South Lakes Hotels Limited


Directors	DENBY, Peter Jonathan
	NICOLSON, Margaret Anne


Company Secretary	DENBY, Peter Jonathan


Registered Address	6 Station Road
	Hest Bank
	Lancaster
	LA2 6HP


Registered Number	05060576 (England and Wales)

Statement of Financial Position
31 December 2024

	Notes	2024		2023
		£	£	£	£
Fixed assets
Intangible assets	3		6,813		9,538
Tangible assets	4		2,617,855		2,597,895
			2,624,668		2,607,433
Current assets
Stocks	5	13,171		18,133
Debtors	6	1,804,538		1,659,625
Cash at bank and on hand		-		34,415
		1,817,709		1,712,173
Creditors amounts falling due within one year	7	(1,666,107)		(1,316,933)
Net current assets (liabilities)			151,602		395,240
Total assets less current liabilities			2,776,270		3,002,673
Creditors amounts falling due after one year	8		(2,269,592)		(2,409,510)
Provisions for liabilities	9		(177,564)		(159,340)
Net assets			329,114		433,823
Capital and reserves
Called up share capital			139,393		139,393
Profit and loss account			189,721		294,430
Shareholders' funds			329,114		433,823

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 16 September 2025, and are signed on its behalf by:

DENBY, Peter Jonathan
Director
Registered Company No. 05060576

South Lakes Hotels Limited

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

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

	Basis of preparation
	The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Employee benefits
	Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets’; residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets’; residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income.

Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Land and buildings	-	50
Plant and machinery	15	-
Vehicles	25	-

	Stocks and work in progress
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of financial position, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Statement of Earnings.

Stocks and work in progress

Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

At each date of Statement of financial position, inventories are assessed for impairment.  If inventory is impaired, the carrying amount is reduced to its selling price less costs to completed the sale.  The impairment loss is recognised immediately in the Statement of Earnings.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares

2.	Average number of employees


		2024		2023
	Average number of employees during the year	42		39

3.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 January 24	13,625	13,625
At 31 December 24	13,625	13,625
Amortisation and impairment
At 01 January 24	4,087	4,087
Charge for year	2,725	2,725
At 31 December 24	6,812	6,812
Net book value
At 31 December 24	6,813	6,813
At 31 December 23	9,538	9,538

4.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Total
	£	£	£	£
Cost or valuation
At 01 January 24	2,374,297	1,310,236	1,219	3,685,752
Additions	-	159,330	-	159,330
At 31 December 24	2,374,297	1,469,566	1,219	3,845,082
Depreciation and impairment
At 01 January 24	505,303	581,340	1,214	1,087,857
Charge for year	39,172	100,197	1	139,370
At 31 December 24	544,475	681,537	1,215	1,227,227
Net book value
At 31 December 24	1,829,822	788,029	4	2,617,855
At 31 December 23	1,868,994	728,896	5	2,597,895


	Included in Land and buildings is land at a cost of £402,078 (2023, £402,078), which is not depreciated.

5.	Stocks

	2024	2023
	£	£
Raw materials and consumables	13,171	18,133
Total	13,171	18,133

6.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	173	287,327
Amounts owed by group undertakings	1,503,492	1,294,626
Other debtors	267,680	35,419
Prepayments and accrued income	33,193	42,253
Total	1,804,538	1,659,625

7.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	80,878	83,241
Bank borrowings and overdrafts	166,265	128,920
Amounts owed to related parties	490,203	496,529
Taxation and social security	92,796	107,392
Other creditors	779,212	457,150
Accrued liabilities and deferred income	56,753	43,701
Total	1,666,107	1,316,933


	Bank loans and overdrafts are secured by a fixed and floating charge over the company's assets.

8.	Creditors: amounts due after one year

	2024	2023
	£	£
Bank borrowings and overdrafts	2,269,592	2,409,510
Total	2,269,592	2,409,510


	Bank loans and overdrafts are secured by a fixed and floating charge over the company's assets. Bank loans outstanding at the year end include instalments due after more than 5 years of £2,000,000 (2023 - £2,000,000)

9.	Provisions for liabilities

	2024	2023
	£	£
Net deferred tax liability (asset)	177,564	159,340
Total	177,564	159,340

10.	Pension commitments
	The pension cost charge represents contributions payable by the company to the fund and amounted to £10,704 (2023 - £10,894).