Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312025-05-072025-05-072023-12-312025-05-07falsetruetruetruetruetrue2023-01-01No description of principal activity8686truefalsefalse 05083202 2023-01-01 2023-12-31 05083202 2022-01-01 2022-12-31 05083202 2023-12-31 05083202 2022-12-31 05083202 2022-01-01 05083202 c:Director1 2023-01-01 2023-12-31 05083202 c:Director3 2023-01-01 2023-12-31 05083202 c:Director4 2023-01-01 2023-12-31 05083202 c:Director5 2023-01-01 2023-12-31 05083202 c:Director6 2023-01-01 2023-12-31 05083202 c:RegisteredOffice 2023-01-01 2023-12-31 05083202 d:Buildings 2023-01-01 2023-12-31 05083202 d:Buildings 2023-12-31 05083202 d:Buildings 2022-12-31 05083202 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05083202 d:PlantMachinery 2023-01-01 2023-12-31 05083202 d:PlantMachinery 2023-12-31 05083202 d:PlantMachinery 2022-12-31 05083202 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05083202 d:FurnitureFittings 2023-01-01 2023-12-31 05083202 d:FurnitureFittings 2023-12-31 05083202 d:FurnitureFittings 2022-12-31 05083202 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05083202 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05083202 d:CurrentFinancialInstruments 2023-12-31 05083202 d:CurrentFinancialInstruments 2022-12-31 05083202 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05083202 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05083202 d:ReportableOperatingSegment3 2023-01-01 2023-12-31 05083202 d:ReportableOperatingSegment3 2022-01-01 2022-12-31 05083202 d:ShareCapital 2023-12-31 05083202 d:ShareCapital 2022-12-31 05083202 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05083202 d:RetainedEarningsAccumulatedLosses 2023-12-31 05083202 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 05083202 d:RetainedEarningsAccumulatedLosses 2022-12-31 05083202 d:RetainedEarningsAccumulatedLosses 2022-01-01 05083202 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 05083202 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 05083202 d:FinancialAssetsAmortisedCost 2023-12-31 05083202 d:FinancialAssetsAmortisedCost 2022-12-31 05083202 d:FinancialLiabilitiesAmortisedCost 2023-12-31 05083202 d:FinancialLiabilitiesAmortisedCost 2022-12-31 05083202 c:OrdinaryShareClass1 2023-01-01 2023-12-31 05083202 c:OrdinaryShareClass1 2023-12-31 05083202 c:OrdinaryShareClass1 2022-12-31 05083202 c:FRS102 2023-01-01 2023-12-31 05083202 c:Audited 2023-01-01 2023-12-31 05083202 c:FullAccounts 2023-01-01 2023-12-31 05083202 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05083202 1 2023-01-01 2023-12-31 05083202 d:Subsidiary1 2023-01-01 2023-12-31 05083202 d:Subsidiary1 1 2023-01-01 2023-12-31 05083202 d:Subsidiary2 2023-01-01 2023-12-31 05083202 d:Subsidiary2 1 2023-01-01 2023-12-31 05083202 d:WithinOneYear 2023-12-31 05083202 d:WithinOneYear 2022-12-31 05083202 d:BetweenOneFiveYears 2023-12-31 05083202 d:BetweenOneFiveYears 2022-12-31 05083202 6 2023-01-01 2023-12-31 05083202 7 2023-01-01 2023-12-31 05083202 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 05083202














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

 
GSE CHERITON PARC LIMITED
 

COMPANY INFORMATION


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




Registered number
05083202



Registered office
Henwood House
Henwood

Ashford

Kent

TN24 8DH




Trading Address
The Hythe Imperial Hotel
Princes Parade

Hythe

Kent

CT21 6AQ






Independent auditors
Magee Gammon Corporate Limited
Chartered Accountants & Statutory Auditors

Henwood House

Henwood

Ashford

Kent

TN24 8DH





 
GSE CHERITON PARC LIMITED
 

CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Statement of Income and Retained Earnings
 
8
Balance Sheet
 
9
Notes to the Financial Statements
 
10 - 24


 
GSE CHERITON PARC LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report with the audited financial statements for the company for the year ended 31 December 2023.

