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The Royal Toby Hotel (Castleton) Limited
Company Information
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The Royal Toby Hotel (Castleton) Limited
Contents
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The Royal Toby Hotel (Castleton) Limited
Strategic Report
For the year ended 30 September 2024
The directors present their strategic report for the year ended 30 September 2024.
The directors continued to invest in the Royal Toby with the final floor of the hotel refurbishment being completed during March 2024. The Royal Toby faced challenges with a reduction in hotel occupancy levels and a decline in the overall wedding market. As a result, sales decreased by 4.5% to £3.955m. The directors consider this to be a strong performance given the “cost of living crisis”, the impact of Covid on the wedding market, reduction in room availability resulting from the refurbishment, and increasing competition. The extra bed capacity in the market from the opening of a new hotel by a competitor impacted the hotel performance.
The gross margin decreased by 1.8% (from 73.8% to 72%) and overall gross profit decreased by 6.82% following the reduction in accommodation revenue and the inflationary pressures on food and drink prices. Key expenditure in the business including wages, utilities and interest rates all saw significant increases with these costs not able to be passed on in full to customers. Despite these inflationary market pressures, the business was profitable producing a profit before tax of £186k with net assets increasing by £59k. The year-on-year reduction in profit was anticipated given the cost increases and pressure on consumer spending. Positive customer feedback remains high with the business delivering a quality customer experience. The underlying business remains stable. Principal risks and uncertainties The company is part of a group headed by Deckers Hospitality Group Limited (“the group”). The directors consider the principal risks and uncertainties facing the group to be financial, liquidity, credit and legislative. Pandemic Risk Although the risk of another Pandemic exists, the directors believe the learnings from Covid 19 can be applied to mitigate the impact of any future closures. Financial Risk The directors monitor the interest rate closely. The company has previously used interest rate hedges and may do so again in the future if the directors consider it necessary to to reduce the uncertainty. Liquidity Risk The company aims to mitigate liquidity risk by managing cash generation from operations. Investment is carefully monitored, with authorisation limits operating up to Board level. The approval procedures apply to all capital items. The method of funding to be used is dictated in each case by the cash flow implications. Credit Risk Debtors represent a significant level of the company’s financial assets. Levels of credit are carefully monitored and reviewed by the directors. The group manages its credit risk through credit insurance for the substantial part of the debt contained within the wholesale business.
Page 1
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The Royal Toby Hotel (Castleton) Limited
Strategic Report (continued)
For the year ended 30 September 2024
The company uses a number of key performance indicators in assessing and driving performance. The key financial and non-financial indicators used by the company are sales, gross margin, net profit, bank balances, net assets, delivery targets and customer feedback.
This report was approved by the board and signed on its behalf.
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The Royal Toby Hotel (Castleton) Limited
Directors' Report
For the year ended 30 September 2024
The directors present their report and the financial statements for the year ended 30 September 2024.
The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
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 judgments 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 2006. They 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.
The profit for the year, after taxation, amounted to £157,821 (2023 - £407,497).
Dividends of £100,000 (2023: £390,000) were paid during the year.
The directors who served during the year were:
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The Royal Toby Hotel (Castleton) Limited
Directors' Report (continued)
For the year ended 30 September 2024
The directors continue to be focussed on controlling key costs and overheads. The energy contract ended in October 2024 with the business benefitting from a significant reduction in prices. Merchant card fees have been renegotiated and interest rates are anticipated to keep reducing, all helping to ease pressure on the cost base.
The Autumn 2024 Chancellor's budget is forecast to have a significant impact on the business. The directors have addressed this by re-engineering job roles and menus to control the hours of employment per £ of income generated. The increased pressure on the hospitality industry from government policy needs to be considered by the directors before further capital expenditure on the site is incurred. The business is financed centrally by Deckers Hospitality Group, the directors have no concerns over the viability of the business to continue as a going concern.
There have been no significant events affecting the Company since the year end.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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The Royal Toby Hotel (Castleton) Limited
Independent Auditors' Report to the Members of The Royal Toby Hotel (Castleton) Limited
We have audited the financial statements of The Royal Toby Hotel (Castleton) Limited (the 'Company') for the year ended 30 September 2024, which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and the related notes, including a summary of significant accounting policies. The 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).
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.
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.
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 Report. Our 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.
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The Royal Toby Hotel (Castleton) Limited
Independent Auditors' Report to the Members of The Royal Toby Hotel (Castleton) Limited (continued)
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.
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.
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The Royal Toby Hotel (Castleton) Limited
Independent Auditors' Report to the Members of The Royal Toby Hotel (Castleton) Limited (continued)
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:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, Anti-bribery and Corruption and the Alcohol Wholesaler Registration Scheme.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
∙Reading minutes of meetings of those charges with governance.
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The Royal Toby Hotel (Castleton) Limited
Independent Auditors' Report to the Members of The Royal Toby Hotel (Castleton) Limited (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, 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 or intentional misrepresentations, or through collusion.
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.
