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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
Page
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ABERYSTWYTH PARK LODGE LTD Company Information for the year ended 31 July 2024
Director
Mr J D V Morgans
Secretary
Alison Morgans
Company Number
03399021 (England and Wales)
Registered Office
THE OLD CONVENT LLANBADARN ROAD ABERYSTWYTH CEREDIGION SY23 1WX
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ABERYSTWYTH PARK LODGE LTD Statement of financial position as at 31 July 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
3,986,764 
3,789,590 
Current assets
Inventories
25,500 
25,500 
Debtors
46,196 
47,789 
Cash at bank and in hand
2,124 
406,114 
73,820 
479,403 
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 
Capital and reserves
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
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ABERYSTWYTH PARK LODGE LTD Notes to the Accounts for the year ended 31 July 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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.
Leased assets
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.
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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 
Depreciation
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 
Net book value
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
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
6,604 
26,883 
Accrued income and prepayments
30,877 
20,906 
Other debtors
8,715 
- 
46,196 
47,789 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
107,814 
3,674 
VAT
66,368 
90,698 
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 
Accruals
91,354 
145,602 
Deferred income
41,194 
31,413 
1,316,742 
463,167 
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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 
1,955,319 
3,078,722 
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.
9
Share capital
2024 
2023 
£ 
£ 
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.
11
Controlling party
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).
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