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Registered number: 10685899









Dover Marina Hotel Holdings Limited









Annual report and financial statements

For the Year Ended 31 March 2024

 
Dover Marina Hotel Holdings Limited
 
 
Company Information


Director
Kanagaratnam Rajaseelan 




Registered number
10685899



Registered office
Tudor Lodge Care Home
18-20 Manor Road

Folkestone

United Kingdom

CT20 2SA




Independent auditors
Mantax Lynton
Chartered Accountants & Statutory Auditors

Suite 207, Equitable House

7 General Gordon Square

London

United Kingdom

SE18 6FH




Accountants
Accountancy Group
SVS House

Oliver Grove

London

SE25 6EJ





 
Dover Marina Hotel Holdings Limited
 

Contents



Page
Group strategic report
1
Director's report
2 - 3
Independent auditors' report
4 - 7
Consolidated statement of comprehensive income
8
Consolidated statement of financial position
9 - 10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13 - 14
Consolidated statement of cash flows
15
Consolidated analysis of net debt
16
Notes to the financial statements
17 - 34


 
Dover Marina Hotel Holdings Limited
 
 
Group strategic report
For the Year Ended 31 March 2024

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

Business review
 
The principal activity of the Company during the year under review continued to be of a holding company controlling a group managing hotels.
The results for the year and financial position of the group are shown in the annexed financial statements.
Due to difficult trading conditions and uncertainities in the economy, turnover of the group has slightly increased from £477 million in 2023 to £5.09 million in the current year. Higher level of inflation and unprecedented level of bank interest led to the reduction in operating profits from £727k in 2023 to £521k in the current year. Net assets of the group have slightly decreased from £218k in 2023 to £142k in the current year.
The director is pleased with the results of the Company and believe the Company will be able to maintain the steady turnover and profits over the foreseeable future. Director is closely monitoring the liquidity position and is satisfied with the performance of the Company since year end.

Principal risks and uncertainties
 
The business has performed as well as expected in the current year. However the future prospect is challenging due to bleak economic outlook, increasing interest rate and cost of living crisis. Also Brexit continues to pose a threat for the businesses in Dover area. However, the director is confident that with continuous support from its lenders and shareholder, the company will be able to maintain its growth well above the peer group.
The group’s hotel has its own distinct quality in terms of customer service. The group branded the hotel to "Best Western Premier" hotel which is part of the Best Western Hotels Group. Being branded to a stronger brand name the hotel is expected to increase the occupancy level and also command better rate.
Borrowing covenants are monitored every month and the group has never breached any covenants. The directors are reviewing the interest rates available with the view to reduce interest expenses.
The group considers health and safety to be a priority and very important issue. We have a positive and professional attitude towards health and hygiene, accordingly our restaurant is awarded 4 star rating from the council.
Given the straight forward nature of business, the director is of the opinion that analysis using other key performance indicator is not necessary for an understanding of the development, performance or position of the business.

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


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



Kanagaratnam Rajaseelan
Director

Page 1

 
Dover Marina Hotel Holdings 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 Group strategic report, the Director's report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £75,818 (2023 - profit £409,813).



Director

The director who served during the year was:

Kanagaratnam Rajaseelan 

Disclosure of information to auditors

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

Page 2

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

Post balance sheet events

After the year end, the company acquired 100% equity shares in Protea House Ltd and Waterloo Crescent House Ltd. 

Auditors

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

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





Kanagaratnam Rajaseelan
Director

Page 3

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

Opinion


We have audited the financial statements of Dover Marina Hotel Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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 Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 Group's or 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 director with respect to going concern are described in the relevant sections of this report.


Page 4

 
Dover Marina Hotel Holdings Limited
 
 
 
Independent auditors' report to the members of Dover Marina Hotel Holdings 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 Group 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 Group 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 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 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 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

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


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks within which the company operates focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, FRS 102, relevant taxation legislation and health and safety regulations including hygiene.
 