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 2006. Our 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Stockport
SK1 3GG
Page 8
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The Royal Toby Hotel (Castleton) Limited
Statement of Comprehensive Income
For the year ended 30 September 2024
Page 9
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The Royal Toby Hotel (Castleton) Limited
Registered number: 07180111
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 25 form part of these financial statements.
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The Royal Toby Hotel (Castleton) Limited
Statement of Changes in Equity
For the year ended 30 September 2024
Page 11
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The Royal Toby Hotel (Castleton) Limited
Notes to the Financial Statements
For the year ended 30 September 2024
The Royal Toby (Casteton) Limited is a private company limited by shares and incorporated in England. The registered office is Unit F, Royle Pennine Trading Estate, Lynroyle Way, Rochdale, OL11 3EX.
The principal activity of the company was that of a restaurateur and hotelier.
2.Accounting policies
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 judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Deckers Hospitality Group Limited as at 30 September 2024 and these financial statements may be obtained from Companies House.
Revenue from hotel rooms is recognised when rooms are occupied and as services are provided after the deduction of discounts and sales-based taxes. Revenue from function room hire is recognised at the date of event and as services are provided after the deduction of discounts and sales-based taxes.
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The Royal Toby Hotel (Castleton) Limited
Notes to the Financial Statements
For the year ended 30 September 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
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The Royal Toby Hotel (Castleton) Limited
Notes to the Financial Statements
For the year ended 30 September 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
No depreciation has been provided on freehold buildings contrary to Financial Reporting Standard 102, which require that provision be made for depreciation of fixed assets having a finite useful life. The directors are of the opinion that the residual values at the end of the estimated useful lives of the buildings are not likely to be materially different from their carrying values. This is because it is the company's policy to maintain buildings in such a condition that their value is not diminished by the passage of time and the relevant expenditure is charged to profit before tax in the year in which it is incurred. Therefore, any element of depreciation is considered to be immaterial and no provision made.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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The Royal Toby Hotel (Castleton) Limited
Notes to the Financial Statements
For the year ended 30 September 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
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.
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The Royal Toby Hotel (Castleton) Limited
Notes to the Financial Statements
For the year ended 30 September 2024
2.Accounting policies (continued)
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 instruments 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.
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The Royal Toby Hotel (Castleton) Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Depreciation Management of the company exercises judgement in estimating the useful economic life of property, plant, and equipment; such estimations are reviewed regularly to ensure they remain appropriate. Management have judged that the residual values at the end of the estimated useful lives of the buildings are not likely to be materially different from their carrying values. This is because it is the company’s policy to maintain buildings in such a condition that their value is not diminished by the passage of time, and the relevant expenditure is charged to profit before tax in the year in which it is incurred. Value of property Management consider the value of the company’s freehold property and make appropriate provision for impairment where it is believed that the realisable value of a property is below its book value. No further revaluations were made during the period.
The whole of the turnover is attributable to the principal activity of the company.
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The Royal Toby Hotel (Castleton) Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 18
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The Royal Toby Hotel (Castleton) Limited
Notes to the Financial Statements
For the year ended 30 September 2024
There were no factors that may affect future tax charges.
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The Royal Toby Hotel (Castleton) Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 20
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The Royal Toby Hotel (Castleton) Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 21
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The Royal Toby Hotel (Castleton) Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 22
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The Royal Toby Hotel (Castleton) Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 23
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The Royal Toby Hotel (Castleton) Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Revaluation reserve
Profit and loss account
Contingent liabilities with the company's bankers
There is a group cross-company unlimited guarantee dated 2 May 2013 in favour of HSBC Bank plc. The guarantee was given by Deckers Hospitality Group Limited, Deckers Trading Limited, Sale Waterpark Restaurant Limited, and The Royal Toby Hotel (Castleton) Limited. The company’s ultimate parent has a bank loan. This bank loan is secured by a debenture including a fixed and floating charge over the group's present freehold and leasehold property, book and other debts, chattels, goodwill, and uncalled capital, dated 3 May 2013. The total amount of loan outstanding at the balance sheet date was £2,216,117 (2023: £2,440,756). Contingent liabilities with HMRC The company is included within a group registration for VAT purposes and is therefore jointly and severally liable for all group companies' VAT liabilities. The total potential liability for the period end was £158,928 (2023: £168,525).
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 £480 (2023 - £23,164) . Contributions totalling £Nil (2023 - £1,024) were payable to the fund at the balance sheet date and are included in creditors.
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The Royal Toby Hotel (Castleton) Limited
Notes to the Financial Statements
For the year ended 30 September 2024
The immediate and ultimate parent company is Deckers Hospitality Group Limited, a company incorporated in England & Wales. Deckers Hospitality Group Limited is the parent company of the smallest and largest group for which consolidated accounts are prepared. The registered address of Deckers Hospitality Group Limited is Unit F, Royle Pennine Trading Estate, Lynroyle Way, Rochdale, OL11 3EX.
The ultimate controlling parties are Mr C Brierley, Mr M Brierley and Mrs V Cosgrove.
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