 08580681 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 08580681 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 08580681 bus:Director40 2023-07-01 2024-06-30 08580681 1 2023-07-01 2024-06-30 08580681 2 2023-07-01 2024-06-30 08580681 core:LandBuildings 2023-07-01 2024-06-30 08580681 core:PlantMachinery 2023-07-01 2024-06-30 08580681 core:Vehicles 2023-07-01 2024-06-30 08580681 countries:England 2023-07-01 2024-06-30 08580681 bus:FRS102 2023-07-01 2024-06-30 08580681 bus:FilletedAccounts 2023-07-01 2024-06-30 08580681 2024-06-30 08580681 core:WithinOneYear 2024-06-30 08580681 core:AfterOneYear 2024-06-30 08580681 core:ShareCapital 2024-06-30 08580681 core:OtherReservesSubtotal 2024-06-30 08580681 core:RetainedEarningsAccumulatedLosses 2024-06-30 08580681 core:Goodwill 2024-06-30 08580681 core:LandBuildings 2024-06-30 08580681 core:PlantMachinery 2024-06-30 08580681 core:Vehicles 2024-06-30 08580681 core:RevaluationReserve 2024-06-30 08580681 2023-06-30 08580681 core:Goodwill 2023-06-30 08580681 core:LandBuildings 2023-06-30 08580681 core:PlantMachinery 2023-06-30 08580681 core:Vehicles 2023-06-30 08580681 core:RevaluationReserve 2023-06-30 iso4217:GBP xbrli:pure