Business review
 
GSE Cheriton Parc Limited owns the Hythe Imperial Hotel, Golf & Spa.
The hotel is a member of Classic British Hotels, a boutique hotel operator, who carry out brand exposure and
marketing. Post the COVID-19 pandemic, the hospitality industry's recovery has been challenged by the conflict in Ukraine, leading to increased energy costs, inflation, and a cost-of-living crisis. Despite these challenges, the directors remain cautiously optimistic about the year ahead, especially as inflation and energy prices begin to normalise.
The results of the company report a pre tax loss of £218,452 (2022: a pre tax loss of £355,442) for the year on sales of £5,443,804 (2022 £5,508,728). 

Principal risks and uncertainties
 
The hotel industry now faces the additional hurdle of a cost-of-living crisis, which has reduced the amount of disposable income available for holidays. In response, the Bank of England has raised interest rates to curb inflation. It is anticipated that inflation will normalise by the end of 2024.
Furthermore, the ongoing energy crisis is significantly impacting the nation, particularly the hospitality sector. However, recent intervention by the HM Government has helped to mitigate the adverse effects of rising energy prices, enabling the company to cap its exposure to these fluctuations
The company’s principal financial instruments comprise bank balances, trade creditors, trade debtors and loans to the group. The main purpose of these instruments is to finance the company’s operations.
Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company’s approach to managing other risks applicable to the financial instruments concerned is as follows.
In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and overall indebtedness with group and related companies.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.


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



___________________________
Mr D M Healey
Director

Page 1

 
GSE CHERITON PARC 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 Strategic Report, the Directors' Report and the 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements 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 Company 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 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 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 £218,452 (2022 - loss £478,372).

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 N Sheldon 
Mrs M C Healey 
Mr N J Gauntlett 

Future developments

None in addition to those mentioned in the strategic report.

Page 2

 
GSE CHERITON PARC 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'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's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company 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 3

 
GSE CHERITON PARC LIMITED
 

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

Opinion


We have audited the financial statements of GSE Cheriton Parc Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet 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 Company's affairs as at 31 December 2023 and of its 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 Company 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 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.


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.


Page 4

 
GSE CHERITON PARC LIMITED
 

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


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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 2, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
GSE CHERITON PARC LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GSE CHERITON PARC 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 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 6

 
GSE CHERITON PARC LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GSE CHERITON PARC 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 FCA (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 7

 
GSE CHERITON PARC LIMITED
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note

  

Turnover
 4 
5,443,804
5,508,728

Cost of sales
  
(3,322,147)
(3,840,055)

Gross profit
  
2,121,657
1,668,673

Administrative expenses
  
(1,460,496)
(1,645,680)

Other operating income
 5 
-
6,000

Operating profit
 6 
661,161
28,993

Interest payable and similar expenses
 10 
(879,613)
(384,435)

Loss before tax
  
(218,452)
(355,442)

Tax on loss
 11 
-
(122,930)

Loss after tax
  
£(218,452)
£(478,372)

  

  

Retained earnings at the beginning of the year
  
(3,082,635)
(2,604,263)

Loss for the year
  
(218,452)
(478,372)

Retained earnings at the end of the year
  
£(3,301,087)
£(3,082,635)
There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of income and retained earnings.

The notes on pages 10 to 24 form part of these financial statements.

