Grand Hotel Excelsior International Limited 30/06/2024 iXBRL

Company registration number: 08165696

Grand Hotel Excelsior International Limited

Unaudited filleted financial statements

30 June 2024

Grand Hotel Excelsior International Limited

Statement of financial position

30 June 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Tangible assets	5	17,954,958		17,362,243
		_______		_______
			17,954,958		17,362,243

Current assets
Stocks		14,154		4,500
Debtors	6	1,949,737		1,346,376
Cash at bank and in hand		56,056		57,066
		_______		_______
		2,019,947		1,407,942
Creditors: amounts falling due
within one year	7	( 1,373,208)		( 1,609,437)
		_______		_______
Net current assets/(liabilities)			646,739		( 201,495)
			_______		_______
Total assets less current liabilities			18,601,697		17,160,748

Creditors: amounts falling due
after more than one year	8		( 18,038,092)		( 15,137,573)

Provisions for liabilities			( 110,284)		( 696,569)

			_______		_______
Net assets			453,321		1,326,606
			_______		_______

Capital and reserves
Called up share capital			25,000		25,000
Profit and loss account			428,321		1,301,606
			_______		_______
Shareholders funds			453,321		1,326,606
			_______		_______

For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 19 June 2025 , and are signed on behalf of the board by:

Mrs P G Elliott

Director

Company registration number: 08165696

Grand Hotel Excelsior International Limited

Notes to the financial statements

Year ended 30 June 2024

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Hazelwood, Gregory Lane, Durley, Southampton, SO32 2BS.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

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.

Going concern

The Directors believe that the company will have adequate resources to meet its liabilities as they fall due and so to operate as a going concern for a period of at least twelve months from the date of these financial statements. This is on the basis of funding which has been made available to the company from related companies. The Directors therefore consider it appropriate to continue to adopt the going concern basis in the preparation of these accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold property	-	Nil
Fittings fixtures and equipment	-	15 %	reducing balance
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 76 (2023: 40 ).

5. Tangible assets

	Freehold property	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 July 2023	17,008,097	411,322	13,888	17,433,307
Additions	637,714	10,305	-	648,019
	_______	_______	_______	_______
At 30 June 2024	17,645,811	421,627	13,888	18,081,326
	_______	_______	_______	_______
Depreciation
At 1 July 2023	-	63,558	7,504	71,062
Charge for the year	-	53,710	1,596	55,306
	_______	_______	_______	_______
At 30 June 2024	-	117,268	9,100	126,368
	_______	_______	_______	_______
Carrying amount
At 30 June 2024	17,645,811	304,359	4,788	17,954,958
	_______	_______	_______	_______
At 30 June 2023	17,008,097	347,764	6,384	17,362,245
	_______	_______	_______	_______

The directors believe that the market value of the company's freehold properties is in excess of its book value and therefore no depreciation has been provided.

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:


	Freehold property	Total
	£	£
At 30 June 2024
Aggregate cost	14,007,651	14,007,651
Aggregate depreciation	-	-
	_______	_______
Carrying amount	14,007,651	14,007,651
	_______	_______

At 30 June 2023
Aggregate cost	13,369,937	13,369,937
Aggregate depreciation	-	-
	_______	_______
Carrying amount	13,369,937	13,369,937
	_______	_______

6. Debtors

	2024	2023
	£	£
Trade debtors	-	5,712
Other debtors	1,949,737	1,340,664
	_______	_______
	1,949,737	1,346,376
	_______	_______

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	505,318	1,005,187
Trade creditors	39,067	4,284
Social security and other taxes	39,547	-
Other creditors	789,276	599,966
	_______	_______
	1,373,208	1,609,437
	_______	_______

A deferred consideration of £500,000 for the purchase of a freehold property is included in 'Other creditors'. This is interest free and repayable by 25 November 2024.

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	32,775	38,090
Other creditors	18,005,317	15,099,483
	_______	_______
	18,038,092	15,137,573
	_______	_______

Included within creditors: amounts falling due after more than one year is an amount of £ 9,680 (2023 £ 15,843 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Included within creditors: amounts falling due after more than one year is an amount of £ 18,005,316 (2023 £ 14,599,483 ) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.

The term loan from a connected company of £18,005,316 ( last year £14,599,483) bears interest at 8% per annum and is repayable on 14 March 2030. .

9. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2024
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr S W G Elliott	( 2,982)	2,982	-
		_______	_______	_______

2023
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr S W G Elliott	( 2,982)	-	( 2,982)
		_______	_______	_______

The director's loan is interest free and repayable on demand.

10. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2024	2023	2024	2023
	£	£	£	£
Slipform Engineering International (2000) Ltd	844,984	( 597,473)	1,939,241	1,094,257
Swan Capital Ltd	( 3,405,833)	3,489,279	( 18,005,316)	( 14,599,483)
Excelsior Hotels International Ltd	-	1,734	( 540,199)	( 540,199)
Swan Property Group Ltd	( 424,474)	-	( 194,474)	230,000
Asia Pacific World Holdings Ltd	( 1,635)	3,810	( 9,307)	( 7,672)
GHE (RS) Ltd	( 4,483)	( 393)	6,222	1,739
Slipform Engineering International Ltd - BVI	( 3,014)	16,649	( 13,635)	( 16,649)
	_______	_______	_______	_______

The loans to and from the companies under common control are interest free and repayable on demand with the exception of the Swan Capital Loan amounting to £18,005,316,408 (last year £14,599,483) which is repayable on 14 March 2030 and which bears interest of 8% per annum.

11. Controlling party

The company is controlled by Mrs P G Elliott .