REGISTERED NUMBER: 14073399 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

Lowman Hotels (Arundel) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D Singh

Mrs N K Brar

REGISTERED OFFICE:

Suite B

Blackdown House

Blackbrook Park Avenue

Taunton

Somerset

TA1 2PX

REGISTERED NUMBER:

14073399 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

487,110

489,332

487,110

489,332

CURRENT ASSETS

Stocks

47,547

34,785

Debtors

6

521,698

403,871

Cash at bank and in hand

91,545

333,161

660,790

771,817

CREDITORS

Amounts falling due within one year

7

1,885,532

1,708,800

NET CURRENT LIABILITIES

(1,224,742

)

(936,983

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(737,632

)

(447,651

)

CREDITORS

Amounts falling due after more than one year

8

(37,205

)

(51,481

)

PROVISIONS FOR LIABILITIES

10

(35,039

)

(7,653

)

NET LIABILITIES

(809,876

)

(506,785

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(809,976

)

(506,885

)

SHAREHOLDERS' FUNDS

(809,876

)

(506,785

)

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 25 September 2025 and were signed on its behalf by:

D Singh - Director

1.	STATUTORY INFORMATION

Lowman Hotels (Arundel) Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

The company's principal place of business is Avisford Park Hotel Limited, Yapton Lane, Walberton, Arundel, West Sussex, BN18 0LS.

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.

Going Concern

The company has net liabilities. The company operates a hotel business in a property which is leased from a fellow trading subsidiary and is being financially supported by the Group and its directors when required. The parent company has confirmed its ongoing support and based on prepared budgets and forecasts, the directors have a reasonable expectation that the company is well placed to manage its business risks successfully and accordingly adopts the going concern basis in preparing the annual report and accounts.

Turnover

Turnover is recognised when the significant risks and rewards of the goods and services provided are transferred to the buyer, the amount of turnover can be measured reliably and it is probable that the economic benefits associated with the rendering transaction will flow to the company.

Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

Turnover for the company comprises of the following streams:

1) Sale of goods - Turnover from the sale of food and beverages is recognised at the point of sale.

2) Rendering of services - Turnover from room sales and other guest services is recognised when rooms are occupied and as services are provided.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2022, has been written off in prior year.

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 the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

All fixed assets are initially recorded at cost. Expenditures incurred after the fixed assets have been put into operation, such as repairs and maintenance and overhaul costs, are normally charged to the profit and loss account in the period in which the costs are incurred. In situations where it can be clearly demonstrated that the expenditures have resulted in an increase in the future economic benefits expected to be obtained from the use of the item of property and equipment beyond its originally assessed standard of performance, the expenditures are capitalised as an additional cost of property and equipment.

Subsequent additions and major components

Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably.

The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset when they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Derecognition

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

Financial assets are derecognised when:

a) the contractual rights to the cash flows from the asset expire or are settled, or

b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or

c) the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans and overdrafts, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 87 (2023 - 93 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

7

AMORTISATION

At 1 January 2024

and 31 December 2024

7

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

553,356

83,604

3,090

640,050

Additions

110,890

3,000

14,779

128,669

At 31 December 2024

664,246

86,604

17,869

768,719

DEPRECIATION

At 1 January 2024

129,044

20,901

773

150,718

Charge for year

113,520

16,176

1,195

130,891

At 31 December 2024

242,564

37,077

1,968

281,609

NET BOOK VALUE

At 31 December 2024

421,682

49,527

15,901

487,110

At 31 December 2023

424,312

62,703

2,317

489,332

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

95,248

182,178

Amounts owed by group undertakings

321,617

158,387

Other debtors

59,010

38,039

Prepayments and accrued income

45,823

25,267

521,698

403,871

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 9)

14,277

14,277

Trade creditors

129,002

56,085

Amounts owed to group undertakings

135,626

356,071

Social security and other taxes

66,132

63,840

VAT

48,851

165,717

Other creditors

255,498

272,091

Accrued expenses and

deferred income

1,236,146

780,719

1,885,532

1,708,800

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 9)

37,205

51,481

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Net obligations repayable:

Within one year

14,277

14,277

Between one and five years

37,205

51,481

51,482

65,758

Non-cancellable

operating leases

2024

2023

£

£

Within one year

32,500

32,500

10.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

35,039

7,653

Deferred

tax

£

Balance at 1 January 2024

7,653

Provided during year

27,386

Balance at 31 December 2024

35,039

Deferred tax is provided at 25% and represents the timing difference between depreciation and capital allowances of £59,293 less other timing differences £749 and tax losses £23,505.

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

The Report of the Auditors was unqualified.

David Black (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

12.	PENSION COMMITMENTS

At the year end the company's outstanding pension contributions payable amounted to £2,945 (2023: £2,563).

13.	CONTINGENT LIABILITIES

The company is subject to a debenture and cross-guarantee created on the 18 May 2024 containing a fixed and floating charge and negative pledge in connection with a five year bank loan facility secured on the property owned by its fellow subsidiary Ivymax 2 Ltd of £2.5M at 2% over base.

14.	RELATED PARTY DISCLOSURES

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.

Within debtors is an amount of £38,039 (2023: £38,039) owed by a company controlled by directors who are family of the directors of this company.

Within creditors is an amount of £66,222 (2023: £28,946) owed to a group of companies controlled by directors who are family of the directors of this company.

15.	ULTIMATE CONTROLLING PARTY

The company's ultimate parent is Ivymax Ltd which holds 100% of the company. The ultimate controlling parties are Mr D Singh and Mrs N Brar.

The consolidated financial statements of the Ivymax Group are available on Companies House.