Year Ended
Registration number:
Budock Vean Holidays Limited
Company Information
Director |
J M Nettleton |
Company secretary |
L J Holmes |
Registered office |
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Auditors |
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Budock Vean Holidays Limited
Balance Sheet
31 December 2023
Note |
2023 |
2022 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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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
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Company Registration Number: 08926917
Budock Vean Holidays Limited
Notes to the Financial Statements
Year Ended 31 December 2023
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:
The principal place of business is:
Budock Vean Hotel
Mawnan Smith
Falmouth
Cornwall
TR11 5LG
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
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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
• Short term trade and other debtors and creditors;
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
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.
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
Debtors |
2023 |
2022 |
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Amounts due from group undertakings |
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Total current trade and other debtors |
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Creditors |
2023 |
2022 |
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Due within one year |
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Other creditors |
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Accrued expenses |
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Payments on account |
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Budock Vean Holidays Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
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.
Non adjusting events after the financial period |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
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.