| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 |
| FOR |
| CHARLES COTTON HOTEL LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 |
| FOR |
| CHARLES COTTON HOTEL LIMITED |
| CHARLES COTTON HOTEL LIMITED (REGISTERED NUMBER: 05926652) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| CHARLES COTTON HOTEL LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 3rd Floor |
| St George's House |
| 56 Peter Street |
| Manchester |
| M2 3NQ |
| CHARLES COTTON HOTEL LIMITED (REGISTERED NUMBER: 05926652) |
| BALANCE SHEET |
| 31 OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| CHARLES COTTON HOTEL LIMITED (REGISTERED NUMBER: 05926652) |
| BALANCE SHEET - continued |
| 31 OCTOBER 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| CHARLES COTTON HOTEL LIMITED (REGISTERED NUMBER: 05926652) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 1. | STATUTORY INFORMATION |
| Charles Cotton Hotel Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
| Critical Judgements |
| The following judgement (apart from those involving estimates) has had the most significant effect on amounts recognised in the financial statements. |
| Investment properties |
| The investment properties should be carried on the balance sheet at fair value. The directors have considered this and in their judgement have concluded that the cost is an accurate representation of the fair value of the investment properties at the year end. |
| Turnover |
| Rental income from investment property is recognised in the profit or loss on a straight line basis over the lease term. Contingent rents, such as turnover rents, rent reviews and indexation, are recorded as income in the periods in which they are earned. Rent reviews are recognised when such reviews have been agreed with tenants. Surrender premiums receivable are recognised on completion ofthe surrender. |
| Where a rent free period is included in a lease, the rental income foregone is allocated evenly over the period from the date of lease commencement to the earlier of the first break option or the lease termination date. Lease incentives and costs associated with entering into tenant leases areamortised over the period from the date oflease commencement to the earlier of the first break option orthelease termination date. |
| Property operating expenses are expensed as incurred and any property operating expenditure not recovered from tenants through service charges is charged to profit or loss. |
| Investment property |
| Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognized at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date and is not depreciated. The surplus or deficit on revaluation is recognised in profit or loss. The Directors have used their extensive knowledge of the local property market to determine fair value. |
| CHARLES COTTON HOTEL LIMITED (REGISTERED NUMBER: 05926652) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Going concern |
| The financial statements have been prepared on a going concern basis. The company's working capital requirements are met with the support of its directors and shareholders, which the directors do not anticipate being withdrawn. On this basis, the directors consider it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of this support. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 November 2023 |
| and 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| The investment property was acquired during 2016 and is shown above at fair value. The directors consider that the fair value at 31 October 2024 is as stated above. |
| CHARLES COTTON HOTEL LIMITED (REGISTERED NUMBER: 05926652) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Other creditors |
| Other loans provided by the principle shareholders Mr R M Cork and Mrs C E Cork are secured by way of a legal charge dated 16 September 2011 and a debenture dated 8 January 2013. |
| Included within creditors is a loan from Natwest amounting to £3,473 (2023 - £5,488) as part of the Government's Bounce Back Loan incentive scheme. The interest rate for the loan is 2.5%. The loan is repayable by 25 June 2026. |
| 8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| During the year, the company operated a long term loan account with its principal shareholder amounting to £1,461,123 (2023: £1,485,623). The loans are secured by a legal charge and debenture and do not attract interest. |
| 9. | RELATED PARTY DISCLOSURES |
| During the year the company operated a loan with Ranelagh Production Limited, a related party by common control. Expenses totalling £3,810 were paid by Ranelagh Production Limited and repayments totalling £6,006 were made. |
| At 31 October 2024, the balance due to Ranelagh Production Limited was £1,210 (2023: £3,406) and is included in other creditors due within one year. |
| 10. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |