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Registered number: 11080253














GSE CHERITON PARC (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

COMPANY INFORMATION


Directors
Mr D M Healey 
Mr J M Healey 
Mrs M C Healey 
Mrs N Sheldon 




Registered number
11080253



Registered office
Henwood House
Henwood

Ashford

Kent

TN24 8DH




Independent auditors
Magee Gammon Corporate Limited
Chartered Accountants & Statutory Auditors

Henwood House

Henwood

Ashford

Kent

TN24 8DH





 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Balance Sheet
 
10
Company Balance Sheet
 
11
Consolidated Statement of Changes in Equity
 
12
Company Statement of Changes in Equity
 
13
Consolidated Statement of Cash Flows
 
14
Consolidated Analysis of Net Debt
 
15
Notes to the Financial Statements
 
16 - 34


 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report with the audited financial statements for the group and the company of the year ended 31 December 2022.

Business review
 
GSE Cheriton Parc (Holdings) Limited is the holding company for GSE Cheriton Parc Limited, Imperial Green Limited, The Marquis Hotel Group Ltd, The Marquis Accommodation Ltd and Innflair Ltd.
GSE Cheriton Parc Limited owns the Hythe Imperial Hotel. 
The hotel is affiliated with Classic British Hotels, benefiting from the group’s expert brand exposure and marketing support to enhance its visibility and outreach. Recently, the hospitality industry has faced significant challenges, notably exacerbated by the conflict in Ukraine. This situation has led to increased energy costs and inflation, contributing to a cost-of-living crisis that has dampened consumer spending. Additionally, the surge in staycations witnessed during the COVID-19 pandemic has abated, with more people now opting for international travel, thereby heightening competition with hotels abroad.
Despite these hurdles, the hotel has maintained satisfactory performance this year, although consumer spending remains cautious. The directors remain cautiously optimistic about the forthcoming year, buoyed by emerging signs that inflation and energy prices are beginning to stabilise. The directors are also exploring the option of expanding and upgrading the spa to boost future revenue. This positive shift is anticipated to bolster consumer confidence and rejuvenate spending, positioning the hotel for a stronger performance ahead.
GSE Cheriton Parc Limited also owns Imperial Green Limited which completed its final phase of residential development and sold the last remaining property in the prior year. Active steps are being taken to wind up the entity.
GSE Cheriton Parc Limited also own The Marquis Hotel Group Limited and Innflair Limited which both own property in the hospitality industry. Both companies lease their property and both generated a small profit during the year.
The results of the group report a pre-tax loss of £225,266 (2022: pre-tax loss of £178,355) for the year on sales of £5.73 million (2022: £5.74 million). 

Page 1

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
The hotel continues to navigate the challenges posed by the ongoing cost-of-living crisis, which impacts both our operational costs and guest spending. The Bank of England's recent interest rate hikes, aimed at curbing inflation, are expected to stabilise the economy by year-end. 
The hotel is particularly vulnerable to the direct effects of inflation, especially regarding food costs and wage increases. We expect these pressures to stabilise by 2024. Moreover, the rising utility costs associated with the broader energy crisis remain a significant concern. We are addressing these challenges by collaborating with industry experts and securing fixed-rate agreements to mitigate fluctuations in other areas.
The company's principal financial instruments include bank balances, trade creditors, trade debtors, and loans within the group, all primarily utilised to finance our operations. Among these, our variable-rate loan with Oaknorth introduces an interest rate risk, which could affect our financial commitments as rates fluctuate. We manage this risk by closely monitoring rate changes and assessing potential impacts regularly.
Bank Balances: We manage liquidity risk by maintaining sufficient funds to cover our operational costs while managing overall indebtedness, ensuring financial stability both within our operations and across related group companies.
Trade Debtors/Creditors: We manage credit and cash flow risks through stringent policies on the credit extended to customers and regular monitoring of outstanding amounts. This ensures adherence to both time limits and credit limits, safeguarding our financial health.


This report was approved by the board on 7 May 2025 and signed on its behalf.



___________________________
Mr D M Healey
Director

Page 2

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006They are 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 £234,795 (2022 -loss £330,014).

No dividends have been paid during the year.
The directors do not recommend the payment of a dividend for the year.

