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| 2. |
Summary of Significant Accounting Policies |
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The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. |
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Statement of compliance |
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The financial statements of the company for the year ended 30 September 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006. |
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Basis of preparation |
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The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. |
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Revenue |
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Turnover represents the total invoice value, excluding value added tax, of sales made during the year. |
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Property, plant and equipment and depreciation |
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Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows: |
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Short leasehold property |
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5% Reducing Balance |
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Plant and machinery |
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20% Reducing Balance |
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Fixtures, fittings and equipment |
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20% Reducing Balance |
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Motor vehicles |
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15% Reducing Balance |
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The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
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Financial assets |
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Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Income Statement in the year in which it is receivable. |
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Inventories |
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Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling. |
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Trade and other receivables |
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Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. |
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Borrowing costs |
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Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. |
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Provisions |
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Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. |
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Trade and other payables |
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Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. |
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Employee benefits |
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The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. |
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Taxation |
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Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date. |
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Foreign currencies |
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Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement. |
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Ordinary share capital |
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The ordinary share capital of the company is presented as equity. |
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Exceptional item |
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Exceptional items are those that the directors' view are required to be separately disclosed by virtue of their size or incidence to enable a full understanding of the company's financial performance. |
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| 8. |
Payables |
2024 |
2023 |
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Amounts falling due within one year |
£ |
£ |
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Trade Loans |
24,000 |
24,000 |
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Net obligations under finance leases |
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and hire purchase contracts |
16,800 |
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Trade payables |
50,703 |
138,087 |
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Amounts owed to connected parties (Note 12) |
1,222,025 |
1,681,067 |
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Taxation (Note 10) |
189,097 |
199,377 |
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Directors' current accounts |
5,404 |
29,890 |
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Other creditors |
6,754 |
10,332 |
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Accruals |
429,177 |
351,677 |
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───────── |
───────── |
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1,943,960 |
2,434,430 |
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Securities
Debenture dated 16/02/2006. Securing all moneys now due, or hereafter to become due, or from time to time accruing due from Bangor Marine Court Hotel Limited to the Bank of Ireland.
Inter Company Cross Guarantee dated 16/02/2006. Amount unlimited from Chester Park Inns Limited/Bangor Marine Court Hotel Limited/Braidview Trading Limited.
Inter Company Cross Guarantee dated 18/09/2012 and Charge Over Licenses. Amount unlimited from Dukes Belfast LLP/Chester Park Inns Limited/Bangor Marine Court Hotel Limited/Braidview Trading Limited.
First mortgage/charge over The Chester and the intoxicating liquor license attached thereto,
Insurance policy for The Chester with Tennents named as co-insured or sole loss payee,
Personal guarantees from Eamon Diamond and Eileen Diamond, recourse under which to be limited to enforcement of the mortgage/chargeover The Chester,
Deed of postponement in relation to all intercompany/LLP loans and director/member loans.
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| 9. |
Payables |
2024 |
2023 |
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Amounts falling due after more than one year |
£ |
£ |
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Trade Loans |
26,392 |
26,392 |
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Finance leases and hire purchase contracts |
39,181 |
- |
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65,573 |
26,392 |
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Loans |
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Repayable in one year or less, or on demand (Note 8) |
24,000 |
24,000 |
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Repayable between one and two years |
24,000 |
24,000 |
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Repayable between two and five years |
2,392 |
2,392 |
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50,392 |
50,392 |
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Net obligations under finance leases |
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and hire purchase contracts |
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Repayable within one year |
16,800 |
- |
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Repayable between one and five years |
39,181 |
- |
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55,981 |
- |
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| 12. |
Related party transactions |
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The following amounts are due to other connected parties: |
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2024 |
2023 |
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£ |
£ |
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Chester Park Inns Limited |
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999,450 |
1,009,330 |
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Braidview Trading Limited |
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222,575 |
671,737 |
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1,222,025 |
1,681,067 |
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Chester Park Inns Limited
Eamon and Eileen Diamond are directors and shareholders of Chester Park Inns Limited and Bangor Marine Court Hotel Limited. At the 1 October 2023 Bangor Marine Court Hotel Limited owed Chester Park Inns Limited £1,009,330. During the year net transactions between the two entities totalled £9,880, leaving a closing amount payable by Bangor Marine Court Hotel Limited of £999,450 at 30 September 2024.
Braidview Trading Limited
Eamon and Eileen Diamond are directors and shareholders of Braidview Trading Limited and Bangor Marine Court Hotel Limited. At the 1 October 2023 Bangor Marine Court Hotel Ltd owed Braidview Trading Limited £671,737. During the year net transactions between the two entities totalled £449,162 leaving a closing balance of £222,575 payable by Bangor Marine Court Hotel Limited at 30 September 2024.
Dukes Belfast LLP
Bangor Marine Court Hotel Limited is a member of Dukes Belfast LLP. At the 1 October 2023 Bangor Marine Court Hotel Limited had a capital account balance of £1,727,274 in Dukes Belfast LLP. During the year net transactions between the two entities totalled £127,214. In addition to this Bangor Marine Court Hotel Limited was assigned a Profit of £10,989 from Dukes Belfast LLP leaving a closing balance of £1,611,049 as at 30 September 2024.
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