Registered number:
For the Year Ended
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Dover Marina Hotel Holdings Limited
Company Information
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Dover Marina Hotel Holdings Limited
Contents
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Dover Marina Hotel Holdings Limited
Group strategic report
For the Year Ended 31 March 2024
The directors present their strategic report for the year ended 31 March 2024.
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.
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.
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.
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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.
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.
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 2006. He 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.
The loss for the year, after taxation, amounted to £75,818 (2023 - profit £409,813).
The director who served during the year was:
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Dover Marina Hotel Holdings Limited
Director's report (continued)
For the Year Ended 31 March 2024
After the year end, the company acquired 100% equity shares in Protea House Ltd and Waterloo Crescent House Ltd.
The auditors, Mantax Lynton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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Dover Marina Hotel Holdings Limited
Independent auditors' report to the members of Dover Marina Hotel Holdings Limited
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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Dover Marina Hotel Holdings Limited
Independent auditors' report to the members of Dover Marina Hotel Holdings Limited (continued)
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.
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.
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.
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Dover Marina Hotel Holdings Limited
Independent auditors' report to the members of Dover Marina Hotel Holdings Limited (continued)
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.
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.
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Dover Marina Hotel Holdings Limited
Independent auditors' report to the members of Dover Marina Hotel Holdings Limited (continued)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
Suite 207, Equitable House
7 General Gordon Square
United Kingdom
SE18 6FH
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Dover Marina Hotel Holdings Limited
Consolidated statement of comprehensive income
For the Year Ended 31 March 2024
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Dover Marina Hotel Holdings Limited
Registered number: 10685899
Consolidated statement of financial position
As at
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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.
The notes on pages 17 to 34 form part of these financial statements.
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Dover Marina Hotel Holdings Limited
Registered number: 10685899
Company statement of financial position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 34 form part of these financial statements.
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Dover Marina Hotel Holdings Limited
Consolidated statement of changes in equity
For the Year Ended 31 March 2024
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Dover Marina Hotel Holdings Limited
Company statement of changes in equity
For the Year Ended 31 March 2024
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Dover Marina Hotel Holdings Limited
Company statement of changes in equity
For the Year Ended 31 March 2023
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Dover Marina Hotel Holdings Limited
Consolidated statement of cash flows
For the Year Ended 31 March 2024
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Dover Marina Hotel Holdings Limited
Consolidated Analysis of Net Debt
For the Year Ended 31 March 2024
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Dover Marina Hotel Holdings Limited
Notes to the financial statements
For the Year Ended 31 March 2024
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
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:
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 .
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Dover Marina Hotel Holdings Limited
Notes to the financial statements
For the Year Ended 31 March 2024
2.Accounting policies (continued)
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Dover Marina Hotel Holdings Limited
Notes to the financial statements
For the Year Ended 31 March 2024
2.Accounting policies (continued)
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.
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Dover Marina Hotel Holdings Limited
Notes to the financial statements
For the Year Ended 31 March 2024
2.Accounting policies (continued)
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:
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.
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Dover Marina Hotel Holdings Limited
Notes to the financial statements
For the Year Ended 31 March 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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
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Dover Marina Hotel Holdings Limited
Notes to the financial statements
For the Year Ended 31 March 2024
2.Accounting policies (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.
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Dover Marina Hotel Holdings Limited
Notes to the financial statements
For the Year Ended 31 March 2024
Analysis of turnover by country of destination:
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Dover Marina Hotel Holdings Limited
Notes to the financial statements
For the Year Ended 31 March 2024
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Dover Marina Hotel Holdings Limited
Notes to the financial statements
For the Year Ended 31 March 2024
There were no factors that may affect future tax charges.
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Dover Marina Hotel Holdings Limited
Notes to the financial statements
For the Year Ended 31 March 2024
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Dover Marina Hotel Holdings Limited
Notes to the financial statements
For the Year Ended 31 March 2024
11.Tangible fixed assets (continued)
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Dover Marina Hotel Holdings Limited
Notes to the financial statements
For the Year Ended 31 March 2024
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Dover Marina Hotel Holdings Limited
Notes to the financial statements
For the Year Ended 31 March 2024
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Dover Marina Hotel Holdings Limited
Notes to the financial statements
For the Year Ended 31 March 2024
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Dover Marina Hotel Holdings Limited
Notes to the financial statements
For the Year Ended 31 March 2024
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.
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Dover Marina Hotel Holdings Limited
Notes to the financial statements
For the Year Ended 31 March 2024
Profit and loss account
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Dover Marina Hotel Holdings Limited
Notes to the financial statements
For the Year Ended 31 March 2024
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.
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.
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Dover Marina Hotel Holdings Limited
Notes to the financial statements
For the Year Ended 31 March 2024
The ultimate controlling party is Mr K Rajaseelan, who owns entire share capital in the ultimate parent
Company, Dover Marina Hotel Holding Ltd.
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