Directors

The directors who served during the year were:

Mr D M Healey 
Mr J M Healey 
Mrs M C Healey 
Mrs N Sheldon 

Future developments

None in addition to those mentioned in the strategic report.

Page 3

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director 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.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsMagee Gammon Corporate Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 7 May 2025 and signed on its behalf.
 





___________________________
Mr D M Healey
Director

Page 4

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GSE CHERITON PARC (HOLDINGS) LIMITED
 

Opinion


We have audited the financial statements of GSE Cheriton Parc (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, 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 December 2023 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GSE CHERITON PARC (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 directors are 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 Directors' 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 Directors' 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 Directors' 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 directors' 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 Directors' Responsibilities Statement set out on page 3, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GSE CHERITON PARC (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:
Based on our understanding of the company, we have considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.  We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements including management override, and considered that the principal risk was related to the posting of inappropriate journal entries to improve the result before tax for the year.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
Procedures performed by the audit team included:
• Discussions with management regarding known or suspected instances of non-compliance with laws and
  regulations;
• Evaluation of controls designed to prevent and detect irregularities; and
• Assessing journal entries as part of our planned audit approach.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.  As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


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.


Page 7

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GSE CHERITON PARC (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.





Andrew John Childs F.C.A. (Senior Statutory Auditor)
for and on behalf of
Magee Gammon Corporate Limited
Chartered Accountants
Statutory Auditors
Henwood House
Henwood
Ashford
Kent
TN24 8DH

7 May 2025
Page 8

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note

  

Turnover
 4 
5,732,391
5,748,103

Cost of sales
  
(3,322,147)
(3,845,351)

Gross profit
  
2,410,244
1,902,752

Administrative expenses
  
(1,614,426)
(1,680,005)

Other operating income
 5 
-
6,000

Operating profit
 6 
795,818
228,747

Interest payable and similar expenses
 9 
(1,021,084)
(407,102)

Loss before taxation
  
(225,266)
(178,355)

Tax on loss
 10 
(9,529)
(151,659)

Loss for the financial year
  
£(234,795)
£(330,014)

  

Total comprehensive income for the year
  
£(234,795)
£(330,014)

(Loss) for the year attributable to:
  

Owners of the parent Company
  
(234,795)
(330,014)

  
£(234,795)
£(330,014)

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
(234,795)
(330,014)

  
£(234,795)
£(330,014)

The notes on pages 16 to 34 form part of these financial statements.

Page 9

 
GSE CHERITON PARC (HOLDINGS) LIMITED
REGISTERED NUMBER: 11080253

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note

Fixed assets
  

Intangible assets
 12 
149,430
149,430

Tangible assets
 13 
9,032,318
8,982,819

Investment property
 15 
7,970,116
3,708,842

  
17,151,864
12,841,091

Current assets
  

Stocks
 16 
29,047
41,996

Debtors: amounts falling due within one year
 17 
1,201,666
942,050

Cash at bank and in hand
 18 
198,922
35,640

  
1,429,635
1,019,686

Creditors: amounts falling due within one year
 19 
(21,407,086)
(16,200,775)

Net current liabilities
  
 
 
(19,977,451)
 
 
(15,181,089)

Total assets less current liabilities
  
(2,825,587)
(2,339,998)

Creditors: amounts falling due after more than one year
 20 
-
(260,323)

Provisions for liabilities
  

Deferred taxation
 23 
(38,258)
(28,729)

  
 
 
(38,258)
 
 
(28,729)

Net liabilities
  
£(2,863,845)
£(2,629,050)


Capital and reserves
  

Called up share capital 
 24 
200
200

Profit and loss account
 25 
(2,864,045)
(2,629,250)

Equity attributable to owners of the parent Company
  
(2,863,845)
(2,629,050)

  
£(2,863,845)
£(2,629,050)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 May 2025.




___________________________
Mr D M Healey
Director

The notes on pages 16 to 34 form part of these financial statements.

Page 10

 
GSE CHERITON PARC (HOLDINGS) LIMITED
REGISTERED NUMBER: 11080253

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note

Fixed assets
  

Investments
 14 
1
1

  
1
1

Current assets
  

Cash at bank and in hand
 18 
199
199

  
199
199

Total assets less current liabilities
  
 
 
200
 
 
200

Net assets
  
£200
£200


Capital and reserves
  

Called up share capital 
 24 
200
200

  
£200
£200


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 May 2025.


