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GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

FJB HOTELS LIMITED

FJB HOTELS LIMITED (REGISTERED NUMBER: 09709340)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
For The Year Ended 31 March 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


FJB HOTELS LIMITED

COMPANY INFORMATION
For The Year Ended 31 March 2024







DIRECTORS: J G J Butterworth
J W E Barcellos





REGISTERED OFFICE: Unit 1, St Stephens Court
15 - 17 St Stephens Road
Bournemouth
Dorset
BH2 6LA





REGISTERED NUMBER: 09709340 (England and Wales)





AUDITORS: Schofields
Chartered Accountants and Statutory Auditors
Unit 1, St Stephens Court
15-17 St Stephens Road
Bournemouth
Dorset
BH2 6LA

FJB HOTELS LIMITED (REGISTERED NUMBER: 09709340)

GROUP STRATEGIC REPORT
For The Year Ended 31 March 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
The group has two divisions, hotels and property investment.

The group structure represents a parent company with wholly owned subsidiaries. The principal trading activity being the hotel and hospitality division which is conducted through the subsidiaries, and the property investment being conducted by the holding company.

Group turnover
2024 2023 2022
£'000 £'000 £'000

Hotel and related services 7,938 10,812 13,190
Property rents 984 569 390
8,922 11,381 13,580

Review of Hotel Business
While the business showed signs of recovery post-pandemic, occupancy rates have since suffered due to the rising costs of living and lack of consumer confidence, impacting consumer spending and travel budgets. Although the group took proactive steps to manage its costs, the impact of rising energy costs, staff wages, and cost inflation remained significant. The hotel's profit margins were squeezed as a result, and while cost-control measures were implemented, they were not enough to fully offset the revenue shortfalls.

In measuring the performance of the hotels, the directors undertake a thorough and regular review of the following key performance indicators and comparisons to industry norms:

- RevPAR (Revenue achieved per available room);
- Accommodation, food and beverage sales and gross profit achieved;
- Staff and other costs compared to total turnover.

Despite challenging market conditions, the highly experienced board have continued to invest in both the hotel facilities and their staff. The group remains committed in providing an outstanding guest experience, and the dedication to all patrons continues to be a major asset.

Review of Property Investment Business
The property rental business continues to perform well, with additional rental income generated from the long-term rental of one of the group's hotels. The board continue to seek to achieve long term returns with sound tenant covenants.

PRINCIPAL RISKS AND UNCERTAINTIES
The Board consider risk assessment, identification of mitigating actions and internal control to be fundamental to the operation of the group. These are summarised as follows:

Reputational risk - The group prides itself on providing a first class customer service by delivering exceptional service and quality of surroundings. The group continuously monitors and responds to guest feedback on online platforms such as Trip Advisor.

Staffing risk - The group must both attract and retain high quality staff to deliver excellent customer service.

Property deterioration - The hotels are constantly being maintained and refreshed to a high standard to provide excellent guest facilities and service. Changes and adaptations to the building and rooms are made in response to market/guest feedback.

Health and Safety, Fire and Environmental Health - The group has a separate Health and Safety officer and engages external consultants to ensure that its premises and practices comply with its statutory obligations and provides a safe environment for both guests and staff.

UK economic conditions - The level of guest demand is dictated by business sector confidence and consumer spending power. Operations and pricing are adjusted accordingly.

Financial risks - These principally reflect liquidity, credit and interest rate risks.

Liquidity risk - The group manages and monitors cashflow on a day to day basis against a rolling twelve month cashflow forecast to ensure that debts and obligations are met as they fall due.

FJB HOTELS LIMITED (REGISTERED NUMBER: 09709340)

GROUP STRATEGIC REPORT
For The Year Ended 31 March 2024


Credit risk - Credit risk on cash balances are minimised by the Board adopting a policy of depositing funds with regulated institutions.Trade debtors are monitored closely and strict credit control procedures adopted to reduce the risk of bad debts arising.

Interest rate risk - The group is exposed to interest rate risk on its loan debt. The Board monitors cashflow and interest rates carefully to ensure that the company can continue to meet the debt obligation as it falls due for payment.