Page 8

 
GSE CHERITON PARC LIMITED
REGISTERED NUMBER: 05083202

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note

Fixed assets
  

Tangible assets
 12 
9,032,320
8,982,821

Investments
 13 
67,550
67,550

  
9,099,870
9,050,371

Current assets
  

Stocks
 14 
29,047
41,996

Debtors: amounts falling due within one year
 15 
1,023,465
220,691

Cash at bank and in hand
 16 
187,608
34,147

  
1,240,120
296,834

Creditors: amounts falling due within one year
 17 
(13,641,076)
(12,429,839)

Net current liabilities
  
 
 
(12,400,956)
 
 
(12,133,005)

Total assets less current liabilities
  
(3,301,086)
(3,082,634)

Net liabilities
  
£(3,301,086)
£(3,082,634)


Capital and reserves
  

Called up share capital 
 20 
1
1

Profit and loss account
  
(3,301,087)
(3,082,635)

  
£(3,301,086)
£(3,082,634)


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 10 to 24 form part of these financial statements.

Page 9

 
GSE CHERITON PARC LIMITED
 

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

1.


General information

GSE Cheriton Parc Limited is a private company, limited by shares, incorporated in England and Wales. The registered number is 05083202. 
The registered office of the company is Henwood House, Henwood, Ashford, Kent, TN24 8DH.
The principal place of business is The Hythe Imperial Hotel, 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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of GSE Cheriton Parc (Holdings) Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Going concern

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

Page 10

 
GSE CHERITON PARC LIMITED
 

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

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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 Company 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.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

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 Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.8

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.

 
2.9

Borrowing costs

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

Page 11

 
GSE CHERITON PARC LIMITED
 

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

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

 
2.11

Taxation

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 operates and generates income.


 
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, as follows:.

Depreciation is provided on the following basis:

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

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 12

 
GSE CHERITON PARC LIMITED
 

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

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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.

 
2.16

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.

 
2.17

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.

 
2.18

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.

 
2.19

Financial instruments

The Company 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 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 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 Company's cash and cash
Page 13

 
GSE CHERITON PARC LIMITED
 

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

2.Accounting policies (continued)


2.19
Financial instruments (continued)

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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 Company 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 Company 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 Company's contractual obligations expire or are discharged or cancelled.

Page 14

 
GSE CHERITON PARC LIMITED
 

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

3.


Judgements 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 revision affects only that period, or in the period of revisions and future periods if the revision affects both current and future periods.
Carrying value of tangible fixed assets
As described in note 2.12 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.


4.


Turnover

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


2023
2022

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


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
£63,673

Page 15

 
GSE CHERITON PARC LIMITED
 

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

7.


Auditors' remuneration

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


2023
2022

Fees payable to the Company's auditors for the audit of the Company's financial statements
7,500
7,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

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


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:


        2023
        2022
            No.
            No.







Operative
86
86


9.


Directors' remuneration

2023
2022

Directors' emoluments
£100,000
£600,000


The highest paid director received remuneration of £100,000 (2022 - £600,000).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2022 - £NIL).

Page 16

 
GSE CHERITON PARC LIMITED
 

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

10.


Interest payable and similar expenses

2023
2022


Bank interest payable
738,832
266,682

Other loan interest payable
94,383
117,753

Other interest payable
46,398
-

£879,613
£384,435

Page 17

 
GSE CHERITON PARC LIMITED
 

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

11.


Taxation


2023
2022



Total current tax
£-
£-

Deferred tax


Origination and reversal of timing differences
-
122,930

Total deferred tax
£-
£122,930


Tax on loss
£-
£122,930

Factors affecting tax charge for the year

The tax assessed for the year is lower 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
£(218,453)
£(355,442)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
(54,613)
(67,534)

Effects of:


Capital allowances for year in excess of depreciation
(17,786)
67,888

Utilisation of tax losses
-
(354)

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

Unrelieved tax losses carried forward
72,399
-

Total tax charge for the year
£-
£122,930


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 18

 
GSE CHERITON PARC LIMITED
 

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

12.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Total



Cost or valuation


At 1 January 2023
10,322,517
1,114,247
2,650,198
14,086,962


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



At 31 December 2023

10,357,150
1,252,688
2,663,911
14,273,749



Depreciation


At 1 January 2023
1,430,645
1,067,608
2,605,889
5,104,142


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



At 31 December 2023

1,585,456
1,085,754
2,570,219
5,241,429



Net book value



At 31 December 2023
£8,771,694
£166,934
£93,692
£9,032,320



At 31 December 2022
£8,891,872
£46,639
£44,310
£8,982,821




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


2023
2022

Freehold
£8,771,694
£8,891,872


Page 19

 
GSE CHERITON PARC LIMITED
 

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

13.


