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Registered number: 11809239










RPC HOTELS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
RPC HOTELS LIMITED
 
 
COMPANY INFORMATION


Director
Mr R Parker 




Registered number
11809239



Registered office
Tedsmore Hall
Tedsmore

West Felton

Oswestry

Shropshire

SY11 4HD




Independent auditors
WR Partners
Chartered Accountants & Statutory Auditors

Belmont House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG





 
RPC HOTELS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Director's Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 25


 
RPC HOTELS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The director presents his strategic report for the year ended 31 March 2024.
The Robert Parker Hotel Collection is a group of luxury country house hotels.

Business review
 
Performance
The Company achieved turnover of £8,428,118 in the year to 31 March 2024 compared to £10,985,096 for the comparative year to 31 March 2023. The decrease in turnover was due to the sale of a hotel during the year with turnover from continuing activities reporting a year on year increase of £161,969. The Company generated an operating profit for the year of £1,222,455 compared to £1,767,675 for the year to 31 March 2023. This was after exceptional profits relating to the sale of hotels of £1,672,048 in 2024 and £1,744,110 in 2023.
The Company had net assets at the year end of £8,722,935 (2023: £7,743,404), after net current liabilities of £1,108,209 (2023: £7,743,404). 
Net current liabilities have decreased significantly due to the repayment of the bank loans from the proceeds of the hotel sale. The remaining net current liabilities in part represent a normal trading position for the Company considering the nature of the trade and working capital profile.

Principal risks and uncertainties
 
Market risk
Property values are cyclical, so the business will always be subject to variations in valuations. The Company takes a long-term view, with less focus on short term fluctuations, and more emphasis on underlying revenue generation, capital enhancement programmes underpinned by a detailed property maintenance schedule when assessing valuations of properties.
Economic Conditions
The Company operates in an industry dependent on guests spending levels that are entirely discretionary. However, our investment in our marketing and reach, along with our geographical coverage, wide guest demographic and our variety of markets – leisure, corporate, wedding and functions - means that we remain strong despite fluctuation in any given markets spending levels.
Competition
The Company operates in competitive markets. The Company's focus on quality and standards, particularly with our dining product, but also right across the board. We seek quality on every guest touch point from the web search when they find us, through their stay and beyond when we follow up to find out how they found their experience. Combine this with the unique, beautiful locations and stunning properties and the threat from any single competitor is reduced. With our marketing team, including collaboration with our partners, Journey Travel and VIP Worldwide, we employ industry leading digital marketing techniques and programmes, that engage with potential guests from the moment they find us, be it on Social Media or through other advertising campaigns.

Page 1

 
RPC HOTELS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Financial key performance indicators
 
The financial key performance indicators utilised by the Company are turnover, operating profit and net assets as referred to in the business review section of this report.
On each of these areas the director is satisfied with the performance of the Company.

Other key performance indicators
 
The Company continues to monitor other key performance indications and review performance.


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





................................................
Mr R Parker
Director

Date: 21 March 2025

Page 2

 
RPC HOTELS 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 profit for the year, after taxation, amounted to £979,531 (2023 - £1,270,695).

No dividends are proposed to be paid from the profits of the current accounting period (2023 - £nil).

Director

The director who served during the year was:

Mr R Parker 

Page 3

 
RPC HOTELS LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


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

During November 2024 the Company completed the sale of the Eshott Hall hotel.

Auditors

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

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





................................................
Mr R Parker
Director

Date: 21 March 2025

Page 4

 
RPC HOTELS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RPC HOTELS LIMITED
 

Opinion


We have audited the financial statements of RPC Hotels 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 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 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 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 5

 
RPC HOTELS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RPC HOTELS 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.


Page 6

 
RPC HOTELS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RPC HOTELS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, 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.


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:

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). 
We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. 
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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.


Page 7

 
RPC HOTELS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RPC HOTELS 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.





John Fletcher BA (Hons) FCA (Senior Statutory Auditor)
  
for and on behalf of
WR Partners
 
Chartered Accountants
Statutory Auditors
  
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

26 March 2025
Page 8

 
RPC HOTELS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

Continuing operations
Discontinued operations
Total
Continuing operations
Discontinued operations
Total
2024
2024
2024
2023
2023
2023
Note
£
£
£
£
£
£

  

Turnover
 4 
6,120,490
2,307,628
8,428,118
5,958,521
5,026,575
10,985,096

Cost of sales
  
(1,567,533)
(525,458)
(2,092,991)
(1,413,176)
(1,138,985)
(2,552,161)