We identified the greatest risks of material impact on the financial statements from irregularities, including fraud, to be override of controls by management, inappropriate revenue recognition and going concern. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, reviewing accounting estimates for biases, corroborating revenue recognised by the company through agreements to supporting documentation and ensuring accounting policies are appropriate under United Kingdom Generally Accepted Accounting Practice and applicable law.
 
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.
 
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations
 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Other matters 
 

In the previous accounting period, the directors of the company took advantage of audit exemption under section 477 of the Companies Act 2006. Hence, the prior period Financial Statements as shown in comparatives were not subject to audit.


Page 6

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





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

26 March 2025
Page 7

 
Dover Marina Hotel Holdings Limited
 
 
Consolidated statement of comprehensive income
For the Year Ended 31 March 2024

2024
Unaudited 2023
Note
£
£

  

Turnover
 4 
5,092,840
4,768,854

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

Gross profit
  
1,823,552
2,059,107

Administrative expenses
  
(1,541,900)
(1,403,766)

Other operating income
 5 
240,000
72,000

Operating profit
 6 
521,652
727,341

Interest payable and similar expenses
 9 
(550,166)
(317,528)

(Loss)/profit before taxation
  
(28,514)
409,813

Tax on (loss)/profit
 10 
(47,304)
-

(Loss)/profit for the financial year
  
(75,818)
409,813

  

Total comprehensive income for the year
  
(75,818)
409,813

(Loss)/profit for the year attributable to:
  

Owners of the parent Company
  
(75,818)
409,813

  
(75,818)
409,813

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
(75,818)
409,813

  
(75,818)
409,813

The notes on pages 17 to 34 form part of these financial statements.

Page 8

 
Dover Marina Hotel Holdings Limited
Registered number: 10685899

Consolidated statement of financial position
As at 31 March 2024

As restated Unaudited
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
9,611,196
9,632,919

  
9,611,196
9,632,919

Current assets
  

Stocks
 13 
42,474
47,853

Debtors: amounts falling due within one year
 14 
2,779,617
1,118,698

Cash at bank and in hand
 15 
1,325,170
83,456

  
4,147,261
1,250,007

Creditors: amounts falling due within one year
  
(5,452,684)
(3,815,397)

Net current liabilities
  
 
 
(1,305,423)
 
 
(2,565,390)

Total assets less current liabilities
  
8,305,773
7,067,529

Creditors: amounts falling due after more than one year
 17 
(7,680,376)
(6,413,618)

Provisions for liabilities
  

Deferred taxation
 19 
(482,799)
(435,495)

  
 
 
(482,799)
 
 
(435,495)

Net assets excluding pension asset
  
142,598
218,416

Net assets
  
142,598
218,416


Capital and reserves
  

Called up share capital 
 20 
2
2

Profit and loss account
 21 
142,596
218,414

Equity attributable to owners of the parent Company
  
142,598
218,416

  
142,598
218,416


Page 9

 
Dover Marina Hotel Holdings Limited
Registered number: 10685899
    
Consolidated statement of financial position (continued)
As at 31 March 2024

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




Kanagaratnam Rajaseelan
Director

The notes on pages 17 to 34 form part of these financial statements.

Page 10

 
Dover Marina Hotel Holdings Limited
Registered number: 10685899

Company statement of financial position
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
5,326,365
5,380,167

Investments
 12 
8
8

  
5,326,373
5,380,175

Current assets
  

Debtors: amounts falling due within one year
 14 
1,471,707
1,302,187

Cash at bank and in hand
 15 
1,307,731
3,718

  
2,779,438
1,305,905

Creditors: amounts falling due within one year
  
(417,462)
(359,308)

Net current assets
  
 
 
2,361,976
 
 
946,597

Total assets less current liabilities
  
7,688,349
6,326,772

  

Creditors: amounts falling due after more than one year
 17 
(7,629,745)
(6,272,381)

  

Net assets excluding pension asset
  
58,604
54,391

Net assets
  
58,604
54,391


Capital and reserves
  

Called up share capital 
 20 
2
2

Profit and loss account brought forward
  
54,389
-

Profit for the year
  
4,213
54,389

Profit and loss account carried forward
  
58,602
54,389

  
58,604
54,391


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


Kanagaratnam Rajaseelan
Director

The notes on pages 17 to 34 form part of these financial statements.

