Caseware UK (AP4) 2023.0.135 2023.0.135 false72false712023-04-01Hotels and similar accommodationfalsefalse 07374321 2023-04-01 2024-03-31 07374321 2024-03-31 07374321 2023-03-31 07374321 2023-04-01 2024-03-31 07374321 2022-04-01 2023-03-31 07374321 2024-03-31 07374321 2023-03-31 07374321 2022-04-01 07374321 c:PriorPeriodIncreaseDecrease 2023-04-01 2024-03-31 07374321 c:PriorPeriodIncreaseDecrease 2022-04-01 2023-03-31 07374321 1 2023-04-01 2024-03-31 07374321 1 2022-04-01 2023-03-31 07374321 2 2023-04-01 2024-03-31 07374321 2 2022-04-01 2023-03-31 07374321 5 2023-04-01 2024-03-31 07374321 5 2022-04-01 2023-03-31 07374321 e:CompanySecretary1 2023-04-01 2024-03-31 07374321 e:Director1 2023-04-01 2024-03-31 07374321 e:RegisteredOffice 2023-04-01 2024-03-31 07374321 c:MotorVehicles 2023-04-01 2024-03-31 07374321 c:MotorVehicles 2024-03-31 07374321 c:MotorVehicles 2023-03-31 07374321 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07374321 c:FurnitureFittings 2023-04-01 2024-03-31 07374321 c:FurnitureFittings 2024-03-31 07374321 c:FurnitureFittings 2023-03-31 07374321 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07374321 c:OfficeEquipment 2023-04-01 2024-03-31 07374321 c:OfficeEquipment 2024-03-31 07374321 c:OfficeEquipment 2023-03-31 07374321 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07374321 c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07374321 c:CurrentFinancialInstruments 2024-03-31 07374321 c:CurrentFinancialInstruments 2023-03-31 07374321 c:Non-currentFinancialInstruments 2024-03-31 07374321 c:Non-currentFinancialInstruments 2023-03-31 07374321 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 07374321 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 07374321 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 07374321 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 07374321 c:ReportableOperatingSegment1 2023-04-01 2024-03-31 07374321 c:ReportableOperatingSegment1 2022-04-01 2023-03-31 07374321 f:UnitedKingdom 2023-04-01 2024-03-31 07374321 f:UnitedKingdom 2022-04-01 2023-03-31 07374321 c:ShareCapital 2023-04-01 2024-03-31 07374321 c:ShareCapital 2024-03-31 07374321 c:ShareCapital 2022-04-01 2023-03-31 07374321 c:ShareCapital 2023-03-31 07374321 c:ShareCapital 2022-04-01 07374321 c:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 07374321 c:RetainedEarningsAccumulatedLosses 2024-03-31 07374321 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2023-04-01 2024-03-31 07374321 c:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 07374321 c:RetainedEarningsAccumulatedLosses 2023-03-31 07374321 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2022-04-01 2023-03-31 07374321 c:RetainedEarningsAccumulatedLosses 2022-04-01 07374321 c:AcceleratedTaxDepreciationDeferredTax 2024-03-31 07374321 c:AcceleratedTaxDepreciationDeferredTax 2023-03-31 07374321 e:FRS102 2023-04-01 2024-03-31 07374321 e:Audited 2023-04-01 2024-03-31 07374321 e:FullAccounts 2023-04-01 2024-03-31 07374321 e:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07374321 c:HirePurchaseContracts c:WithinOneYear 2024-03-31 07374321 c:HirePurchaseContracts c:WithinOneYear 2023-03-31 07374321 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-03-31 07374321 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-03-31 07374321 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2024-03-31 07374321 c:LeasedAssetsHeldAsLessee 2024-03-31 07374321 g:PoundSterling 2023-04-01 2024-03-31 07374321 c:ShareCapital c:PriorPeriodErrorIncreaseDecrease 2023-04-01 2024-03-31 07374321 c:ShareCapital c:PriorPeriodErrorIncreaseDecrease 2022-04-01 2023-03-31 07374321 c:RetainedEarningsAccumulatedLosses c:PreviouslyStatedAmount 2023-03-31 07374321 c:RetainedEarningsAccumulatedLosses c:PreviouslyStatedAmount 2022-04-01 07374321 c:PreviouslyStatedAmount 2023-03-31 07374321 c:PreviouslyStatedAmount 2022-04-01 iso4217:GBP xbrli:pure

Registered number: 07374321









Dover Marina Hotel Limited









Annual report and financial statements

For the Year Ended 31 March 2024

 
Dover Marina Hotel Limited
 
 
Company Information


Director
Kanagaratnam Rajaseelan 




Company secretary
Kanagaratnam Rajaseelan



Registered number
07374321



Registered office
Best Western Dover Marina Hotel & Spa Dover Waterfront
Waterloo Crescent