Gross profit
  
4,552,957
1,782,170
6,335,127
4,545,345
3,887,590
8,432,935

Administrative expenses
  
(5,402,501)
(1,382,219)
(6,784,720)
(5,082,098)
(3,327,272)
(8,409,370)

Exceptional administrative expenses
  
-
1,672,048
1,672,048
-
1,744,110
1,744,110

Operating profit
 5 
(849,544)
2,071,999
1,222,455
(536,753)
2,304,428
1,767,675

Interest payable and similar expenses
 7 
(237,565)
(5,359)
(242,924)
(513,100)
16,120
(496,980)

Profit before tax
  
(1,087,109)
2,066,640
979,531
(1,049,853)
2,320,548
1,270,695

Profit for the financial year
  
(1,087,109)
2,066,640
979,531
(1,049,853)
2,320,548
1,270,695

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 25 form part of these financial statements.

Page 9

 
RPC HOTELS LIMITED
REGISTERED NUMBER: 11809239

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 10 
9,831,144
14,118,235

  
9,831,144
14,118,235

Current assets
  

Stocks
 11 
79,599
113,699

Debtors: amounts falling due after more than one year
 12 
-
9,444

Debtors: amounts falling due within one year
 12 
584,424
1,114,062

Cash at bank and in hand
 13 
18,233
-

  
682,256
1,237,205

Creditors: amounts falling due within one year
 14 
(1,790,465)
(4,266,752)

Net current liabilities
  
 
 
(1,108,209)
 
 
(3,029,547)

Total assets less current liabilities
  
8,722,935
11,088,688

Creditors: amounts falling due after more than one year
 15 
-
(3,345,284)

  

Net assets
  
8,722,935
7,743,404


Capital and reserves
  

Called up share capital 
 17 
2
2

Profit and loss account
 18 
8,722,933
7,743,402

  
8,722,935
7,743,404


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr R Parker
Director

Date: 21 March 2025

The notes on pages 12 to 25 form part of these financial statements.

Page 10

 
RPC HOTELS 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 2022
2
6,472,707
6,472,709


Comprehensive income for the year

Profit for the year
-
1,270,695
1,270,695
Total comprehensive income for the year
-
1,270,695
1,270,695



At 1 April 2023
2
7,743,402
7,743,404


Comprehensive income for the year

Profit for the year
-
979,531
979,531
Total comprehensive income for the year
-
979,531
979,531


At 31 March 2024
2
8,722,933
8,722,935


The notes on pages 12 to 25 form part of these financial statements.

Page 11

 
RPC HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The Company's principal activity is the operation of a number of hotels in the United Kingdom.
The Company is a private company limited by shares and is incorporated and domiciled in England.
The address of its registered office is Tedsmore Hall, Tedsmore, West Felton, Oswestry, Shrewsbury, SY11 4HD. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Tedsmore Hall Limited  as at 31 March 2024 and these financial statements may be obtained from Companies House or its registered office at Tedsmore Hall, Tedsmore, West Felton, Oswestry, Shropshire, SY11 4HD.

Page 12

 
RPC HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Going concern

The Company had significant net assets at the year end of £8,722,935 (2023: £7,743,402). Net current liabilities of £1,108,209 (2023: £3,029,547) represent a normal trading position for the Company considering the nature of the trade and working capital profile, significantly down on that reported in 2023 further to the disposal of a hotel and refinance. 
Subsequent to the year end in November 2024 the Company sold a hotel for consideration of £3.6m. These sale proceeds repaid some of the long term external bank debt, some of the group creditors leaving cash of £1m available to fund working capital needs during the remaining winter period and also for other projects into the future. 
The directors are satisfied that, with this further significant transaction, and the reduction in overheads resulting, that the Company can continue to meet liabilities as they fall due for the foreseeable future. 
Based on the current post year end trading conditions and visibility of future bookings the directors are confident that the Company will trade positively over the next 12 months, and in any event that the current cash holding will allow the service of the new interest only facility for at least the next 12 months. 
Based on the above factors the directors consider that there are no material uncertainties in relation to the Company's ability to meet their liabilities as they fall due for the foreseeable future. The accounts have accordingly been prepared on a going concern basis
 
2.4

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:

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 13

 
RPC HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Borrowing costs

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

 
2.7

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.

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 14

 
RPC HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following basis:.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Plant and machinery
-
20% straight line
Fixtures and fittings
-
10-25% 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.

Freehold property is not depreciated on the grounds that its residual value will at least be equal to the carrying value in the financial statements.

 
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 weighted average 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.

Page 15

 
RPC HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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.

 
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.