___________________________
Mr D M Healey
Director

The notes on pages 16 to 34 form part of these financial statements.

Page 11

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


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


At 1 January 2022
200
(2,299,236)
(2,299,036)
(2,299,036)


Comprehensive income for the year

Loss for the year
-
(330,014)
(330,014)
(330,014)



At 1 January 2023
200
(2,629,250)
(2,629,050)
(2,629,050)


Comprehensive income for the year

Loss for the year
-
(234,795)
(234,795)
(234,795)


At 31 December 2023
£200
£(2,864,045)
£(2,863,845)
£(2,863,845)


The notes on pages 16 to 34 form part of these financial statements.

Page 12

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Total equity


At 1 January 2022
200
200



At 1 January 2023
200
200


At 31 December 2023
£200
£200


The notes on pages 16 to 34 form part of these financial statements.

Page 13

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022

Cash flows from operating activities

Loss for the financial year
(234,795)
(330,014)

Adjustments for:

Depreciation of tangible assets
137,287
450,380

Government grants
-
(6,000)

Interest paid
1,021,085
407,102

Taxation charge
9,529
151,659

Decrease/(increase) in stocks
12,949
(8,632)

(Increase) in debtors
(259,516)
(754,391)

Increase/(decrease) in creditors
4,324,311
(2,195,643)

Corporation tax (paid)/received
(100)
-

Net cash generated from operating activities

5,010,750
(2,285,539)


Cash flows from investing activities

Purchase of tangible fixed assets
(186,787)
(468,690)

Purchase of investment properties
(4,261,274)
(64,910)

Government grants received
-
6,000

Net cash from investing activities

(4,448,061)
(527,600)

Cash flows from financing activities

New secured loans
-
6,003,950

Repayment of loans
621,617
(2,847,674)

Interest paid
(1,021,085)
(407,102)

Net cash used in financing activities
(399,468)
2,749,174

Net increase/(decrease) in cash and cash equivalents
163,221
(63,965)

Cash and cash equivalents at beginning of year
35,640
99,605

Cash and cash equivalents at the end of year
£198,861
£35,640


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
198,922
35,640

Bank overdrafts
(61)
-

£198,861
£35,640


The notes on pages 16 to 34 form part of these financial statements.

Page 14

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023



Cash at bank and in hand

35,640

163,282

198,922

Bank overdrafts

-

(60)

(60)

Debt due after 1 year

(260,323)

260,323

-

Debt due within 1 year

(6,424,152)

(880,849)

(7,305,001)


£(6,648,835)
£(457,304)
£(7,106,139)

The notes on pages 16 to 34 form part of these financial statements.

Page 15

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

GSE Cheriton Parc (Holdings) Limited is a private company, limited by shares, incorporated in England and Wales. The registered number is 11080253. 
The registered office of the company is Henwood House, Henwood, Ashford, Kent, TN24 8DH.
The principal place of business is Princes Parade, Hythe, CT21 6AE.

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 financial statements are presented in UK Sterling pounds (£) and rounded to the nearest pound.

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 Balance Sheet, 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 01 January 2015.

 
2.3

Going concern

The Group is reliant on continued support from its bankers and related companies which has continued since the balance sheet date. There are no material uncertainties over the Group's ability to continue to operate. The directors therefore consider the continuing adoption of the going concern basis to be appropriate.

Page 16

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

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.

Page 17

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

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 Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

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 balance sheet 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 balance sheet 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 balance sheet date.


Page 18

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other 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.

 
2.12

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.

Depreciation is provided on the following basis:

Freehold property
-
2 - 10%
Plant and machinery
-
20%
Fixtures and fittings
-
20%

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.

 
2.13

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 19

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

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 balance sheet 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 balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.15

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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

 
2.16

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.

 
2.17

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.

 
2.18

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.

 
2.19

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Page 20

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.20

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.

 
2.21

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.

Financial instruments are recognised in the Group's Balance Sheet when the Group 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 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.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 Group after the deduction of all its liabilities.
Page 21

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.21
Financial instruments (continued)


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.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 the accounting estimates are recognised in the period in which the estimate is revised if the revisions affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.
Carrying value of tangible fixed assets
As described in note 2.13 to the financial statements, tangible fixed assets are stated at historical cost less accumulated depreciation and accumulated impairment losses. The management base the useful economic life, residual value and therefore the rate of depreciation of these assets on the historical knowledge of such assets and the market within which the company operates.
Valuation of investment property
The group recognise the investment property on the valuations performed by the directors. The valuations are ascertained through rental yeilds and market capitalisation rates of similar properties.

