| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30 September 2024 |
| for |
| The Furzedown Hotel Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30 September 2024 |
| for |
| The Furzedown Hotel Limited |
| The Furzedown Hotel Limited (Registered number: 09638212) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 3 |
| The Furzedown Hotel Limited (Registered number: 09638212) |
| Balance Sheet |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Fixed assets |
| Tangible assets | 5 |
| Current assets |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| Creditors |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| Net current (liabilities)/assets | ( |
) |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| Provisions for liabilities | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital |
| 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 Furzedown Hotel Limited (Registered number: 09638212) |
| Balance Sheet - continued |
| 30 September 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| The Furzedown Hotel Limited (Registered number: 09638212) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | Statutory information |
| The Furzedown Hotel Limited is a |
| Registered number: |
| Registered office: |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | Statement of compliance |
| 3. | Accounting policies |
| Basis of preparing the financial statements |
| Critical accounting judgements and key sources of estimation uncertainty |
| The preparation of the financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| Given the straightforward operations and financial position of the company, there are not considered to be any key sources of judgement or estimation uncertainty within these financial statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| The Furzedown Hotel Limited (Registered number: 09638212) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 3. | Accounting policies - continued |
| Tangible fixed assets |
| Tangible fixed 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. |
| 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 - 2% straight line |
| Fixtures and fittings - 15% reducing balance |
| Motor vehicles - 25% reducing balance |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
| slow moving items. Net realisable value is calculated at the lower of cost or selling price less cost to complete. |
| Financial instruments |
| A financial asset or a financial liability is recognised only when the entity 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. |
| Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
| For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are 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. |
| The Furzedown Hotel Limited (Registered number: 09638212) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 3. | Accounting policies - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
| 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. |
| 4. | Employees and directors |
| The average number of employees during the year was |
| The Furzedown Hotel Limited (Registered number: 09638212) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 5. | Tangible fixed assets |
| Fixtures |
| Freehold | and | Motor |
| property | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| Cost |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 September 2024 |
| Depreciation |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 September 2024 |
| Net book value |
| At 30 September 2024 |
| At 30 September 2023 |
| 6. | Debtors: amounts falling due within one year |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | Creditors: amounts falling due within one year |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| The Furzedown Hotel Limited (Registered number: 09638212) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 8. | Creditors: amounts falling due after more than one year |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Other creditors |
| Included in other creditors: amounts falling due after more than one year is an amount of £18,275 (2023 : £31,813) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date. |
| Interest is charged at market rate. |
| Included in other creditors is a balance of £100,000 which relates to redeemable preference shares of £1 each. The redeemable preference shares have been treated as a liability of the company and included within other creditors, due in greater than one year. |
| Redemption of the preference shares, wholly or in part, is at the option of the company on seven days notice to the preference shareholders, provided that the preference shares including all arrears of the preference dividend have been paid in full. The shares are redeemable at par together with all arrears of the preference dividend up to the date of redemption. There is no fixed date for redemption. |