| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 August 2024 |
| for |
| New Barnsley Hotels Ltd |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 August 2024 |
| for |
| New Barnsley Hotels Ltd |
| New Barnsley Hotels Ltd (Registered number: 06531759) |
| 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 |
| New Barnsley Hotels Ltd |
| Company Information |
| for the Year Ended 31 August 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 173 Cleveland Street |
| London |
| W1T 6QR |
| New Barnsley Hotels Ltd (Registered number: 06531759) |
| Balance Sheet |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Equity reserves |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The director acknowledges his 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. |
| New Barnsley Hotels Ltd (Registered number: 06531759) |
| Balance Sheet - continued |
| 31 August 2024 |
| The financial statements were approved by the director and authorised for issue on |
| New Barnsley Hotels Ltd (Registered number: 06531759) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| New Barnsley Hotels Ltd 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. Company's principal activity is that of an investment holding company. It has one indirect subsidiary which operates a hotel in Barnsley. |
| 2. | STATEMENT OF COMPLIANCE |
| These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'. |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements were prepared in accordance with Financial Reporting Standard 102, including Section 1A of FRS102 The Financial Reporting Standard applicable in the UK and Ireland ("FRS 102"). The presentation currency of these financial statements is sterling. |
| The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities. |
| Going concern |
| The company has net current liabilities of £342,018 as at 31 August 2024 (2023: £2,107,221) and net liabilities of £1,527,966 as at 31 August 2024 (2023: £1,268,016). The director has 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 his assessment of the company's financial position and the financial position of the trading subsidiary, the director has reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. The parent company has also indicated that it does not intend to seek repayment of the amounts due at the Balance Sheet date in the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the annual financial statements. |
| Taxation |
| Tax on the profit and loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case the deferred tax relating to those items is recognised directly in equity or other comprehensive income. |
| Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. |
| Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the Group intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| New Barnsley Hotels Ltd (Registered number: 06531759) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Investments in subsidiaries |
| Investments in subsidiary company is stated at the net asset values of the subsidiary company which is considered to be its fair values, unless the net asset value is negative, in which case the investment's carrying value is considered to be nil. Differences between the net asset value and historical cost is recognised in other comprehensive income (OCI) in accordance with FRS 102.17.15.E-F, with net revaluation gains recognised in OCI and net revaluation losses in profit and loss to the extent that this is not reversals of previous revaluation gain |
| Borrowings classified as basic financial instruments |
| Borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses. |
| Other debtors / creditors |
| Other debtors are recognised initially at transaction price less attributable transaction costs. Other creditors are recognised initially at transaction price plus attributable transaction costs. Debtors and creditors payable or receivable within one year on initial recognition are measured at the undiscounted amount of the cash expected to be paid or received, net of impairment. |
| Cash and cash equivalents |
| Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Company's cash management are included as a component of cash and cash equivalents. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | FIXED ASSET INVESTMENTS |
| Investment |
| in |
| subsidiary |
| £ |
| COST OR VALUATION |
| At 1 September 2023 |
| Revaluations |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| The company owns the whole of the issued share capital of Brooklands Restaurants Holdings Ltd, a company incorporated in England and Wales. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Group relief receivable |
| Prepayments and accrued income |
| New Barnsley Hotels Ltd (Registered number: 06531759) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
| All debtors are due within one year. |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Amounts owed to group undertakings |
| Other creditors | 1,001 | 998 |
| Accrued expenses |
| The original loan facility was refinanced during the year. The new loan facility of £2.05million is available for 5 years from March 2024 at a fixed margin above the Bank of England Base Rate. |
| The bank loan is secured by first legal charges over the freehold land and buildings owned by group undertakings, debentures provided by certain group companies. |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bounce Back Loan | 33,575 | 38,017 |
| Bank Loan | 1,984,075 | - |
| Amounts owed to group undertakings |
| The loan from the company's parent undertaking is available at an average rate of finance to the group, plus a margin of 0.25% per annum. Terms of the loan were reviewed and extended to a further period of 3 years from 1 September 2022. |
| Financial liabilities measured at amortised cost are all included in creditors. |
| 9. | CONTINGENT LIABILITIES |
| The company's bankers have given a guarantee of £39,050 (2023: £36,374) to IHG Hotels Ltd which is secured by a charge over cash deposits, the franchisor of the Holiday Inn Brand. |
| 10. | RELATED PARTY DISCLOSURES |
| As the company is a wholly owned subsidiary of Chestnut Holdings Ltd, 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. |
| The director confirms that there are no other related party transactions other than those disclosed in these financial statements. |
| 11. | CONTROLLING PARTY |
| The immediate parent undertaking is Chestnut Holdings Ltd, a company incorporated in England and Wales. |
| The ultimate parent undertaking is Sycamore Ltd, a company registered in Isle of Man. |
| The ultimate controlling party is The Blue Waters Trust, a trust registered in Isle of Man. |