Fixed asset investments





Investments in subsidiary companies



Cost or valuation


At 1 January 2023
67,550



At 31 December 2023
£67,550





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

The Marquis Hotel Group Limited
Ordinary
-
100%
-
Imperial Green Limited
Ordinary
-
100%
-


14.


Stocks

2023
2022

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



15.


Debtors

2023
2022


Trade debtors
98,404
72,169

Amounts owed by group undertakings
74,050
1,000

Other debtors
823,934
70,841

Prepayments and accrued income
27,077
76,681

£1,023,465
£220,691


Page 20

 
GSE CHERITON PARC LIMITED
 

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

16.


Cash and cash equivalents

2023
2022

Cash at bank and in hand
187,608
34,147

Less: bank overdrafts
(60)
-

£187,548
£34,147



17.


Creditors: Amounts falling due within one year

2023
2022

Bank overdrafts
60
-

Bank loans
5,849,516
6,178,521

Trade creditors
431,246
576,798

Amounts owed to group undertakings
57,056
57,056

Other taxation and social security
679,401
617,860

Other creditors
5,548,995
3,627,553

Accruals and deferred income
1,074,802
1,372,051

£13,641,076
£12,429,839


The following liabilities were secured:

2023
2022



Bank loans
5,849,516
6,178,521

5,849,516
6,178,521

Details of security provided:

The bank loans are secured by way of a fixed and floating charges and a negative pledge over the freehold property of the company.
Interest is payable on bank loans at 4.75% above base rate.

Page 21

 
GSE CHERITON PARC LIMITED
 

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

18.


Financial instruments

2023
2022

Financial assets


Financial assets measured at fair value through profit or loss
187,608
34,147

Financial assets that are debt instruments measured at amortised cost
922,659
143,010

£1,110,267
£177,157


Financial liabilities


Financial liabilities measured at amortised cost
£11,829,817
£10,439,928


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


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


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

Page 22

 
GSE CHERITON PARC LIMITED
 

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

19.


Deferred taxation


2022





At beginning of year
122,930


Charged / released to the profit or loss
(122,930)



At end of year
£-


20.


Share capital

2023
2022
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
£1
£1



21.


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.


22.


Commitments under operating leases

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

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


23.


Related party transactions

During the period the company made sales to companies under control of £7,863 (2022 - £Nil) and made purchases of £225,646 (2022 - £11,601) on normal commercial terms. 
At the balance sheet date £5,038,606 (2022 - £3,146,103) was owed to companies under common control. The balances are interest free and repayable on demand.
At the balance sheet date £779,641 (2022 - £20,104) was due from companies under common control. The balances are interest free and repayable on demand.

Page 23

 
GSE CHERITON PARC LIMITED
 

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

24.


Post balance sheet events

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


25.
Controlling party

The ultimate controlling parties are Mr D M Healey and Mrs M C Healey by virtue of their shareholdings in the ultimate parent undertaking.
At the balance sheet date, the immediate parent undertaking is GSE Cheriton Parc (Holdings) Limited, a company incorporated in England and Wales. 
The company is exempt from the requirement of preparing consolidated financial statements as it is a subsidiary undertaking included in consolidated financial statements for GSE Cheriton Parc (Holdings) Limited. The consolidated financial statements for GSE Cheriton Parc (Holdings) Limited are publicly available.



Page 24