FIXED ASSETS
The changes are reported in notes 12 to 14.

The directors consider that the market value of the group's land and buildings is greater than the net book value but in the absence of a professional valuation the directors are unable to report upon this further.

ON BEHALF OF THE BOARD:





J G J Butterworth - Director


25 March 2025

FJB HOTELS LIMITED (REGISTERED NUMBER: 09709340)

REPORT OF THE DIRECTORS
For The Year Ended 31 March 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 will be £50,000.

FUTURE DEVELOPMENTS
The directors will continue to maintain and develop the guest offerings, which are at the top end of the market, in unique locations, therefore operations are less affected than other hospitality businesses.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

J G J Butterworth
J W E Barcellos

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Schofields, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J W E Barcellos - Director


25 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FJB HOTELS LIMITED

Opinion
We have audited the financial statements of FJB Hotels Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 directors' 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 group's and the parent 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FJB HOTELS LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are 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 directors determine 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 directors are responsible for assessing the group's and the parent 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

An understanding of the legal and regulatory framework the company operates in was obtained through discussions with directors and other management in addition to our general industry and sector experience. The most significant laws and regulations identified, being those that have a direct effect on material amounts and disclosures in the financial statements, are FRS 102, Companies Act 2006 and HM Revenue & Customs (HMRC) Tax Legislation.

We also considered other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate, or to avoid material penalty. These included but were not limited the requirements of the various health and safety regulations, licensing and food hygiene regulations, employment law and money laundering.

Audit procedures were performed to obtain sufficient evidence regarding compliance. These procedures include making enquiries to directors and other management in addition to the inspection of applicable regulatory and legal correspondence. Financial statement disclosures were reviewed and tested to supporting documentation.

Enquiries were also made to the directors and other management to assess the company's internal control environment and their policies and procedures on fraud risk. The company's systems and controls were documented, and audit procedures were designed to test these controls. Further, the risk of management override of controls was addressed through testing journal entries and other adjustments for appropriateness. The judgements made in making accounting estimates were assessed for any indication of potential bias, and the business rationale of significant transactions outside the normal course of the business was evaluated.

We have properly planned and performed the audit in accordance with auditing standards and all members of the engagement team have the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. However, the inherent nature of the audit, and the limited procedures performed, means there is an unavoidable risk that some irregularities may have gone undetected. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FJB HOTELS LIMITED


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 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 a Report of the Auditors 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 I M Legg FCCA ACA (Senior Statutory Auditor)
for and on behalf of Schofields
Chartered Accountants and Statutory Auditors
Unit 1, St Stephens Court
15-17 St Stephens Road
Bournemouth
Dorset
BH2 6LA

25 March 2025

FJB HOTELS LIMITED (REGISTERED NUMBER: 09709340)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For The Year Ended 31 March 2024

2024 2023
Notes £    £    £    £   

TURNOVER 4 8,922,229 11,381,124

Cost of sales 4,773,736 6,249,998
GROSS PROFIT 4,148,493 5,131,126

Administrative expenses 3,707,979 4,939,067
440,514 192,059

Other operating income 5 7,366 177,686
OPERATING PROFIT 7 447,880 369,745

Income from fixed asset investments 22 22
Interest receivable and similar income 11,716 7,968
11,738 7,990
459,618 377,735
Gain on revaluation of listed investments 1,058 2,718
460,676 380,453

Interest payable and similar expenses 8 442,696 285,380
PROFIT BEFORE TAXATION 17,980 95,073

Tax on profit 9 1,495 137,695
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

16,485

(42,622

)

FJB HOTELS LIMITED (REGISTERED NUMBER: 09709340)

CONSOLIDATED BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 32,146,518 31,946,359
Investments 13
Interest in associate 262 262
Other investments 38,691 37,633
Investment property 14 7,956,813 7,956,813
40,142,284 39,941,067

