Company Registration No. 03399021 (England and Wales)
ABERYSTWYTH PARK LODGE LTD
Unaudited accounts
for the year ended 31 July 2024
ABERYSTWYTH PARK LODGE LTD
Unaudited accounts
Contents
ABERYSTWYTH PARK LODGE LTD
Company Information
for the year ended 31 July 2024
Company Number
03399021 (England and Wales)
Registered Office
THE OLD CONVENT
LLANBADARN ROAD
ABERYSTWYTH
CEREDIGION
SY23 1WX
ABERYSTWYTH PARK LODGE LTD
Statement of financial position
as at 31 July 2024
Tangible assets
3,986,764
3,789,590
Cash at bank and in hand
2,124
406,114
Creditors: amounts falling due within one year
(1,316,742)
(463,167)
Net current (liabilities)/assets
(1,242,922)
16,236
Total assets less current liabilities
2,743,842
3,805,826
Creditors: amounts falling due after more than one year
(1,955,319)
(3,078,722)
Net assets
788,523
727,104
Called up share capital
100
100
Profit and loss account
788,423
727,004
Shareholders' funds
788,523
727,104
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 24 March 2025 and were signed on its behalf by
Mr J D V Morgans
Director
Company Registration No. 03399021
ABERYSTWYTH PARK LODGE LTD
Notes to the Accounts
for the year ended 31 July 2024
ABERYSTWYTH PARK LODGE LTD is a private company, limited by shares, registered in England and Wales, registration number 03399021. The registered office is THE OLD CONVENT, LLANBADARN ROAD, ABERYSTWYTH, CEREDIGION, SY23 1WX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
No Depreciation is charged on the freehold land
Land & buildings
2% on Cost
Plant & machinery
15% on Reducing Balance
Motor vehicles
20% on Reducing Balance
Fixtures & fittings
15% on Reducing Balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
ABERYSTWYTH PARK LODGE LTD
Notes to the Accounts
for the year ended 31 July 2024
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 August 2023
4,131,816
115,067
132,463
1,415,210
5,794,556
Additions
258,904
9,646
-
74,162
342,712
Disposals
-
-
(9,500)
-
(9,500)
At 31 July 2024
4,390,720
124,713
122,963
1,489,372
6,127,768
At 1 August 2023
889,792
20,601
94,107
1,000,466
2,004,966
Charge for the year
53,856
13,960
9,032
61,090
137,938
On disposals
-
-
(1,900)
-
(1,900)
At 31 July 2024
943,648
34,561
101,239
1,061,556
2,141,004
At 31 July 2024
3,447,072
90,152
21,724
427,816
3,986,764
At 31 July 2023
3,242,024
94,466
38,356
414,744
3,789,590
No depreciation has been charged for the year on the property at Parc - Dolau, Llanbadarn Fawr acquired by the Company in February 2021
Amounts falling due within one year
Trade debtors
6,604
26,883
Accrued income and prepayments
30,877
20,906
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
107,814
3,674
Obligations under finance leases and hire purchase contracts
40,740
6,320
Trade creditors
148,851
163,628
Taxes and social security
27,404
11,756
Other creditors
547,293
1,962
Loans from directors
245,724
8,114
Deferred income
41,194
31,413
ABERYSTWYTH PARK LODGE LTD
Notes to the Accounts
for the year ended 31 July 2024
8
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
1,925,319
1,973,980
Obligations under finance leases and hire purchase contracts
30,000
4,742
Other creditors
-
1,100,000
SECURED DEBTS
Bank loans are in the sum of £1,925,319 for 2024 (2023 - £1,973,980) with first legal charge over Aberystwyth Park Lodge Hotel, Parc y Llyn, Aberystwyth, SY23 3TL.
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Transactions with related parties
The Company owed the director, Mr J D V Morgans £245,724 as at 31/07/2024 (2023 - £8,114). No interest is charged.
The directors, Mr J D V Morgans is the director of both Morgans Holdings Ltd and Morgans Development Ltd. At 31/07/2024, the Company owed Morgans Holdings Ltd £543,319 and Morgans Development Ltd owed the Company £8,715.
Morgans Development Ltd also provided construction services for the Company during the year, all transactions were under normal trading terms and conditions and were charged at full market value.
In the opinion of the Director, the ultimate controlling party of the Company is Mr J D V Morgans by virtue of his 85% shareholding.
12
Average number of employees
During the year the average number of employees was 45 (2023: 45).