Evernest Rooms Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 12446894

Evernest Rooms Limited

Filleted Unaudited Financial Statements

28 February 2025

Evernest Rooms Limited

Financial Statements

Year ended 28 February 2025

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Evernest Rooms Limited

Statement of Financial Position

28 February 2025

	2025		2024
Note	£	£	£	£

Fixed assets

Intangible assets	4	14,220	21,330
Tangible assets	5	1,080,600	1,083,160
		------------	------------
		1,094,820	1,104,490

Current assets

Debtors	6	2,135	2,009
Cash at bank and in hand		1,066	3,234
		-------	-------
		3,201	5,243

Creditors: amounts falling due within one year	7	966,739		1,027,528
		---------		------------
Net current liabilities			963,538		1,022,285
			------------		------------
Total assets less current liabilities			131,282		82,205
			---------		--------
Net assets			131,282		82,205
			---------		--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	131,182	82,105
	---------	--------
Shareholders funds	131,282	82,205
	---------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 28 February 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 financial statements for the year in question in accordance with section 476 ;

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

Evernest Rooms Limited

Statement of Financial Position (continued)

28 February 2025

These financial statements were approved by the board of directors and authorised for issue on 29 October 2025 , and are signed on behalf of the board by:

Mr R.S. Watts

Director

Company registration number: 12446894

Evernest Rooms Limited

Notes to the Financial Statements

Year ended 28 February 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Alex House, 260-268 Chapel Street, M3 5JZ, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Franchise fees	-	7 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	15% reducing balance
Equipment	-	25% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a 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.

4. Intangible assets

	Franchise fees
	£
Cost
At 1 March 2024 and 28 February 2025	49,770
	--------
Amortisation
At 1 March 2024	28,440
Charge for the year	7,110
	--------
At 28 February 2025	35,550
	--------
Carrying amount
At 28 February 2025	14,220
	--------
At 29 February 2024	21,330
	--------

5. Tangible assets

	Freehold property	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 March 2024 and 28 February 2025	1,066,428	25,317	1,182	1,092,927
	------------	--------	-------	------------
Depreciation
At 1 March 2024	–	9,083	684	9,767
Charge for the year	–	2,435	125	2,560
	------------	--------	-------	------------
At 28 February 2025	–	11,518	809	12,327
	------------	--------	-------	------------
Carrying amount
At 28 February 2025	1,066,428	13,799	373	1,080,600
	------------	--------	-------	------------
At 29 February 2024	1,066,428	16,234	498	1,083,160
	------------	--------	-------	------------

Included within the above is investment property as follows:

	£
	------------
At 1 March 2024 and 28 February 2025	1,066,428
	------------

The directors have valued the property based on local market conditions. They consider the value shown in the accounts to accurately reflect a fair market value at 28 February 2025.

6. Debtors

	2025	2024
	£	£
Trade debtors	1,356	1,896
Other debtors	779	113
	-------	-------
	2,135	2,009
	-------	-------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	687	3,543
Social security and other taxes	16,079	15,201
Other creditors	949,973	1,008,784
	---------	------------
	966,739	1,027,528
	---------	------------

8. Related party transactions

At 28 February 2025 the company owed the directors £946,279 (2024: £1,005,479). No interest has been charged to the company in respect of the loan which is repayable on demand and is classified within creditors.