| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 August 2024 |
| for |
| Cool Inn Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 August 2024 |
| for |
| Cool Inn Limited |
| Cool Inn Limited (Registered number: 04714502) |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Cool Inn Limited |
| Company Information |
| for the Year Ended 31 August 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 173 Cleveland Street |
| London |
| W1T 6QR |
| Cool Inn Limited (Registered number: 04714502) |
| Balance Sheet |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 8 |
| 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. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Cool Inn Limited (Registered number: 04714502) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| Cool Inn Limited is a |
| 2. | STATEMENT OF COMPLIANCE |
| These financial statements have been prepared in compliance with Section 1A of 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 have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. |
| The financial statements are prepared in sterling, which is the functional currency of the entity. |
| Investments in subsidiaries |
| Investments in subsidiary company by the parent company are stated at the net asset values of the subsidiary companies, which is considered to be their 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 are recognised in other comprehensive income (OCI), with net revaluation gains recognised in OCI and net revaluation losses in profit and loss to the extent that these are not reversals of previous revaluation gain. |
| 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. |
| Consolidation |
| In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts. |
| 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. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Cool Inn Limited (Registered number: 04714502) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST OR VALUATION |
| At 1 September 2023 |
| Revaluations |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| Cost or valuation at 31 August 2024 is represented by: |
| Shares in |
| group |
| undertakings |
| £ |
| Valuation in 2024 | 1,272,378 |
| Cost | 4,987,895 |
| 6,260,273 |
| The company owns 100% of the issued share capital of Atlantic Hotels (Chelmsford) Ltd, a company incorporated in England and Wales, which owns and operates a hotel within the United Kingdom. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts owed to group undertakings |
| Amounts owed to group undertakings bear interest at 8.79% per annum (2023: 7.36% per annum). |
| Cool Inn Limited (Registered number: 04714502) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 8. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 September 2023 |
| Movement in the year | 1,272,378 |
| At 31 August 2024 |
| 9. | CONTINGENT LIABILITIES |
| 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 and debenture, over the subsidiary's land and buildings. At the balance sheet date, the bank borrowing outstanding of the group undertaking was £2.2m (2023: £2.91m). |
| 10. | ULTIMATE CONTROLLING PARTY |
| The company is a wholly owned subsidiary of Baobao Limited, a company registered in England and Wales. Its ultimate parent undertaking is Sycamore Limited, a company registered in Isle of Man. |