CURRENT ASSETS
Stocks 15 164,658 184,003
Debtors 16 4,083,042 4,113,444
Cash at bank and in hand 351,456 1,223,609
4,599,156 5,521,056
CREDITORS
Amounts falling due within one year 17 2,375,582 2,977,712
NET CURRENT ASSETS 2,223,574 2,543,344
TOTAL ASSETS LESS CURRENT
LIABILITIES

42,365,858

42,484,411

CREDITORS
Amounts falling due after more than one year 18 (5,881,783 ) (5,968,316 )

PROVISIONS FOR LIABILITIES 22 (510,018 ) (508,523 )
NET ASSETS 35,974,057 36,007,572

CAPITAL AND RESERVES
Called up share capital 23 20,200 20,200
Share premium 24 29,488,520 29,488,520
Revaluation reserve 24 384,782 384,782
Retained earnings 24 6,080,555 6,114,070
SHAREHOLDERS' FUNDS 35,974,057 36,007,572

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:




J G J Butterworth - Director



J W E Barcellos - Director


FJB HOTELS LIMITED (REGISTERED NUMBER: 09709340)

COMPANY BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 - -
Investments 13 29,508,722 29,508,720
Investment property 14 7,956,813 7,956,813
37,465,535 37,465,533

CURRENT ASSETS
Debtors 16 275,617 132,615

CREDITORS
Amounts falling due within one year 17 420,010 347,204
NET CURRENT LIABILITIES (144,393 ) (214,589 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

37,321,142

37,250,944

CREDITORS
Amounts falling due after more than one year 18 6,726,351 7,125,403
NET ASSETS 30,594,791 30,125,541

CAPITAL AND RESERVES
Called up share capital 23 20,200 20,200
Share premium 24 29,488,520 29,488,520
Retained earnings 24 1,086,071 616,821
SHAREHOLDERS' FUNDS 30,594,791 30,125,541

Company's profit for the financial year 519,250 268,424

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:




J G J Butterworth - Director



J W E Barcellos - Director


FJB HOTELS LIMITED (REGISTERED NUMBER: 09709340)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For The Year Ended 31 March 2024

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 April 2022 20,200 6,206,692 29,488,520 384,782 36,100,194

Changes in equity
Deficit for the year - (42,622 ) - - (42,622 )
Total comprehensive income - (42,622 ) - - (42,622 )
Dividends - (50,000 ) - - (50,000 )
Balance at 31 March 2023 20,200 6,114,070 29,488,520 384,782 36,007,572

Changes in equity
Profit for the year - 16,485 - - 16,485
Total comprehensive income - 16,485 - - 16,485
Dividends - (50,000 ) - - (50,000 )
Balance at 31 March 2024 20,200 6,080,555 29,488,520 384,782 35,974,057

FJB HOTELS LIMITED (REGISTERED NUMBER: 09709340)

COMPANY STATEMENT OF CHANGES IN EQUITY
For The Year Ended 31 March 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 April 2022 20,200 398,397 29,488,520 29,907,117

Changes in equity
Profit for the year - 268,424 - 268,424
Total comprehensive income - 268,424 - 268,424
Dividends - (50,000 ) - (50,000 )
Balance at 31 March 2023 20,200 616,821 29,488,520 30,125,541

Changes in equity
Profit for the year - 519,250 - 519,250
Total comprehensive income - 519,250 - 519,250
Dividends - (50,000 ) - (50,000 )
Balance at 31 March 2024 20,200 1,086,071 29,488,520 30,594,791

FJB HOTELS LIMITED (REGISTERED NUMBER: 09709340)

CONSOLIDATED CASH FLOW STATEMENT
For The Year Ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 146,020 554,525
Interest paid (433,797 ) (271,991 )
Interest element of hire purchase payments paid (8,899 ) (13,389 )
Tax paid (303,017 ) -
Net cash from operating activities (599,693 ) 269,145

Cash flows from investing activities
Purchase of tangible fixed assets (296,559 ) (27,192 )
Sale of tangible fixed assets 24,500 -
Interest received 11,716 7,968
Dividends received 22 22
Net cash from investing activities (260,321 ) (19,202 )

