Budock Vean Holidays Limited 08926917 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is provision of letting services. Digita Accounts Production Advanced 6.30.9574.0 true false true 08926917 2023-01-01 2023-12-31 08926917 2023-12-31 08926917 bus:OrdinaryShareClass1 2023-12-31 08926917 core:RetainedEarningsAccumulatedLosses 2023-12-31 08926917 core:ShareCapital 2023-12-31 08926917 core:CurrentFinancialInstruments 2023-12-31 08926917 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 08926917 bus:SmallEntities 2023-01-01 2023-12-31 08926917 bus:Audited 2023-01-01 2023-12-31 08926917 bus:FilletedAccounts 2023-01-01 2023-12-31 08926917 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08926917 bus:RegisteredOffice 2023-01-01 2023-12-31 08926917 bus:CompanySecretary1 2023-01-01 2023-12-31 08926917 bus:Director2 2023-01-01 2023-12-31 08926917 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 08926917 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08926917 1 2023-01-01 2023-12-31 08926917 1 2023-01-01 2023-12-31 08926917 countries:AllCountries 2023-01-01 2023-12-31 08926917 2022-01-01 2022-12-31 08926917 2022-12-31 08926917 bus:OrdinaryShareClass1 2022-12-31 08926917 core:RetainedEarningsAccumulatedLosses 2022-12-31 08926917 core:ShareCapital 2022-12-31 08926917 core:CurrentFinancialInstruments 2022-12-31 08926917 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Budock Vean Holidays Limited

Annual Report and Financial Statements
Year Ended 31 December 2023

Registration number: 08926917

 

Budock Vean Holidays Limited

Company Information

Director

J M Nettleton

Company secretary

L J Holmes

Registered office

Lowin House
Tregolls Road
Cornwall
TR1 2NA

Auditors

PKF Francis Clark
Statutory Auditor
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

 

Budock Vean Holidays Limited

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

73,755

72,479

Cash at bank and in hand

 

3,041

588

 

76,796

73,067

Creditors: Amounts falling due within one year

5

(3,655)

(2,511)

Net assets

 

73,141

70,556

Capital and reserves

 

Called up share capital

6

1

1

Profit and loss account

73,140

70,555

Shareholders' funds

 

73,141

70,556

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 27 March 2025
 

.........................................
J M Nettleton
Director

   
     

Company Registration Number: 08926917

 

Budock Vean Holidays Limited

Notes to the Financial Statements

Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital and incorporated in England and Wales.

The address of its registered office is:
Lowin House
Tregolls Road
Cornwall
TR1 2NA

The principal place of business is:
Budock Vean Hotel
Mawnan Smith
Falmouth
Cornwall
TR11 5LG

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 7 April 2025 was Nicholas Farrant MSc BA FCA, who signed for and on behalf of PKF Francis Clark.

.........................................

 

Budock Vean Holidays Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Going concern

The financial statements have been prepared on the going concern basis. Subsequent to the year end the group of which the company is a part was acquired by Nettleton Holdings Limited and in doing so the bank debt within the group was settled. It is the intention of the Nettleton Group and its director that the company will continue to trade for the forseeable future, being no less than 12 months from the date of approval of these financial statements. The director has also received confirmation of the availabliity of group support and for this reason the going concern basis remains appropriate.

Revenue recognition

Lettings commission is recognised at the point of the customer staying in the room. Deposits received in advance of customers stays are treated as payments on account and recognised within creditors due in less than one year.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

 

Budock Vean Holidays Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Key accounting judgements and sources of estimation uncertainty

In applying the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In the opinion of the director, other than going concern which is described above, there are no other material areas of judgement or estimation uncertainty prevalent in the financial statements of the company.

3

Staff numbers

The average number of persons employed by the company (excluding the director who is remunerated through another group undertaking) during the year, was 0 (2022 - 0).

4

Debtors

2023
 £

2022
 £

Amounts due from group undertakings

73,755

72,479

Total current trade and other debtors

73,755

72,479

5

Creditors

2023
 £

2022
 £

Due within one year

Other creditors

453

2,001

Accrued expenses

561

510

Payments on account

2,641

-

3,655

2,511

 

Budock Vean Holidays Limited

Notes to the Financial Statements

Year Ended 31 December 2023

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

Budock Vean Holidays Limited is party to a composite company unlimited multilateral guarantee dated 15 September 2014 in respect of bank borrowings due from its fellow group undertakings.

At the balance sheet date the total level of group bank borrowings was £3,391,333 (2022 - £3,666,333), which is disclosed in the financial statements of the immediate parent undertaking Budock Vean Hotel Limited.

8

Non adjusting events after the financial period

On 3 December 2024, Net Hotel 4 Limited acquired 100% of the shareholding of Budock Vean Holidays Limited's previous ultimate parent company, Budock Vean Holdings Limited.

9

Parent and ultimate parent undertaking

The company's immediate parent is Budock Vean Hotel Limited, a company incorporated in in England and Wales.

 The ultimate parent is Budock Vean Holdings Limited, a company incorporated in in England and Wales.

 

Subsequent to the year end, as discussed in note 8, there was a change of control with Net Hotel 4 Limited becoming intermediate parent company, and Nettleton Holdings Limited, (a company incorporated in England and Wales) becoming ultimate parent company.