Kent

England

CT17 9BP




Independent auditors
Mantax Lynton
Chartered Accountants & Statutory Auditors

Suite 207 Equitable House

7 General Gordon Square

London

United Kingdom

SE18 6FH




Accountants
Accountancy Group Ltd
SVS House Oliver Grove

London

SE25 6EJ





 
Dover Marina Hotel Limited
 

Contents



Page
Strategic report
1
Director's report
2 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10 - 11
Statement of cash flows
12
Analysis of net debt
13
Notes to the financial statements
14 - 26

 
Dover Marina Hotel Limited
 
 
Strategic report
For the Year Ended 31 March 2024

Introduction
 
The directors present their strategic report for the year ended 31 March 2024.

Business review
 
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.  

Principal risks and uncertainties
 
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.

Financial key performance indicators
 
The key performance indicators of the group are considered to be occupancy, turnover and earnings before interest, taxation, depreciation and amortisation (EBITDA).

Other key performance indicators
 
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.



Kanagaratnam Rajaseelan
Director
Page 1

 
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.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he 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 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 2006He 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.

Results and dividends

The loss for the year, after taxation, amounted to £80,031 (2023 - profit £355,424).



Director

The director who served during the year was:

Kanagaratnam Rajaseelan 

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company's auditors are unaware, and

 has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 2

 
Dover Marina Hotel Limited
 
 
 
Director's report (continued)
For the Year Ended 31 March 2024

Auditors

The auditorsMantax Lyntonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 March 2025 and signed on its behalf.
 





Kanagaratnam Rajaseelan
Director
Page 3

 
Dover Marina Hotel Limited
 
 
 
Independent auditors' report to the members of Dover Marina Hotel Limited
 

Opinion


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 policiesThe 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 31 March 2024 and of its loss for the year 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 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.


Conclusions relating to going concern


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.


Page 4

 
Dover Marina Hotel Limited
 
 
 
Independent auditors' report to the members of Dover Marina Hotel Limited (continued)


Other information


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 ReportOur 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.


Opinion 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 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.


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 Strategic report or the Director's report.


We have nothing to report in respect of the following matters in relation to which 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.


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 2, 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 is 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 have no realistic alternative but to do so.


Page 5

 
Dover Marina Hotel Limited
 
 
 
Independent auditors' report to the members of Dover Marina Hotel Limited (continued)


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 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.


Other matters 
 

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.


Page 6

 
Dover Marina Hotel Limited
 
 
 
Independent auditors' report to the members of Dover Marina Hotel Limited (continued)


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 2006Our 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.





Mr Janak Raj Pokhrel (Senior statutory auditor)
  
for and on behalf of
Mantax Lynton
 
Chartered Accountants
Statutory Auditors
  
Suite 207 Equitable House
7 General Gordon Square
London
United Kingdom
SE18 6FH

26 March 2025
Page 7

 
Dover Marina Hotel Limited
 
 
Statement of comprehensive income
For the Year Ended 31 March 2024

Unaudited
2024
2023
Note
£
£

  

Turnover
  
5,092,840
4,768,854

Cost of sales
  
(3,269,288)
(2,709,747)

Gross profit
  
1,823,552
2,059,107

Administrative expenses
  
(2,047,979)
(1,709,960)

Other operating income
  
240,000
72,000

Operating profit
  
15,573
421,147

Interest payable and similar expenses
  
(48,300)
(65,723)

(Loss)/profit before tax
  
(32,727)
355,424

Tax on (loss)/profit
  
(47,304)
-

(Loss)/profit for the financial year
  
(80,031)
355,424

Other comprehensive income for the year
  

Total comprehensive income for the year
  
(80,031)
355,424

The notes on pages 14 to 26 form part of these financial statements.
Page 8

 
Dover Marina Hotel Limited
Registered number: 07374321

Statement of financial position
As at 31 March 2024

As restated
2024
Unaudited 2023
Note
£
£

Fixed assets
  

Tangible assets
 10 
4,284,831
4,252,752

  
4,284,831
4,252,752

Current assets
  

Stocks
  
42,474
47,853

Debtors: amounts falling due within one year
 11 
2,678,617
1,039,498

Cash at bank and in hand
 12 
17,439
79,738

  
2,738,530
1,167,089

Creditors: amounts falling due within one year
 13 
(6,405,929)
(4,679,076)

Net current liabilities
  
 
 
(3,667,399)
 
 
(3,511,987)

Total assets less current liabilities
  
617,432
740,765

Creditors: amounts falling due after more than one year
 14 
(50,631)
(141,237)

Provisions for liabilities
  

Deferred tax
  
(482,799)
(435,495)

  
 
 
(482,799)
 
 
(435,495)

Net assets
  
84,002
164,033


Capital and reserves
  

Called up share capital 
  
8
8

Profit and loss account
  
83,994
164,025

  
84,002
164,033


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 March 2025.