Page 11

 
Dover Marina Hotel Holdings Limited
 

Consolidated statement of changes in equity
For the Year Ended 31 March 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


At 1 April 2022 (as previously stated)
2
244,096
244,098
244,098

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


At 1 April 2022 (as restated)
2
(191,399)
(191,397)
(191,397)


Comprehensive income for the year

Profit for the year

-
409,813
409,813
409,813


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
409,813
409,813
409,813


Total transactions with owners
-
-
-
-



At 1 April 2023 (as previously stated)
2
653,909
653,911
653,911

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


At 1 April 2023 (as restated)
2
218,414
218,416
218,416


Comprehensive income for the year

Loss for the year

-
(75,818)
(75,818)
(75,818)


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
(75,818)
(75,818)
(75,818)


Total transactions with owners
-
-
-
-


At 31 March 2024
2
142,596
142,598
142,598


The notes on pages 17 to 34 form part of these financial statements.

Page 12

 
Dover Marina Hotel Holdings Limited
 

Company statement of changes in equity
For the Year Ended 31 March 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2023
2
54,389
54,391


Comprehensive income for the year

Profit for the year

-
4,213
4,213


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
4,213
4,213


Total transactions with owners
-
-
-


At 31 March 2024
2
58,602
58,604


The notes on pages 17 to 34 form part of these financial statements.

Page 13

 
Dover Marina Hotel Holdings Limited
 

Company statement of changes in equity
For the Year Ended 31 March 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022
2
-
2


Comprehensive income for the year

Profit for the year

-
54,389
54,389


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
54,389
54,389


Total transactions with owners
-
-
-


At 31 March 2023
2
54,389
54,391


The notes on pages 17 to 34 form part of these financial statements.

Page 14

 
Dover Marina Hotel Holdings Limited
 

Consolidated statement of cash flows
For the Year Ended 31 March 2024

2024
Unaudited 2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(75,818)
409,813

Adjustments for:

Depreciation of tangible assets
513,875
365,879

Interest paid
550,166
317,528

Taxation charge
47,304
435,495

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

(Increase)/decrease in debtors
(310,968)
19,885

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

Increase/(decrease) in creditors
203,511
(526,036)

Net cash generated from operating activities

1,087,586
(1,393,449)


Cash flows from investing activities

Purchase of tangible fixed assets
(492,152)
(5,966,561)

Net cash from investing activities

(492,152)
(5,966,561)

Cash flows from financing activities

New secured loans
1,208,476
6,421,269

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

Interest paid
(550,166)
(317,528)

Net cash used in financing activities
626,800
5,970,776

Net increase/(decrease) in cash and cash equivalents
1,222,234
(1,389,234)

Cash and cash equivalents at beginning of year
83,456
1,472,690

Cash and cash equivalents at the end of year
1,305,690
83,456


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,325,170
83,456

Bank overdrafts
(19,480)
-

1,305,690
83,456


The notes on pages 17 to 34 form part of these financial statements.

Page 15

 
Dover Marina Hotel Holdings Limited
 

Consolidated Analysis of Net Debt
For the Year Ended 31 March 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

83,456

1,241,714

1,325,170

Bank overdrafts

-

(19,480)

(19,480)

Debt due after 1 year

(6,272,381)

(1,357,364)

(7,629,745)

Debt due within 1 year

(2,979,827)

(1,360,351)

(4,340,178)

Finance leases

(117,277)

31,510

(85,767)


(9,286,029)
(1,463,971)
(10,750,000)

The notes on pages 17 to 34 form part of these financial statements.

