Registration number:
Sidmouth Hotels Limited
for the Year Ended 31 January 2025
Sidmouth Hotels Limited
(Registration number: 04028342)
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Sidmouth Hotels Limited
(Registration number: 04028342)
Company Information
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Directors |
M Seward J Watson T Seward |
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Registered office |
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Auditors |
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Sidmouth Hotels Limited
(Registration number: 04028342)
Strategic Report for the Year Ended 31 January 2025
The directors present their strategic report for the year ended 31 January 2025.
Principal activity
The principal activity of the company is the trading of Hotel Elizabeth and The Kingswood & Devoran Hotel.
Fair review of the business
The directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and the assessment of gross and net profit margins.
Overall the directors are satisfied with the profitability of the company.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2025 |
2024 |
|
Turnover |
£ |
2,438,835 |
2,383,804 |
|
Turnover growth |
% |
2 |
1 |
|
Gross profit margin |
% |
46 |
49 |
|
Profit before tax |
£ |
143,458 |
188,108 |
|
Net assets |
£ |
2,475,834 |
2,510,999 |
Principal risks and uncertainties
The board of directors undertake a regular review of the company and the board of directors have identified that the principal risks faced by the company are economic downturns and consumer trends.
Approved and authorised by the
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Sidmouth Hotels Limited
(Registration number: 04028342)
Directors' Report for the Year Ended 31 January 2025
The directors present their report and the financial statements for the year ended 31 January 2025.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company's principal financial instruments comprise bank balances, bank overdrafts, trade creditors and both long and short term loans to the company. The main purpose of these instruments is to raise funds for the company's operations.
Price risk, credit risk, liquidity risk and cash flow risk
Due to the non-complex nature of the financial instruments used by the company, there is no exposure to price risk.
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at variable rates of interest.
Loans comprise loans from the directors and from financial institutions. The interest rates and monthly repayments on the loans from financial institutions are variable. The business manages the liquidity risk by ensuring that there are sufficient funds to meet the payments.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Future developments
Sidmouth Hotels Limited will continue trading the Hotel Elizabeth and The Kingswood and Devoran Hotel and the directors will continue to look for opportunities for further expansion.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Sidmouth Hotels Limited
(Registration number: 04028342)
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Sidmouth Hotels Limited
(Registration number: 04028342)
Independent Auditor's Report to the Members of Sidmouth Hotels Limited
Opinion
We have audited the financial statements of Sidmouth Hotels Limited (the 'company') for the year ended 31 January 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 January 2025 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
Sidmouth Hotels Limited
(Registration number: 04028342)
Independent Auditor's Report to the Members of Sidmouth Hotels Limited
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Sidmouth Hotels Limited
(Registration number: 04028342)
Independent Auditor's Report to the Members of Sidmouth Hotels Limited
The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
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we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the hospitality and tourism sector; |
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental, fire safety and health and safety legislation; |
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing licenses, certificates and relevant correspondence including the inspection of legal correspondence; and |
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships; |
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tested journal entries to identify unusual transactions; |
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
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investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation; |
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reading the minutes of meetings of those charged with governance; |
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enquiring of management as to actual and potential litigation and claims; and |
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reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors. |
Sidmouth Hotels Limited
(Registration number: 04028342)
Independent Auditor's Report to the Members of Sidmouth Hotels Limited
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
28 Alexandra Terrace
Devon
EX8 1BD
Sidmouth Hotels Limited
(Registration number: 04028342)
Profit and Loss Account for the Year Ended 31 January 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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|
|
|
Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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|
Interest payable and similar expenses |
( |
( |
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Profit before tax |
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|
|
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Taxation |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Statement of Comprehensive Income for Year Ended 31 January 2025
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2025 |
2024 |
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Profit for the year |
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Total comprehensive income for the year |
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Sidmouth Hotels Limited
(Registration number: 04028342)
Balance Sheet as at 31 January 2025
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Note |
2025 |
2024 |
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Fixed assets |
|||
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Intangible assets |
- |
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Tangible assets |
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Investment property |
- |
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Investments |
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|
|
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Current assets |
|||
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
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Other reserves |
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Retained earnings |
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Total equity |
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Approved and authorised by the
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Sidmouth Hotels Limited
(Registration number: 04028342)
Statement of Changes in Equity for the Year Ended 31 January 2025
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Share capital |
Non-distributable reserve |
Retained earnings |
Total |
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At 1 February 2024 |
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|
|
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
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At 31 January 2025 |
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Share capital |
Non-distributable reserve |
Retained earnings |
Total |
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At 1 February 2023 |
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|
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
|
At 31 January 2024 |
100 |
90,608 |
2,420,291 |
2,510,999 |
Sidmouth Hotels Limited
(Registration number: 04028342)
Notes to the Financial Statements for the Year Ended 31 January 2025
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
United Kingdom
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
Summary of disclosure exemptions
The company has taken advantage of the following disclosure exemptions in FRS102 section 1.12:
- the requirement to present a statement of cash flows and related notes.
- financial instrument disclosures, including categories of financial instruments, items of income,
expenses, gains or losses relating to financial instruments and exposure to and management of financial risks.
- disclosure of key management personnel compensation.
Name of parent of group
These financial statements are consolidated in the financial statements of Sidmouth Hotels Holdings Limited.
The financial statements of Sidmouth Hotels Holdings Limited may be obtained from Companies House.
Group accounts not prepared
Going concern
The financial statements have been prepared on a going concern basis.
Sidmouth Hotels Limited
(Registration number: 04028342)
Notes to the Financial Statements for the Year Ended 31 January 2025
Critical accounting judgements and estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
i. Useful economic lives of tangible assets.
