REGISTERED NUMBER: 05100521 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

BANKS HOTEL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S Takhar

Mrs I K Takhar

P S Takhar

SECRETARY:

Mrs I K Takhar

REGISTERED OFFICE:

114-116 Goodmayes Road

Ilford

Essex

IG3 9UZ

REGISTERED NUMBER:

05100521 (England and Wales)

AUDITORS:

Ashfords Partnership LLP

114-116 Goodmayes Road

Ilford

Esex

IG3 9UZ

FIXED ASSETS

Intangible assets

4

-

14,000

Tangible assets

5

1,666,483

1,709,794

1,666,483

1,723,794

CURRENT ASSETS

Debtors

6

5,017,432

4,197,096

Cash at bank and in hand

318,738

142,469

5,336,170

4,339,565

CREDITORS

Amounts falling due within one year

7

965,248

722,203

NET CURRENT ASSETS

4,370,922

3,617,362

TOTAL ASSETS LESS CURRENT LIABILITIES

6,037,405

5,341,156

CREDITORS

Amounts falling due after more than one year

8

(3,034,103

)

(3,151,655

)

PROVISIONS FOR LIABILITIES

9

(128,765

)

(128,765

)

NET ASSETS

2,874,537

2,060,736

CAPITAL AND RESERVES

Called up share capital

10

100

100

Fair value reserve

11

607,105

607,105

Retained earnings

11

2,267,332

1,453,531

SHAREHOLDERS' FUNDS

2,874,537

2,060,736

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 September 2025 and were signed on its behalf by:

S Takhar - Director

1.	STATUTORY INFORMATION

Banks Hotel Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on reducing balance and 10% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Freehold property

The company incorporated FRSSE depreciation policy for freehold property from 2011 onwards.

Going concern

The accounts have been prepared on going concern basis. The directors have concluded that the company will continue to receive adequate financial assistance from the Directors, Bankers and other creditors and fellow subsidiaries.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2023

and 30 June 2024

280,000

AMORTISATION

At 1 July 2023

266,000

Charge for year

14,000

At 30 June 2024

280,000

NET BOOK VALUE

At 30 June 2024

-

At 30 June 2023

14,000

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 July 2023

and 30 June 2024

2,007,083

123,563

2,130,646

DEPRECIATION

At 1 July 2023

318,259

102,593

420,852

Charge for year

40,142

3,169

43,311

At 30 June 2024

358,401

105,762

464,163

NET BOOK VALUE

At 30 June 2024

1,648,682

17,801

1,666,483

At 30 June 2023

1,688,824

20,970

1,709,794

Cost or valuation at 30 June 2024 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2019

749,512

-

749,512

Cost

1,257,571

123,563

1,381,134

2,007,083

123,563

2,130,646

6.

DEBTORS

30.6.24

30.6.23

£

£

Amounts falling due within one year:

Trade debtors

181,521

17,118

Other debtors

17,486

15,608

199,007

32,726

Amounts falling due after more than one year:

Amounts owed by group undertakings

4,788,567

4,134,512

Amounts owed by associates

29,858

29,858

4,818,425

4,164,370

Aggregate amounts

5,017,432

4,197,096

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.24

30.6.23

£

£

Bank loans and overdrafts

480,000

451,110

Trade creditors

97,659

106,256

Taxation and social security

360,367

136,072

Other creditors

27,222

28,765

965,248

722,203

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.24

30.6.23

£

£

Bank loans

1,697,093

1,965,030

Amounts owed to group undertakings

1,337,010

1,186,625

3,034,103

3,151,655

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

160,590

9.	PROVISIONS FOR LIABILITIES

30.6.24

30.6.23

£

£

Deferred tax

Accelerated Cap Allowances

128,765

128,765

Deferred

tax

£

Balance at 1 July 2023

128,765

Deferred tax

Balance at 30 June 2024

128,765

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.24

30.6.23

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 July 2023

1,453,531

607,105

2,060,636

Profit for the year

813,801

813,801

At 30 June 2024

2,267,332

607,105

2,874,437

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ashok Mukundlal Shah (Senior Statutory Auditor)

for and on behalf of Ashfords Partnership LLP

13.	ULTIMATE CONTROLLING PARTY

The company was controlled throughout the current and previous year by the directors, Mr S S Takhar, and Mrs I K Takhar by virtue of their ownership of the majority issued share capital of SIP Group Limited, the parent company.