Page 22

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

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


2023
2022

Property development and rental
288,587
239,375

Hotel operations
5,443,804
5,508,728

£5,732,391
£5,748,103


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022

Government grants receivable
£-
£6,000



6.


Operating profit

The operating profit is stated after charging:

2023
2022

Other operating lease rentals
£97,984
£64,357


7.


Auditors' remuneration

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


2023
2022

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
21,500
20,915

Other services
3,250
2,940

Page 23

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2023
2022


Wages and salaries
2,102,896
2,554,686

Social security costs
86,343
78,683

Cost of defined contribution scheme
27,090
25,818

£2,216,329
£2,659,187


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



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Hotel staff
81
81
-
-



Administrative staff
5
5
4
4

86
86
4
4


9.


Interest payable and similar expenses

2023
2022


Bank interest payable
880,303
289,349

Other loan interest payable
94,383
117,753

Other interest payable
46,398
-

£1,021,084
£407,102

Page 24

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Taxation


2023
2022



Total current tax
£-
£-

Deferred tax


Origination and reversal of timing differences
9,529
151,659

Total deferred tax
£9,529
£151,659


Tax on loss
£9,529
£151,659

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 -higher than) the standard rate of corporation tax in the UK of 25% (2022 -19%). The differences are explained below:

2023
2022


Loss on ordinary activities before tax
£(225,267)
£(178,355)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 -19%)
(56,317)
(33,887)

Effects of:


Capital allowances for year in excess of depreciation
(15,393)
102,869

Utilisation of tax losses
-
(31,732)

Short term timing difference leading to an increase (decrease) in taxation
-
122,930

Other timing differences leading to an increase (decrease) in taxation
-
(8,521)

Unrelieved tax losses carried forward
81,239
-

Total tax charge for the year
£9,529
£151,659


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Parent company profit for the year

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 profit after tax of the parent Company for the year was £Nil (2022 -£NIL).

Page 25

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Intangible assets

Group and Company





Goodwill



Cost


At 1 January 2023
149,430



At 31 December 2023

149,430






Net book value



At 31 December 2023
£149,430



At 31 December 2022
£149,430



Page 26

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Fixtures and fittings
Total



Cost or valuation


At 1 January 2023
9,742,536
675,450
1,530,553
11,948,539


Additions
34,633
138,441
13,713
186,787



At 31 December 2023

9,777,169
813,891
1,544,266
12,135,326



Depreciation


At 1 January 2023
850,664
628,811
1,486,245
2,965,720


Charge for the year on owned assets
154,811
18,146
(35,670)
137,287



At 31 December 2023

1,005,475
646,957
1,450,575
3,103,007



Net book value



At 31 December 2023
£8,771,694
£166,934
£93,691
£9,032,319



At 31 December 2022
£8,891,872
£46,639
£44,308
£8,982,819




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


2023
2022

Freehold
8,771,694
8,891,872

£8,771,694
£8,891,872


Page 27

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Fixed asset investments

Company





Investments in subsidiary companies



Cost or valuation


At 1 January 2023
1



At 31 December 2023
£1





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

GSE Cheriton Parc Limited
Ordinary
100%
Imperial Green Limited
Ordinary
100%
The Marquis Hotel Group Ltd
Ordinary
100%
The Marquis Accommodation Ltd
Ordinary
100%
Innflair Ltd
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

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

GSE Cheriton Parc Limited
(3,301,086)
(218,452)

Imperial Green Limited
57,055
-

The Marquis Hotel Group Ltd
426,569
(120,999)

The Marquis Accommodation Ltd
(181)
-

Innflair Ltd
(45,482)
104,657

Page 28

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Investment property

Group


Freehold investment property



Valuation


At 1 January 2023
3,708,842


Additions at cost
4,261,274



At 31 December 2023
7,970,116

The 2023 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022


Historic cost
7,970,116
3,708,842

£7,970,116
£3,708,842




16.


