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Registration number: 08013630

The New Ocean Hotel Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

The New Ocean Hotel Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 10

 

The New Ocean Hotel Limited

(Registration number: 08013630)
Statement of Financial Position as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

852,427

908,298

Current assets

 

Stocks

5

4,500

4,500

Debtors

6

40,150

222,892

Cash at bank and in hand

 

314,860

85,569

 

359,510

312,961

Creditors: Amounts falling due within one year

7

(286,578)

(340,667)

Net current assets/(liabilities)

 

72,932

(27,706)

Total assets less current liabilities

 

925,359

880,592

Creditors: Amounts falling due after more than one year

7

(589,142)

(661,543)

Provisions for liabilities

(12,969)

(9,799)

Net assets

 

323,248

209,250

Capital and reserves

 

Called up share capital

8

100

100

Capital redemption reserve

200

200

Profit and loss account

322,948

208,950

Shareholders' funds

 

323,248

209,250

For the financial year ending 31 March 2025 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 20 August 2025 and signed on its behalf by:
 


Mrs C Jordaan
Director

 

The New Ocean Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
26 Birnbeck Road
Weston super Mare
North Somerset
BS23 2BS

Principal activity

The principal activity of the company is that of a hotel.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

The New Ocean Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements 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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property

4% straight line

Property Improvements

25% reducing balance

 

The New Ocean Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2

Accounting policies (continued)

Fixtures, Fittings and Equipment

25% reducing balance

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

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

 

The New Ocean Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2024 - 29).

 

The New Ocean Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

4

Tangible assets

Land and buildings
£

Property improvement
£

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 1 April 2024

1,659,208

57,419

195,356

1,911,983

Additions

-

10,008

22,160

32,168

At 31 March 2025

1,659,208

67,427

217,516

1,944,151

Depreciation

At 1 April 2024

796,418

51,263

156,004

1,003,685

Charge for the year

66,369

4,734

16,936

88,039

At 31 March 2025

862,787

55,997

172,940

1,091,724

Carrying amount

At 31 March 2025

796,421

11,430

44,576

852,427

At 31 March 2024

862,790

6,156

39,352

908,298

Included within the net book value of land and buildings above is £796,421 (2024 - £862,790) in respect of freehold land and buildings.
 

5

Stocks

2025
£

2024
£

Raw materials and consumables

4,500

4,500

6

Debtors

2025
£

2024
£

Other debtors

40,150

222,892

40,150

222,892

 

The New Ocean Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

10

23,437

63,454

Trade creditors

 

27,872

34,941

Taxation and social security

 

140,850

138,482

Other creditors

 

94,419

103,790

 

286,578

340,667


 

The bank loans and borrowings are secured by a fixed and floating charge over the assets of the Company.

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

10

589,142

661,543

2025
£

2024
£

Due after more than five years

After more than five years by instalments

579,690

579,690

£0.00

£0.00

Interest is due on this loan at the Barclays Floating Basis Term Rate, subject to a minimum of 2.85%.

The bank loans and borrowings are secured by a fixed and floating charge over the assets of the Company.

 

The New Ocean Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

8

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary shares of £1 each

-

-

-

-

A Ordinary shares of £1 each

80

80

80

80

B Ordinary shares of £1 each

20

20

20

20

100

100

100

100

On 5 May 2023 the Company purchased 200 £1 Ordinary shares through a share buy back with a Director for £1,000,000.

On 25 August 2023, the 100 £1 Ordinary shares were reclassified as 80 £1 A Ordinary shares and 20 £1 B Ordinary shares.

9

Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses, net of dividends paid and other adjustments.


Capital redemption reserve

This reserve records the nominal value of the company's own shares purchased by the company out of distributable profits.

 

The New Ocean Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

10

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

589,142

661,543

Current loans and borrowings

2025
£

2024
£

Bank borrowings

23,437

63,454

Included in the loans and borrowings are the following amounts due after more than five years:

 

The New Ocean Hotel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

11

Related party transactions

Transactions with directors

2025

At 1 April 2024
£

Advances to director
£

Repayments by director
£

At 31 March 2025
£

Directors' loans

206,897

530,866

(702,455)

35,308

         
       

 

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Directors' loans

(10,280)

433,843

(216,666)

206,897

 

Interest is paid on the Directors' loans at a rate the same as or exceeding the HMRC beneficial loan rate.