Company Registration No. 07079170 (England and Wales)
LANCASHIRE MANOR HOTEL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
LANCASHIRE MANOR HOTEL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
LANCASHIRE MANOR HOTEL LIMITED
BALANCE SHEET
AS AT 28 APRIL 2024
28 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
86,258
90,461
Current assets
Stocks
24,414
20,350
Debtors
5
1,468,044
1,387,987
Cash at bank and in hand
104,042
90,779
1,596,500
1,499,116
Creditors: amounts falling due within one year
6
(721,112)
(587,973)
Net current assets
875,388
911,143
Total assets less current liabilities
961,646
1,001,604
Creditors: amounts falling due after more than one year
7
(77,972)
(121,451)
Provisions for liabilities
(18,851)
(19,686)
Net assets
864,823
860,467
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
864,822
860,466
Total equity
864,823
860,467
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 February 2025 and are signed on its behalf by:
Mr M Timmerman
Director
Company registration number 07079170 (England and Wales)
LANCASHIRE MANOR HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 APRIL 2024
- 2 -
1
Accounting policies
Company information
Lancashire Manor Hotel Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Lancashire Manor Hotel, Prescott Road, Pimbo, Wigan, WN8 9QD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, have been transferred to the customer, which at the point the room is occupied.
Deposits received in respect of Wedding and Conference bookings are recognised at the point when the rooms are occupied for the event.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10% straight line
Fixtures and fittings
10% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
LANCASHIRE MANOR HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
LANCASHIRE MANOR HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
LANCASHIRE MANOR HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
65
66
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 29 April 2023
108,858
78,043
186,901
Additions
4,020
4,020
At 28 April 2024
108,858
82,063
190,921
Depreciation and impairment
At 29 April 2023
54,908
41,532
96,440
Depreciation charged in the year
8,223
8,223
At 28 April 2024
63,131
41,532
104,663
Carrying amount
At 28 April 2024
45,727
40,531
86,258
At 28 April 2023
53,950
36,511
90,461
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
70,415
75,782
Amounts owed by group undertakings
1,338,331
1,210,979
Other debtors
59,298
101,226
1,468,044
1,387,987
Amounts owed by group undertakings are interest free and repayable on demand.
LANCASHIRE MANOR HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
43,401
39,802
Trade creditors
137,929
128,499
Corporation tax
17,712
39,505
Other taxation and social security
274,014
62,703
Other creditors
248,056
317,464
721,112
587,973
In October 2020 the company entered into a bank loan of £250,000 as part of the CBILS. It is subject to interest of 1.69% over base rate and the final repayment date is September 2026. The bank loan is secured by a debenture over all assets of the company.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
77,972
121,451
In October 2020 the company entered into a bank loan of £250,000 as part of the CBILS. It is subject to interest of 1.69% over base rate and the final repayment date is September 2026. The bank loan is secured by a debenture over all assets of the company.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Christopher Johnson FCA
Statutory Auditor:
PM+M Solutions for Business LLP
Date of audit report:
17 February 2025
9
Parent company
The parent company of Lancashire Manor Hotel Limited is Double Dutch Hotels Limited and its registered office is West Lancs Technology Management Centre, White Moss Business Park, Moss Lane View, Skelmersdale, WN8 9TN.
The smallest and largest group in which the company is consolidated in is Double Dutch Hotels Limited