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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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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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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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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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| 7. |
Related party transactions |
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Balance |
Movement |
Balance |
Maximum |
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2024 |
in year |
2023 |
in year |
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£ |
£ |
£ |
£ |
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Bangor Marine Court Hotel Ltd |
999,450 |
(9,880) |
1,009,330 |
1,009,330 |
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───────── |
───────── |
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═════════ |
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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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Braidview Trading Ltd |
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560,091 |
536,565 |
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═════════ |
═════════ |
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Net balances with other connected parties: |
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2024 |
2023 |
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£ |
£ |
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Bangor Marine Court Hotel Ltd |
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999,450 |
1,009,330 |
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Braidview Trading Ltd |
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(560,091) |
(536,565) |
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───────── |
───────── |
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439,359 |
472,765 |
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Bangor Marine Court Hotel Ltd
Eamon and Eileen Diamond are shareholders and directors of Chester Park Inns Limited and Bangor Marine Court Hotel Ltd. At the 1st of October 2023 Bangor Marine Court Hotel Ltd owed Chester Park Inns Ltd £1,009,330 . Net transfers between the entities totalled £9,880 in the year leaving a closing debtor balance of £999,450 at 30th September 2024.
Braidview Trading Limited
Eamon and Eileen Diamond are shareholders and directors of Chester Park Inns Limited and Braidview Trading Ltd. At the 1st of October 2023 Chester Park Inns Ltd owed Braidview Trading Ltd £536,565. Net transfers between the two entities totalled £23,526 leaving a closing creditor balance of £560,091 at 30th September 2024.
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