Cash flows from financing activities
New loans in year - 3,240,000
Loan repayments in year (67,901 ) (3,517,977 )
Capital repayments in year (44,306 ) (40,467 )
Introduced/(withdrawn) by directors 150,068 (416,572 )
Equity dividends paid (50,000 ) (50,000 )
Net cash from financing activities (12,139 ) (785,016 )

Decrease in cash and cash equivalents (872,153 ) (535,073 )
Cash and cash equivalents at beginning of year 2 1,223,609 1,758,682

Cash and cash equivalents at end of year 2 351,456 1,223,609

FJB HOTELS LIMITED (REGISTERED NUMBER: 09709340)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
For The Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 17,980 95,073
Depreciation charges 54,000 71,184
Loss on disposal of fixed assets 17,900 -
Gain on revaluation of fixed assets (1,058 ) (2,718 )
Finance costs 442,696 285,380
Finance income (11,738 ) (7,990 )
519,780 440,929
Decrease in stocks 19,345 39,380
(Increase)/decrease in trade and other debtors (119,666 ) 7,672
(Decrease)/increase in trade and other creditors (273,439 ) 66,544
Cash generated from operations 146,020 554,525

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31/3/24 1/4/23
£    £   
Cash and cash equivalents 351,456 1,223,609
Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 1,223,609 1,758,682


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/4/23 Cash flow At 31/3/24
£    £    £   
Net cash
Cash at bank and in hand 1,223,609 (872,153 ) 351,456
1,223,609 (872,153 ) 351,456
Debt
Finance leases (119,719 ) 59,410 (60,309 )
Debts falling due within 1 year (107,097 ) 10,051 (97,046 )
Debts falling due after 1 year (5,892,903 ) 42,746 (5,850,157 )
(6,119,719 ) 112,207 (6,007,512 )
Total (4,896,110 ) (759,946 ) (5,656,056 )

FJB HOTELS LIMITED (REGISTERED NUMBER: 09709340)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For The Year Ended 31 March 2024

1. STATUTORY INFORMATION

FJB Hotels Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The consolidated financial statements present financial information about the group as a single economic entity through combining the financial statements of the company and all of its subsidiaries as identified in note 13. Intragroup balances and transactions are eliminated in full.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover represents the provision of hotel and related services, including rental income. It is recognised when economic benefits flow to the group and the turnover can be reliably measured. It is measured as the fair value of the consideration received or receivable, excluding value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures, fittings and equipment - at varying rates on reducing balances
Motor vehicles - 25% reducing balance

The carrying values of tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. Any impairment in the value will be charged to profit and loss account.

Freehold land and buildings are carried at historical cost and are not depreciated. The directors are of the opinion that the useful lives of these assets are sufficiently long and residual value so high that their value is not diminished by time and that the aggregate residual value is greater than their respective book values.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The directors use valuation techniques with reference to current market rents and investment property yields of comparable real estate in order to value investment properties.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured as amortised cost using the effective interest rate method, less impairment.


FJB HOTELS LIMITED (REGISTERED NUMBER: 09709340)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The group operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Going concern
At the time of approving the financial statements, the directors have not identified material uncertainties related to events or conditions that may cast significant doubt about the ability of the group to continue as a going concern.

The directors in performing their assessment of going concern have considered the availability of intra-group loan and support arrangements for access to cash flows necessary for the day to day running of the company's operations.

Having assessed the principal risks the directors consider it appropriate for the accounts to be prepared on a going concern basis.

FJB HOTELS LIMITED (REGISTERED NUMBER: 09709340)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, not always equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and the physical condition of the assets.

Carrying value of tangible assets
Tangible assets are assessed at each reporting date to determine whether there is any indication of impairment by reference to the fair values of assets held. Where there is an indication that an asset may be impaired, the carrying value is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying value exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and its value in use.

Freehold property
Freehold land and buildings are carried at historical cost and are not depreciated. The nature of the hotel trade and the group's policy of a high level of maintenance, refurbishment and upgrading ensures the premises are maintained to a very high standard of repair to protect the trade. The directors are of the opinion that the useful lives of these assets are sufficiently long and residual value so high that their value is not diminished by time and that the aggregate residual value is greater than their respective book values.

Investment property
Investment property is carried at fair value determined annually by the directors. There is inevitably a degree of judgement involved in a valuation in respect of the factors applied including estimated rental values, trends in trading or identifying comparable property which could only be reliably tested by a sale on the open market.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Hotel and related services 7,937,964 10,811,970
Property rentals 984,265 569,154
8,922,229 11,381,124

5. OTHER OPERATING INCOME
2024 2023
£    £   
Sundry receipts 7,366 -
Fire insurance claim - 171,686
Local government grants - 6,000
7,366 177,686

6. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,627,362 4,702,023
Social security costs 281,071 346,904
Other pension costs 57,786 69,058
3,966,219 5,117,985

FJB HOTELS LIMITED (REGISTERED NUMBER: 09709340)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

6. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Hotels and related activities 164 226
Property rentals 2 3
Management and marketing 25 28
191 257

2024 2021
£ £

Directors' remuneration 251,250 235,272

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

7. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 25,451 34,241
Depreciation - owned assets 37,591 51,879
Depreciation - assets on hire purchase contracts 16,409 19,305
Loss on disposal of fixed assets 17,900 -
Auditors' remuneration 16,800 17,600
The auditing of accounts of subsidiary companies 25,900 26,800

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 422,976 271,991
Corporation tax interest 10,821 -
Hire purchase 8,899 13,389
442,696 285,380

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - 2,966

Deferred tax 1,495 134,729
Tax on profit 1,495 137,695

UK corporation tax has been charged at 25 % .

FJB HOTELS LIMITED (REGISTERED NUMBER: 09709340)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

9. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 17,980 95,073
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
19 %)

4,495

18,064

Effects of:
Expenses not deductible for tax purposes 142 445
Income not taxable for tax purposes (2,935 ) (4 )
Capital allowances in excess of depreciation (7,477 ) (4,459 )
Adjustments to tax charge in respect of previous periods - 3,638
Change in deferred tax rate - 122,046
Losses carried forward/(utilised) 7,270 (2,035 )
Total tax charge 1,495 137,695

UK corporation tax has been charged at 25% (2023 - 19%). Deferred tax has been charged at 25% (2023 - 25%).

10. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


11. DIVIDENDS
2024 2023
£    £   
Ordinary A shares of £1 each
Final 50,000 50,000

12. TANGIBLE FIXED ASSETS

Group
Furniture,
fixtures
Freehold and
property equipment Totals
£    £    £   
COST
At 1 April 2023 31,502,814 1,404,667 32,907,481
Additions 151,649 144,910 296,559
Disposals - (42,400 ) (42,400 )
At 31 March 2024 31,654,463 1,507,177 33,161,640
DEPRECIATION
At 1 April 2023 - 961,122 961,122
Charge for year - 54,000 54,000
At 31 March 2024 - 1,015,122 1,015,122
NET BOOK VALUE
At 31 March 2024 31,654,463 492,055 32,146,518
At 31 March 2023 31,502,814 443,545 31,946,359

FJB HOTELS LIMITED (REGISTERED NUMBER: 09709340)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

12. TANGIBLE FIXED ASSETS - continued

Group

The net book value of tangible fixed assets includes £ 92,986 (2023 - £ 151,795 ) in respect of assets held under hire purchase contracts.

13. FIXED ASSET INVESTMENTS

Group
Interest
in Listed
associate investments Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 262 37,633 37,895
Revaluations - 1,058 1,058
At 31 March 2024 262 38,691 38,953
NET BOOK VALUE
At 31 March 2024 262 38,691 38,953
At 31 March 2023 262 37,633 37,895

Cost or valuation at 31 March 2024 is represented by:

Interest
in Listed
associate investments Totals
£    £    £   
Valuation in 2024 - 38,691 38,691
Cost 262 - 262
262 38,691 38,953
Company
Shares in
group
undertakings
£   
COST
At 1 April 2023 29,508,720
Additions 2
At 31 March 2024 29,508,722
NET BOOK VALUE
At 31 March 2024 29,508,722
At 31 March 2023 29,508,720


FJB HOTELS LIMITED (REGISTERED NUMBER: 09709340)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

13. FIXED ASSET INVESTMENTS - continued


The total of £29,508,720 represents shares in subsidiary companies at cost.