Page 16

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

1.


General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tudor Lodge Care Home, 18-20 Manor Road, Folkstone, CT20 2SA. 
principal activity of the group during the year under review was that of hotelier. 

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being .

Page 17

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

2.Accounting policies (continued)

 
2.3

Revenue

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

Sale of goods

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

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group 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.

 
2.4

Operating leases: the Group as lessee

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

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

 
2.5

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.

Page 18

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

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.8

Current and deferred taxation

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

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

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

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


 
2.9

Intangible assets

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

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 19

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

2.Accounting policies (continued)

 
2.10

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 straight-line method.

Current year acquisition of plant and machinery, Fixtures and fittings & Computer equipment charged in the following year. Depreciation is provided on the following basis:

Long-term leasehold property
-
1%
Straight Line method
Motor vehicles
-
15%
reducing balance
Fixtures, fittings and equipments
-
10%
reducing balance
Computer equipment
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.12

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 FIFO method. 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.

 
2.13

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 20

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

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

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

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

 
2.15

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.

 
2.16

Provisions for liabilities

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

 
2.17

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group 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 Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Page 21

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

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

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

Page 22

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

4.


Turnover

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


2024
2023
£
£

Sales
5,092,840
4,768,854

5,092,840
4,768,854


Analysis of turnover by country of destination:

2024
2023
£
£

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

5,092,840
4,768,854



5.


Other operating income

2024
2023
£
£

Other operating income
240,000
72,000

240,000
72,000



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
-
237,644


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

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

Page 23

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

8.


Employees

Staff costs were as follows:


Group
Group
2024
2023
£
£


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

Social security costs
103,917
100,006

Cost of defined contribution scheme
21,291
20,927

1,770,275
1,363,133


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


        2024
        2023
            No.
            No.







Employees
72
71

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)

9.


Interest payable and similar expenses

2024
Unaudited 2023
£
£


Bank interest payable
550,166
317,528

550,166
317,528

Page 24

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

10.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
47,304
-

Total deferred tax
47,304
-


Tax on (loss)/profit
47,304
-

Factors affecting tax charge for the year

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



Factors that may affect future tax charges

There were no factors that may affect future tax charges.



Page 25

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

11.


Tangible fixed assets

Group






Long-term leasehold property
Motor vehicles
Fixtures, fittings and equpments
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
5,380,167
161,167
7,705,778
17,240
13,264,352


Additions
-
-
480,663
11,489
492,152



At 31 March 2024

5,380,167
161,167
8,186,441
28,729
13,756,504



Depreciation


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


Charge for the year on owned assets
53,802
24,175
434,390
1,508
513,875



At 31 March 2024

53,802
24,175
4,058,634
8,697
4,145,308



Net book value



At 31 March 2024
5,326,365
136,992
4,127,807
20,032
9,611,196




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


2024
As restated & unaudited 2023
£
£

Long leasehold
5,326,365
5,380,167

5,326,365
5,380,167


Page 26

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

           11.Tangible fixed assets (continued)


Company






Long-term leasehold property

£

Cost or valuation


At 1 April 2023
5,380,167



At 31 March 2024

5,380,167



Depreciation


Charge for the year on owned assets
53,802



At 31 March 2024

53,802



Net book value



At 31 March 2024
5,326,365



At 31 March 2023
5,380,167





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


2024
2023
£
£

Long leasehold
5,326,365
5,380,167

5,326,365
5,380,167


Page 27

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

12.


Fixed asset investments

Group












Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
8



At 31 March 2024
8





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Dover Marina Hotel Ltd.
Best Western Dover Marina Hotel & Spa Dover Waterfront, Waterloo Crescent, Kent, England CT17 9BP
Equity
100%

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Dover Marina Hotel Ltd.
84,002
(80,031)

Page 28

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

13.


