Registered number:
For the Year Ended
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Dover Marina Hotel Limited
Company Information
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Dover Marina Hotel Limited
Contents
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Dover Marina Hotel Limited
Strategic report
For the Year Ended 31 March 2024
The directors present their strategic report for the year ended 31 March 2024.
The principal activity of the Company during the year under review continued as hotel business.
The results for the year and financial position of the group are shown in the annexed financial statements. Despite difficult trading conditions and uncertainities in the economy, turnover of the company has increased from £4.8 million in 2023 to £5.1 million in the current year. Unprecedented inflation led to higher overheads and operating profits decreased significantly from £421k in 2023 to £16k in the current year. The company is undergoing with massive refurbishment and the director is confident that turnover and profittability will improve in foreseeable future.
The business has performed as well as expected in the current year. However the future prospect is challenging due to bleak economic outlook, increasing interest rate and cost of living crisis. Also Brexit continues to pose a threat for the businesses in Dover area. However, the director is confident that with continuous support from its lenders and shareholder, the company will be able to maintain its growth.
The company has its own distinct quality in terms of customer service. The company branded one of its hotels to "Best Western Premierr" hotel which is part of the Best Western Hotels Group. Being branded to a stronger brand name the hotel is expected to increase the occupancy level and also command better rate. The company considers health and safety to be a priority and very important issue. We have a positive and professional attitude towards health and hygiene, accordingly our restaurant is awarded 4 star rating from the council.
The key performance indicators of the group are considered to be occupancy, turnover and earnings before interest, taxation, depreciation and amortisation (EBITDA).
Given the straight forward nature of business, the director is of the opinion that analysis using other key performance indicator is not necessary for an understanding of the development, performance or position of the business.
This report was approved by the board on 26 March 2025 and signed on its behalf.
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Dover Marina Hotel Limited
Director's report
For the Year Ended 31 March 2024
The director presents his report and the financial statements for the year ended 31 March 2024.
The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He 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.
The loss for the year, after taxation, amounted to £80,031 (2023 - profit £355,424).
The director who served during the year was:
There have been no significant events affecting the Company since the year end.
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Dover Marina Hotel Limited
Director's report (continued)
For the Year Ended 31 March 2024
The auditors, Mantax Lynton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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Dover Marina Hotel Limited
Independent auditors' report to the members of Dover Marina Hotel Limited
We have audited the financial statements of Dover Marina Hotel Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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Dover Marina Hotel Limited
Independent auditors' report to the members of Dover Marina Hotel Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
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 Strategic report or the Director's report.
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Dover Marina Hotel Limited
Independent auditors' report to the members of Dover Marina Hotel Limited (continued)
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 an Auditors' report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, FRS 102 and relevant taxation legislation.
∙We identified the greatest risks of material impact on the financial statements from irregularities, including fraud, to be override of controls by management, inappropriate revenue recognition and going concern. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, reviewing accounting estimates for biases, corroborating revenue recognised by the company through agreements to supporting documentation and ensuring accounting policies are appropriate under United Kingdom Generally Accepted Accounting Practice and applicable law.
∙Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.
∙These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
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 Auditors' report.
In the previous accounting period, the directors of the company took advantage of audit exemption under section 477 of the Companies Act 2006. Hence, the prior period Financial Statements as shown in comparatives were not subject to audit.
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Dover Marina Hotel Limited
Independent auditors' report to the members of Dover Marina Hotel Limited (continued)
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 an Auditors' report 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Suite 207 Equitable House
7 General Gordon Square
United Kingdom
SE18 6FH
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Dover Marina Hotel Limited
Statement of comprehensive income
For the Year Ended 31 March 2024
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Dover Marina Hotel Limited
Registered number: 07374321
Statement of financial position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 26 form part of these financial statements.
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Dover Marina Hotel Limited
Statement of changes in equity
For the Year Ended 31 March 2024
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Dover Marina Hotel Limited
Statement of changes in equity
For the Year Ended 31 March 2023
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Dover Marina Hotel Limited
Statement of cash flows
For the Year Ended 31 March 2024
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Dover Marina Hotel Limited
Analysis of Net Debt
For the Year Ended 31 March 2024
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Dover Marina Hotel Limited
Notes to the financial statements
For the Year Ended 31 March 2024
Dover Marina Hotel Limited is a company limited by shares, incorporated in England and Wales. Its registered office is Best Western Dover Marina Hotel & Spa Dover Waterfront, Waterloo Crescent, Dover, Kent, England, CT17 9BP.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
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Dover Marina Hotel Limited
Notes to the financial statements
For the Year Ended 31 March 2024
2.Accounting policies (continued)
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Dover Marina Hotel Limited
Notes to the financial statements
For the Year Ended 31 March 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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Dover Marina Hotel Limited
Notes to the financial statements
For the Year Ended 31 March 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Current year acquisition of plant and machinery, Fixtures and fittings & Computer equipment charged in the following year. Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Dover Marina Hotel Limited
Notes to the financial statements
For the Year Ended 31 March 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is
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Dover Marina Hotel Limited
Notes to the financial statements
For the Year Ended 31 March 2024
2.Accounting policies (continued)
due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Revision to accounting estimates are recognised in the period in which the estimate is revised.
Analysis of turnover by country of destination:
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Dover Marina Hotel Limited
Notes to the financial statements
For the Year Ended 31 March 2024
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Dover Marina Hotel Limited
Notes to the financial statements
For the Year Ended 31 March 2024
There were no factors that may affect future tax charges.
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Dover Marina Hotel Limited
Notes to the financial statements
For the Year Ended 31 March 2024
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Dover Marina Hotel Limited
Notes to the financial statements
For the Year Ended 31 March 2024
10.Tangible fixed assets (continued)
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Dover Marina Hotel Limited
Notes to the financial statements
For the Year Ended 31 March 2024
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Dover Marina Hotel Limited
Notes to the financial statements
For the Year Ended 31 March 2024
Profit and loss account
In 2023 the parent company acquired the long lease in the property and the directorss decided to transfer the leasehold improvemnets of £662,283 to the parent entity. However this transfer was not reflected in the financial statements. Due to this error, leasehold improvement and amount owed to parent company were understated in the prior period finanical statements by £662,283.
Deferred tax liability due to accelerated capital allowance were not recognised in the prior period financial statements. Due to this error reserves were overstated and deferred tax provisions were understated by £435,495 in prior period finanical statements. Comparatives have been restated to reflect the correct position.
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 £21,291 (2023: £20,927).Contributions totaling £5,150 (2023: £3,003) were outstanding at year end.
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Dover Marina Hotel Limited
Notes to the financial statements
For the Year Ended 31 March 2024
The ultimate controlling party is Mr K Rajaseelan, who owns entire share capital in the ultimate parent Company, Dover Marina Hotel Holdings Ltd.
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