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REGISTERED NUMBER: 03344437 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2024

for

Atlantic Hotels (Chelmsford) Limited

Atlantic Hotels (Chelmsford) Limited (Registered number: 03344437)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Atlantic Hotels (Chelmsford) Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: Deepinder Singh Obhrai
Tajinderpal S Obhrai





SECRETARY: Tajinderpal S Obhrai





REGISTERED OFFICE: 173 Cleveland Street
London
W1T 6QR





REGISTERED NUMBER: 03344437 (England and Wales)





ACCOUNTANTS: Shah Dodhia & Co
173 Cleveland Street
London
W1T 6QR

Atlantic Hotels (Chelmsford) Limited (Registered number: 03344437)

Balance Sheet
31 August 2024

2024 2023
Notes £ £ £
FIXED ASSETS
Tangible assets 4 3,663,908 3,540,753

CURRENT ASSETS
Stocks 5 3,000 3,000
Debtors 6 2,410,950 908,146
Cash at bank and in hand 1,620,833 3,569,130
4,034,783 4,480,276
CREDITORS
Amounts falling due within one year 7 1,260,554 2,887,811
NET CURRENT ASSETS 2,774,229 1,592,465
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,438,137

5,133,218

PROVISIONS FOR LIABILITIES 8 177,864 145,323
NET ASSETS 6,260,273 4,987,895

CAPITAL AND RESERVES
Called up share capital 101 101
Revaluation reserve 9 2,218,592 2,210,909
Equity contribution reserve (268,229 ) (268,229 )
Retained earnings 4,309,809 3,045,114
SHAREHOLDERS' FUNDS 6,260,273 4,987,895

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Atlantic Hotels (Chelmsford) Limited (Registered number: 03344437)

Balance Sheet - continued
31 August 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2025 and were signed on its behalf by:





Tajinderpal S Obhrai - Director


Atlantic Hotels (Chelmsford) Limited (Registered number: 03344437)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Atlantic Hotels (Chelmsford) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on cost

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


Atlantic Hotels (Chelmsford) Limited (Registered number: 03344437)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The directors have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the company to continue as a going concern. On the basis of their assessment of the company's financial position, the directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 16 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£ £ £ £
COST
At 1 September 2023 4,123,462 1,690,902 14,890 5,829,254
Additions - 242,916 - 242,916
At 31 August 2024 4,123,462 1,933,818 14,890 6,072,170
DEPRECIATION
At 1 September 2023 695,916 1,577,696 14,889 2,288,501
Charge for year 30,731 89,030 - 119,761
At 31 August 2024 726,647 1,666,726 14,889 2,408,262
NET BOOK VALUE
At 31 August 2024 3,396,815 267,092 1 3,663,908
At 31 August 2023 3,427,546 113,206 1 3,540,753

Atlantic Hotels (Chelmsford) Limited (Registered number: 03344437)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

4. TANGIBLE FIXED ASSETS - continued

Tangible assets held at valuation

The hotel was professionally valued at £3.63 million in November 2020 carried out by Christie & Co on the basis of Existing Use Value, as licensed operating hotel, inclusive of the trade furniture, furnishings and equipment in accordance with RICS Valuation - Global Standards (the 'Red Book'), incorporating the International Valuation Standards ('IVS') both effective from 31 January 2020. The hotel is carried forward at this professional valuation together with additions thereafter at cost.

The historical cost of land and buildings is £1,777,669 (2023: £1,777,669).

5. STOCKS
2024 2023
£ £
Stocks 3,000 3,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors - 125
Amounts owed by group undertakings 1,291,612 -
Amounts owed by related undertakings 1,037,584 732,163
Other debtors 81,754 175,858
2,410,950 908,146

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 72,634 253,547
Amounts owed to group undertakings 45,393 1,000
Amounts owed to related undertakings 638,900 857,838
Taxation and social security 437,509 256,758
Other creditors 66,118 1,518,668
1,260,554 2,887,811

8. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax
Deferred tax brought forward 145,323 146,951
Deferred Tax movement 32,541 (1,628 )
177,864 145,323

Deferred tax
£
Balance at 1 September 2023 145,323
Provided during year 32,541
Balance at 31 August 2024 177,864

Atlantic Hotels (Chelmsford) Limited (Registered number: 03344437)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

9. RESERVES
Revaluation
reserve
£
At 1 September 2023 2,210,909
Dividend paid 7,683

At 31 August 2024 2,218,592

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£ £
Tajinderpal S Obhrai
Balance outstanding at start of year 14,926 5,480
Amounts advanced - 9,446
Amounts repaid (14,926 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 14,926

Deepinder Singh Obhrai
Balance outstanding at start of year 5,615 -
Amounts advanced - 5,615
Amounts repaid (5,615 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 5,615

11. RELATED PARTY DISCLOSURES

As the company is a wholly owned subsidiary of Cool Inn Limited, a company incorporated in England and Wales and its ultimate parent and controlling company is Sycamore Limited, a company registered in Isle of Man, the company has taken advantage of the exemption contained in FRS 102.33 and has therefore not disclosed transactions on balances with entities which form part of the group headed by Sycamore Ltd.

12. ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is Cool Inn Ltd, a company incorporated in England and Wales. The ultimate controlling party is Sycamore Limited, a company registered in Isle of Man.

13. CONTINGENCIES

The company has given an unlimited guarantee in respect of the bank borrowings of certain group undertakings. This is in addition to a first legal charge over the freehold property, over the group undertakings land and buildings and debenture in favour of the bank. At the balance sheet date the bank borrowing of these group undertakings was £2.2m (2023: £2.91m).