 
2.14

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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Page 16

 
RPC HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. 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 payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Page 17

 
RPC HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, be definition, seldom equal the related actual results.  In the opinion of the directors the are  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 disclosed below: 
Freehold Property Carrying Value
Freehold Property is carried at cost less accumulated impairment with annual impairment reviews performed. 
Management consider whether impairment indicators are present at the balance sheet date and perform an impairment review if necessary. At the reporting date Freehold Property has a net book value of £9,725,823.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the Company.

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
29,873
29,839

Fees payable to the Company's auditor and its associates for the audit of the financial statements
12,850
12,850
Page 18

 
RPC HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
4,354,659
5,205,348

Social security costs
265,190
345,816

Cost of defined contribution scheme
63,913
77,807

4,683,762
5,628,971


There has been no remuneration payable to the Director. The Director also constitutes the key management personnel of the Company.

The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







233
281


7.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
182,355
476,116

Finance leases and hire purchase contracts
3,943
-

Other interest payable
56,626
20,864

242,924
496,980
Page 19

 
RPC HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Taxation


2024
2023
£
£



Total current tax
-
-

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
979,531
1,270,695


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
244,883
241,432

Effects of:


Expenditure not deductible for tax purposes
605
(163)

Utilisation of tax losses
-
(163,489)

Changes in provisions leading to an increase (decrease) in the tax charge
(1,046)
-

Other differences leading to an increase (decrease) in the tax charge
(8,242)
(7,158)

Group relief surrenders/(claims)
(236,200)
(70,622)

Total tax charge for the year
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


9.


Exceptional items

2024
2023
£
£


Profit on disposal of freehold property
1,672,048
1,744,110

1,672,048
1,744,110

Page 20

 
RPC HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2023
13,987,443
96,104
87,846
14,171,393


Additions
53,486
21,407
13,651
88,544


Disposals
(4,315,106)
(29,616)
(24,902)
(4,369,624)



At 31 March 2024

9,725,823
87,895
76,595
9,890,313



Depreciation


At 1 April 2023
-
23,042
30,116
53,158


Charge for the year on owned assets
-
19,478
14,444
33,922


Disposals
-
(7,344)
(20,567)
(27,911)



At 31 March 2024

-
35,176
23,993
59,169



Net book value



At 31 March 2024
9,725,823
52,719
52,602
9,831,144



At 31 March 2023
13,987,443
73,062
57,730
14,118,235

The Companies Act 2006 requires all properties to be depreciated, if the depreciation is material. Freehold property is not depreciated. The Directors consider that these properties are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged to the profit or loss. 

Page 21

 
RPC HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Stocks

2024
2023
£
£

Finished goods and goods for resale
79,599
113,699

79,599
113,699



12.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
-
9,444

-
9,444


2024
2023
£
£

Due within one year

Trade debtors
63,993
75,056

Amounts owed by group undertakings
248,202
808,599

Other debtors
184,141
119,518

Prepayments and accrued income
88,088
110,889

584,424
1,114,062



13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
18,233
-

Less: bank overdrafts
(28,913)
(1,007,709)

(10,680)
(1,007,709)


Page 22

 
RPC HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
28,913
1,007,709

Payments received on account
423,486
1,196,158

Trade creditors
557,130
1,040,466

Amounts owed to group undertakings
-
57,860

Other taxation and social security
384,575
464,475

Other creditors
13,535
252,915

Accruals and deferred income
382,826
247,169

1,790,465
4,266,752





15.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
3,345,284

-
3,345,284


Page 23

 
RPC HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£


Amounts falling due 1-2 years

Bank loans
-
3,345,284


-
3,345,284



-
3,345,284





17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) ORDINARY shares of £1.00 each
2
2



18.


Reserves

Profit and loss account

The profit and loss account comprises cumulative retained earnings of the Company since incorporation,
less distributions made to shareholders.


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 £63,913 (2023: £77,807). Contributions totalling £10,282 (2023: £14,467) were payable to the fund at the reporting date and are included in creditors.


20.


Related party transactions

The Company has taken advantage of the exemptions contained in FRS102 and has not disclosed transactions entered into with group companies which are wholly owned. 

Page 24

 
RPC HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

21.


Post balance sheet events

During November 2024 the Company completed the sale of the property Eshott Hall for £3.6m.


22.


Controlling party

The Company is wholly owned by Tedsmore Hall Limited, a company incorporated and registered in the United Kingdom with its registered office located at Tedsmore Hall, Tedsmore, West Felton, Oswestry, Shropshire, SY11 4HD. 
The ultimate controlling parties are R Parker and G Parker. 

 
Page 25