Stocks

2024
2023
£
£

Finished goods and goods for resale
42,474
47,853

42,474
47,853



14.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
192,567
144,905
-
79,200

Amounts owed by group undertakings
-
-
1,140,707
1,222,987

Amounts owed by joint ventures and associated undertakings
2,304,383
954,432
-
-

Other debtors
107,349
19,361
101,000
-

Prepayments and accrued income
175,318
-
230,000
-

2,779,617
1,118,698
1,471,707
1,302,187



15.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,325,170
83,456
1,307,731
3,718

Less: bank overdrafts
(19,480)
-
-
-

1,305,690
83,456
1,307,731
3,718


Page 29

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

16.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
19,480
-
-
-

Bank loans
-
148,888
-
148,888

Trade creditors
489,618
318,279
-
-

Amounts owed to other participating interests
3,134,140
1,630,052
-
-

Other taxation and social security
83,588
145,755
39,600
79,200

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

Other creditors
1,560,639
1,484,632
348,245
130,245

Accruals and deferred income
130,083
52,635
29,617
975

5,452,684
3,815,397
417,462
359,308


Page 30

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

17.


Creditors: Amounts falling due after more than one year

2024
Unaudited 2023
£
£

Bank loans
7,629,745
6,272,381

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

Other creditors
-
59,116

7,680,376
6,413,618


The following liabilities were secured:

2024
Unaudited 2023
£
£



Bank loans
7,629,745
6,421,269

7,629,745
6,421,269

Details of security provided:

Bank loans are secured by 1st legal charge over leasehold properties and its associated assets at Waterlloo Crescent, Dover, Kent; Waterloo Crescent House, Waterloo Crescent, Dover , Kent and Protea House, Waterloo Crescent, Dover, Kent.
Bank loans are also secured by debenture and personal guarantee of the director. 
Bank loans are repayable by installments and are subject to interest rate 2.54% p.a. over base rate on Structured loan and  interest rate 2.75% p.a. over base rate on Development phase loan.


18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
35,136
35,156

Between 1-5 years
50,631
82,121

85,767
117,277

Page 31

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

19.


Deferred taxation


Group



2024


£






At beginning of year
(435,495)


Charged to profit or loss
(47,304)



At end of year
(482,799)

Company


2024






At end of year
-
Group
Group
2024
2023
£
£

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

(482,799)
(435,495)


20.


Share capital

2024
Unaudited 2023
£
£
Allotted, called up and fully paid



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



21.


Reserves

Profit and loss account

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

Page 32

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

22.


Prior year adjustment

In 2023 the parent company acquired the long lease in the property and the directorss decided to transfer the leasehold improvements of £662,283 to the parent entity. However this transfer was not reflected in the financial statements. Due to this error, leasehold improvement and amount owed to parent company were understated in the prior period financial statements by £662,283.
Deferred tax liability due to accelerated capital allowance were not recognised in the prior period financial statements. Due to this error reserves were overstated and deferred tax provisions were understated by £435,495 in prior period financial statements.
Comparatives have been restated to reflect the correct position.


23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £21,291 (2023: £20,927).Contributions totaling £5,150 (2023: £3,003) were outstanding at year end.


24.


Related party transactions

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


1 April 2023
Payments
Receipts
31 M<arch 2024
£
£
£
£

Owed by companies under common control
954,432
1,543,761
(92,811)
2,405,382
Owed to companies under common control
(1,760,288)
203,911
(1,926,000)
(3,482,377)
Director's current account
(1,200,879)
-
-
(1,200,879)
(2,006,735)
1,747,672
(2,018,811)
(2,277,874)


25.


Post balance sheet events

The company acquired the 2 subsidiaries after the year end i.e. Waterloo Crescent House Ltd and Protea House Ltd. 

Page 33

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

26.


Controlling party

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

 
Page 34