The company's investments at the balance sheet date in the share capital of companies include the following:

Subsidiary Nature of business Class of shares % holding

Arnewood Estates Limited Property Investment Ordinary 100.00
Arnewood Property Investments Limited * Dormant Ordinary 100.00
Arnewood Estates (Management) Limited * Dormant Ordinary 100.00
Solent Leisure Limited * Dormant Ordinary 100.00
Repertory Theatrical Productions Limited * Dormant Ordinary 100.00
New Hippodrome (Southampton) Limited * Dormant Ordinary 100.00
FJB Theatres (Grimsby) Limited * Dormant Ordinary 100.00
Astoria Casino (Bournemouth) Limited * Dormant Ordinary 100.00
Brownsea Haven Properties Limited * Dormant Ordinary 100.00
Brownsea Haven Wholesale Limited ** Dormant Ordinary 99.99
Sandbanks Hotel Limited Hotelier Ordinary 100.00
Grosvenor Marine Services Limited *** Sailing and Watersports Ordinary 100.00
FJB Hotels (Majorca) Limited *** Dormant Ordinary 100.00
Kilburn Varieties Limited *** Dormant Ordinary 98.00
Norfolk Hotel (Richmond Hill) Limited *** Dormant Ordinary 89.90
Harbour Heights (Sandbanks) Limited Dormant Ordinary 100.00
Haven Hotel (Sandbanks) Limited Dormant Ordinary 100.00


* Indirect ownership through Arnewood Estates Limited
** Indirect ownership through Brownsea Haven Properties Limited
*** Indirect ownership through Sandbanks Hotel Limited.

The registered office of the above subsidiary companies is Unit 1 Stephens Court, 15-17 St Stephens Road, Bournemouth, BH2 6LA.

14. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 7,956,813
NET BOOK VALUE
At 31 March 2024 7,956,813
At 31 March 2023 7,956,813

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 7,956,813

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 8,995,429 8,995,429

Investment property was valued on a fair value basis on 31 March 2024 by the Directors .

The valuation by the directors has been undertaken through property market research to include evidence on comparable sales and rental investment yields.

FJB HOTELS LIMITED (REGISTERED NUMBER: 09709340)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

14. INVESTMENT PROPERTY - continued

Company
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 7,956,813
NET BOOK VALUE
At 31 March 2024 7,956,813
At 31 March 2023 7,956,813

15. STOCKS

Group
2024 2023
£    £   
Food and beverages 164,658 184,003

16. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 212,730 230,844 188,034 85,203
Other debtors 2,626,402 2,712,130 - -
Corporation tax 28,933 - - -
Prepayments and accrued income 382,965 309,525 87,583 47,412
3,251,030 3,252,499 275,617 132,615

Amounts falling due after more than one year:
Corporation tax 832,012 860,945 - -

Aggregate amounts 4,083,042 4,113,444 275,617 132,615

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 19) 97,046 107,097 44,641 49,265
Hire purchase contracts (see note 20) 28,683 44,306 - -
Trade creditors 588,987 531,744 32,046 32,300
Corporation tax 146,280 449,297 2,525 32,339
Social security and other taxes 243,131 154,377 - -
Other creditors 573,825 581,161 133,648 32,650
Accruals and deferred income 697,630 1,109,730 207,150 200,650
2,375,582 2,977,712 420,010 347,204

FJB HOTELS LIMITED (REGISTERED NUMBER: 09709340)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 19) 5,850,157 5,892,903 2,691,072 2,710,735
Hire purchase contracts (see note 20) 31,626 75,413 - -
Amounts owed to group undertakings - - 4,035,279 4,414,668
5,881,783 5,968,316 6,726,351 7,125,403

19. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 97,046 107,097 44,641 49,265
Amounts falling due between one and two years:
Bank loans - 1-2 years 104,161 113,682 47,914 52,294
Amounts falling due between two and five years:
Bank loans - 2-5 years 360,581 384,729 165,867 176,975
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 5,385,415 5,394,492 2,477,291 2,481,466

The bank loan creditor represents a twenty four year fixed term bank loan maturing in March 2048, with a market rate of interest linked to the Bank of England base rate.