Stocks

Group
Group
2023
2022

Finished goods and goods for resale
29,047
41,996

£29,047
£41,996


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 29

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Debtors

Group
Group
2023
2022


Trade debtors
150,377
117,485

Other debtors
885,280
241,736

Prepayments and accrued income
165,909
582,829

Tax recoverable
100
-

£1,201,666
£942,050



18.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022

Cash at bank and in hand
198,922
35,640
199
199

Less: bank overdrafts
(60)
-
-
-

£198,862
£35,640
£199
£199



19.


Creditors: Amounts falling due within one year

Group
Group
2023
2022

Bank overdrafts
60
-

Bank loans
7,064,816
6,182,877

Trade creditors
613,585
690,668

Other taxation and social security
686,194
737,072

Other creditors
11,660,436
7,174,844

Accruals and deferred income
1,381,995
1,415,314

£21,407,086
£16,200,775



The following liabilities were secured:
Group
Group
2023
2022

Bank loans
7,064,816
6,182,877

£7,064,816
£6,182,877

Details of security provided:

The bank loans are secured by way of fixed and floating charges alongside a negative pledge over the freehold and investment properties held by the group.
Interest is payable on bank loans at 3% - 14.25% above base rate.

Page 30

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022

Bank loans
-
260,323

£-
£260,323



The following liabilities were secured:
Group
Group
2023
2022


Bank loans
-
260,323

£-
£260,323

Details of security provided:

The bank loans are secured by way of fixed and floating charges alongside a negative pledge over the freehold and investment properties held by the group.
Interest is payable on bank loans at 3% - 14.25% above base rate.




21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022

Amounts falling due within one year

Bank loans
7,064,816
6,182,877

Amounts falling due 1-2 years

Bank loans
-
4,420

Amounts falling due 2-5 years

Bank loans
-
15,583

Amounts falling due after more than 5 years

Bank loans
-
240,320

£7,064,816
£6,443,200


Page 31

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022

Financial assets

Financial assets measured at fair value through profit or loss
198,922
35,640
199
199

Financial assets that are debt instruments measured at amortised cost
1,035,657
359,221
-
-

£1,234,579
£394,861
£199
£199


Financial liabilities

Financial liabilities measured at amortised cost
£19,338,837
£14,308,712
£-
£-


Financial assets measured at fair value through profit or loss comprise bank and cash balances.


Financial assets that are debt instruments measured at amortised cost comprise trade and other debtors.


Financial liabilities measured at amortised cost comprise bank loans, trade and other creditors.


23.


Deferred taxation


Group



2023
2022





At beginning of year
28,729
(122,930)


Charged to profit or loss
9,529
151,659



At end of year
£38,258
£28,729

Company


2023
2022






At end of year
£-
£-
Group
Group
2023
2022

Accelerated capital allowances
38,258
37,250

Tax losses carried forward
-
(8,521)

£38,258
£28,729

Page 32

 
GSE CHERITON PARC (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Share capital

2023
2022
Allotted, called up and fully paid



200 (2022 -200) Ordinary shares of £1.00 each
£200
£200



25.


Reserves

Profit and loss account

Includes all current and prior period retained profit and losses.


26.


Capital commitments




At 31 December 2023 the Group and Company had capital commitments as follows:


Group
Group
2023
2022

Contracted for but not provided in these financial statements
-
(472,500)

£-
£(472,500)


27.


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 £27,090 (2022 - £25,818). Contributions totalling £6,021 (2022 - £7,111) were payable to the fund at the balance sheet date and are included in creditors.


28.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022

Not later than 1 year
23,680
40,360

Later than 1 year and not later than 5 years
561
10,698

£24,241
£51,058
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GSE CHERITON PARC (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

29.


Related party transactions

During the period the company group sales to companies under control of £262,860 (2022 - £239,375) and made purchases of £360,506 (2022 - £11,601) on normal commercial terms. 
At the balance sheet date £11,291,604 (2022 - £6,402,173) was owed to companies under common control. The balances are interest free and repayable on demand.
At the balance sheet date £828,553 (2022 - £64,420) was due from companies under common control. The balances are interest free and repayable on demand.


30.


Post balance sheet events

On 28 June 2024, the group sold The Marquis Hotel Group Limited and Innflair Limited to Contemporary Pubs Holdings Limited.


31.
Controlling party 

The ultimate controlling parties are Mr D M Healey and Mrs M C Healey by virtue of their shareholdings.


Page 34