Kanagaratnam Rajaseelan
Director

The notes on pages 14 to 26 form part of these financial statements.
Page 9

 
Dover Marina Hotel Limited
 

Statement of changes in equity
For the Year Ended 31 March 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2023 (as previously stated)
8
599,520
599,528

Prior year adjustment - correction of error
-
(435,495)
(435,495)

At 1 April 2023 (as restated)
8
164,025
164,033


Comprehensive income for the year

Loss for the year

-
(80,031)
(80,031)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(80,031)
(80,031)


Total transactions with owners
-
-
-


At 31 March 2024
8
83,994
84,002


The notes on pages 14 to 26 form part of these financial statements.

Page 10

 
Dover Marina Hotel Limited
 

Statement of changes in equity
For the Year Ended 31 March 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022 (as previously stated)
8
244,096
244,104

Prior year adjustment - correction of error
-
(435,495)
(435,495)

At 1 April 2022 (as restated)
8
(191,399)
(191,391)


Comprehensive income for the year

Profit for the year

-
355,424
355,424


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
355,424
355,424


Total transactions with owners
-
-
-


At 31 March 2023
8
164,025
164,033


The notes on pages 14 to 26 form part of these financial statements.

Page 11

 
Dover Marina Hotel Limited
 

Statement of cash flows
For the Year Ended 31 March 2024

2024
Unaudited 2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(80,031)
355,424

Adjustments for:

Depreciation of tangible assets
460,073
365,879

Interest paid
48,300
65,723

Taxation charge
47,304
435,495

Decrease/(increase) in stocks
5,379
(1,833)

(Increase)/decrease in debtors
(289,168)
99,091

Decrease/(increase) in amounts owed by companies under common control
154,137
(2,414,180)

Increase/(decrease) in creditors
226,469
(736,456)

(Decrease)/increase in amounts owed to groups
(82,280)
1,222,987

Net cash generated from operating activities

490,183
(607,870)


Cash flows from investing activities

Purchase of tangible fixed assets
(492,152)
(1,248,677)

Sale of tangible fixed assets
-
662,283

Net cash from investing activities

(492,152)
(586,394)

Cash flows from financing activities

Repayment of/new finance leases
(31,510)
(132,965)

Interest paid
(48,300)
(65,723)

Net cash used in financing activities
(79,810)
(198,688)

Net (decrease) in cash and cash equivalents
(81,779)
(1,392,952)

Cash and cash equivalents at beginning of year
79,738
1,472,690

Cash and cash equivalents at the end of year
(2,041)
79,738


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
17,439
79,738

Bank overdrafts
(19,480)
-

(2,041)
79,738


The notes on pages 14 to 26 form part of these financial statements.

Page 12

 
Dover Marina Hotel Limited
 

Analysis of Net Debt
For the Year Ended 31 March 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

79,738

(62,299)

17,439

Bank overdrafts

-

(19,480)

(19,480)

Debt due within 1 year

(4,053,918)

(1,426,959)

(5,480,877)

Finance leases

(117,277)

31,510

(85,767)


(4,091,457)
(1,477,228)
(5,568,685)

The notes on pages 14 to 26 form part of these financial statements.
Page 13

 
Dover Marina Hotel Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 14

 
Dover Marina Hotel Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 
Dover Marina Hotel Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 16

 
Dover Marina Hotel Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (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:

Motor vehicles
-
15%
reducing balance
Fixtures, fittings and equipments
-
10%
reducing balance
Office equipment
-
15%
reducing balance

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.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 17

 
Dover Marina Hotel Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

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
Page 18

 
Dover Marina Hotel Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)


2.15
Financial instruments (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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management are required to make estimates and judgments which may materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities, and the valuation of investment properties, which were based on open market transactions. The estimates and assumptions are reviewed on an on-going basis and are based on historical experience and other factors that are considered to be relevant. Actual results may defer from these estimates.
Revision to accounting estimates are recognised in the period in which the estimate is revised.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
Unaudited 2023
£
£

Sales
5,092,840
4,768,854

5,092,840
4,768,854


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
5,092,840
4,768,854

5,092,840
4,768,854


Page 19

 
Dover Marina Hotel Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

5.