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 28,683 44,306
Between one and five years 31,626 75,413
60,309 119,719

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 25,451 34,241

FJB HOTELS LIMITED (REGISTERED NUMBER: 09709340)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

21. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 5,947,203 6,000,000

The bank loans are secured by way of legal charges over the group's freehold and investment property.

22. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 510,018 508,523

Group
Deferred
tax
£   
Balance at 1 April 2023 508,523
Provided during year 1,495
Balance at 31 March 2024 510,018

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200 Ordinary £1 200 200
15,200 Ordinary A £1 15,200 15,200
4,800 Ordinary B £1 4,800 4,800
20,200 20,200

FJB HOTELS LIMITED (REGISTERED NUMBER: 09709340)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

23. CALLED UP SHARE CAPITAL - continued

Ordinary shares
Only in relation to Sandbanks Hotel Limited (Company No 00556842)

1. All rights attached and each share is entitled to one vote in any circumstances

2. Each share is entitled pari passu to dividend payments or any other distribution arising from the income and assets of Sandbanks Hotel Limited

3. Each share is entitled pari passu to participate in a distribution arising from a winding up in relation to the income and assets of the Sandbanks Hotel Limited

Ordinary A shares
Only in relation to Arnewood Estates Limited (Company No 00540712)

1. Special voting rights for the creation of new shares, alterations of the articles and issuing of additional 'B' shares

2. The 'A' shares entitled to a fixed cumulative preference dividend of £50,000 per annum.

3. The 'A' shares entitled to any unpaid cumulative preferential dividends on distribution but no right to returns of capital in winding up of Arnewood Estates Limited

Ordinary B shares
Only in relation to Arnewood Estates Limited ( Company No 00540712)

1. Subject to the 'A' shares rights each 'B' share entitled to vote in any circumstances

2. Subject to the 'A' shares rights each 'B' share to rank pari passu with the 'A' shares for any dividend payments

3. Subject to the 'A' shares rights each 'B' share entitled to participate in a distribution on a winding up in relation to the income and assets of Arnewood Estates Limited

24. RESERVES

Group
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 April 2023 6,114,070 29,488,520 384,782 35,987,372
Profit for the year 16,485 16,485
Dividends (50,000 ) (50,000 )
At 31 March 2024 6,080,555 29,488,520 384,782 35,953,857

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2023 616,821 29,488,520 30,105,341
Profit for the year 519,250 519,250
Dividends (50,000 ) (50,000 )
At 31 March 2024 1,086,071 29,488,520 30,574,591

FJB HOTELS LIMITED (REGISTERED NUMBER: 09709340)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

24. RESERVES - continued

For both group and company:

Retained earnings
Retained earnings represent cumulative profits and losses net of dividends and other adjustments.

Share premium account
The share premium account represents the premium arising on the issue of shares net of issue costs.

Revaluation reserve
The non-distributable revaluation reserve represents the cumulate effect of revaluations of investment properties and investments to their fair value.

25. PENSION COMMITMENTS

The group operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £57,786 (2023 - £69,058).

26. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
J G J Butterworth
Balance outstanding at start of year 2,700,196 2,283,624
Amounts advanced - 416,572
Amounts repaid 85,728 -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,785,924 2,700,196

The loan is unsecured, interest free and repayable on demand.

27. RELATED PARTY DISCLOSURES

Other related parties
2024 2023
£    £   
Purchases - 45,500

During the year, a total of key management personnel compensation of £ 251,250 (2023 - £ 235,271 ) was paid.

28. GOVERNMENT GRANTS

In the previous year, the group benefited from local government grants totalling £6,000 to support the company through the Covid-19 pandemic