Other operating income

2024
Unaudited 2023
£
£

Other operating income
240,000
72,000

240,000
72,000



6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
7,500
-

7.


Employees

Staff costs were as follows:


2024
Unaudited 2023
£
£

Wages and salaries
1,645,067
1,242,200

Social security costs
103,917
100,006

Cost of defined contribution scheme
21,291
20,927

1,770,275
1,363,133


The average monthly number of employees, including directors, during the year was 72 (2023 - 71).


8.


Interest payable and similar expenses

2024
Unaudited 2023
£
£


Bank interest payable
48,300
65,723

48,300
65,723

Page 20

 
Dover Marina Hotel Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

9.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
47,304
-

Total deferred tax
47,304
-


Tax on (loss)/profit
47,304
-

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  25% (2023 - 19%). 



Factors that may affect future tax charges

There were no factors that may affect future tax charges.



Page 21

 
Dover Marina Hotel Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

10.


Tangible fixed assets





Motor vehicles
Fixtures, fittings & equipments
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
161,167
7,705,778
17,240
7,884,185


Additions
-
480,663
11,489
492,152



At 31 March 2024

161,167
8,186,441
28,729
8,376,337



Depreciation


At 1 April 2023
-
3,624,244
7,189
3,631,433


Charge for the year on owned assets
24,175
434,390
1,508
460,073



At 31 March 2024

24,175
4,058,634
8,697
4,091,506



Net book value



At 31 March 2024
136,992
4,127,807
20,032
4,284,831
Page 22

 
Dover Marina Hotel Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

           10.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:





The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
£



Motor vehicles
136,992

136,992


11.


Debtors

2024
Unaudited 2023
£
£


Trade debtors
192,567
65,705

Amounts owed by companies under common control
2,304,383
954,432

Other debtors
6,349
19,361

Prepayments and accrued income
175,318
-

2,678,617
1,039,498



12.


Cash and cash equivalents

2024
Unaudited 2023
£
£

Cash at bank and in hand
17,439
79,738

Less: bank overdrafts
(19,480)
-

(2,041)
79,738


Page 23

 
Dover Marina Hotel Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

13.


Creditors: Amounts falling due within one year

2024
As restated & Unaudited 2023
£
£

Bank overdrafts
19,480
-

Trade creditors
489,618
318,279

Amounts owed to group undertakings
1,140,707
1,222,987

Amounts owed to companies under common control
3,134,140
1,630,052

Other taxation and social security
43,988
66,555

Obligations under finance lease and hire purchase contracts
35,136
35,156

Other creditors
1,212,394
1,354,387

Accruals and deferred income
330,466
51,660

6,405,929
4,679,076



14.


Creditors: Amounts falling due after more than one year

2024
Unaudited 2023
£
£

Net obligations under finance leases and hire purchase contracts
50,631
82,121

Other creditors
-
59,116

50,631
141,237



15.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
35,136
35,156

Between 1-5 years
50,631
82,121

85,767
117,277

Page 24

 
Dover Marina Hotel Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

16.


Deferred taxation




2024


£






At beginning of year
(435,495)


Charged to profit or loss
(47,304)



At end of year
(482,799)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(482,799)
(435,495)

(482,799)
(435,495)


17.


Reserves

Profit and loss account

This represents the accumulated retained earning of the Company which is a fully distributable reserve


18.


Prior year adjustment

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. 


19.


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 £21,291 (2023: £20,927).Contributions totaling £5,150 (2023: £3,003) were outstanding at year end.

Page 25

 
Dover Marina Hotel Limited
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

20.


Related party transactions

The Company has taken exemption under FRS 102, not to disclose any transactions entered into between group companies that are eliminated on consolidation. The ultimate parent Company, Dover Marina Hotel Holding Limited, prepares group accounts. Copy of group accounts are available from Tudor Lodge Care Home, 18-20 Manor Road, Folkestone, United Kingdom, CT20 2SA. .
During the year, the Company had unsecured interest free loan transactions with the companies under common control as below. These advances are repayable on demand.


1 April 2023
Payments
Receipts
31 March 2024
£
£
£
£

Owed by companies under common control
954,432
1,442,761
(92,811)
1,304,382
Owed to companies under common control
(1,630,051)
203,911
(1,708,000)
(3,134,140)
Director's current account
(1,200,879)
-
-
(1,200,879)
(1,876,498)
1,646,672
(1,800,811)
(3,030,637)


21.


Controlling party

The ultimate controlling party is Mr K Rajaseelan, who owns entire share capital in the ultimate parent Company, Dover Marina Hotel Holdings Ltd.

 
Page 26