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. See note 12 for the carrying amount of the property plant and equipment, and the accounting policies note for the useful economic lives for each class of assets.
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 sales/value added tax, returns, rebates and discounts. The company recognises revenue when, the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity. As such revenue is recognised in the period in which the service has been provided to the customer. Deposits received in advance of the service being provided are deferred and released on provision of the service.
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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet 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.
Sidmouth Hotels Limited
(Registration number: 04028342)
Notes to the Financial Statements for the Year Ended 31 January 2025
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 |
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Land and buildings |
Straight line over 50 years |
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Fixtures and fittings |
20% reducing balance |
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Motor vehicles |
25% reducing balance |
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Computer equipment |
50% reducing balance |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
Intangible assets are stated in the Balance Sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
10 years |
|
Intangible assets other than goodwill |
3 years |
Sidmouth Hotels Limited
(Registration number: 04028342)
Notes to the Financial Statements for the Year Ended 31 January 2025
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, 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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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 profit and loss account 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.
Sidmouth Hotels Limited
(Registration number: 04028342)
Notes to the Financial Statements for the Year Ended 31 January 2025
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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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.
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Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Accommodation revenue |
|
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Food and beverage revenue |
|
|
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Other revenue |
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Sidmouth Hotels Limited
(Registration number: 04028342)
Notes to the Financial Statements for the Year Ended 31 January 2025
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Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Miscellaneous other operating income |
|
|
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Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
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Depreciation expense |
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|
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Amortisation expense |
|
|
|
Operating lease expense - plant and machinery |
|
|
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Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
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Interest on obligations under finance leases and hire purchase contracts |
|
|
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Interest expense on other finance liabilities |
|
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
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Social security costs |
|
|
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Other short-term employee benefits |
|
|
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Pension costs, defined contribution scheme |
|
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Sidmouth Hotels Limited
(Registration number: 04028342)
Notes to the Financial Statements for the Year Ended 31 January 2025
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Operational |
|
|
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Administration and support |
|
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|
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Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
118,979 |
121,811 |
|
Auditors' remuneration |
|
2025 |
2024 |
|
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Audit of the financial statements |
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Sidmouth Hotels Limited
(Registration number: 04028342)
Notes to the Financial Statements for the Year Ended 31 January 2025
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Taxation |
Tax charged/(credited) in the profit and loss account
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2025 |
2024 |
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Current taxation |
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UK corporation tax |
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UK corporation tax adjustment to prior periods |
( |
- |
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72,936 |
76,311 |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
( |
( |
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Tax expense in the income statement |
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The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
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2025 |
2024 |
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Profit before tax |
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Corporation tax at standard rate |
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Tax increase from effect of capital allowances and depreciation |
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Decrease in UK and foreign current tax from unrecognised temporary difference from a prior period |
( |
- |
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Deferred tax credit from unrecognised temporary difference from a prior period |
( |
( |
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Tax (decrease)/increase from other tax effects |
( |
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Total tax charge |
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Sidmouth Hotels Limited
(Registration number: 04028342)
Notes to the Financial Statements for the Year Ended 31 January 2025
Deferred tax
Deferred tax assets and liabilities
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2025 |
Asset |
Liability |
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Accelerated capital allowances |
- |
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Other timing differences |
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- |
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2024 |
Asset |
Liability |
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Accelerated capital allowances |
- |
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Other timing differences |
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- |
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The directors have considered the deferred tax assets and liabilities and conclude that it is not possible to state the estimated amounts which will reverse within the next 12 months. This is due to the level of reversal being dependant on events which are not yet known.
As of 1 April 2023, the main rate of UK corporation tax increased from 19% to 25%. As the company’s previous financial year straddled this date, a blended corporation tax rate of 24.00% was applied which was calculated by apportioning the two tax rates on a weighted basis for the proportion of the financial year for which each main tax rate was applicable.
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Intangible assets |
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Goodwill |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 February 2024 |
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At 31 January 2025 |
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Amortisation |
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At 1 February 2024 |
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Amortisation charge |
- |
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At 31 January 2025 |
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Carrying amount |
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At 31 January 2025 |
- |
- |
- |
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At 31 January 2024 |
- |
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Amortisation is included in administration expenses in the profit and loss account
Sidmouth Hotels Limited
(Registration number: 04028342)
Notes to the Financial Statements for the Year Ended 31 January 2025
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Computer equipment |
Total |
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Cost or valuation |
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At 1 February 2024 |
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Additions |
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- |
- |
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Disposals |
( |
( |
- |
( |
( |
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Transfers to/from investment property |
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- |
- |
- |
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At 31 January 2025 |
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Depreciation |
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At 1 February 2024 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
- |
( |
( |
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At 31 January 2025 |
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Carrying amount |
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At 31 January 2025 |
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At 31 January 2024 |
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Included within the net book value of land and buildings above is £4,480,759 (2024 - £4,239,543) in respect of freehold land and buildings.
Sidmouth Hotels Limited
(Registration number: 04028342)
Notes to the Financial Statements for the Year Ended 31 January 2025
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
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2025 |
2024 |
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Motor vehicles |
21,089 |
28,119 |
Assets held under finance lease and hire purchase arrangements are pledged as security for their respective liabilities.
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Investment properties |
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2025 |
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At 1 February |
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Transfers to Tangible assets |
( |
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At 31 January |
- |
The fair value of the investment property is based on a valuation by a professional valuer in 2022. The directors have used this valuation as a basis for the current fair value.
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Investments |
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2025 |
2024 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 February 2024 |
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At 31 January 2025 |
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Carrying amount |
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At 31 January 2025 |
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At 31 January 2024 |
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Sidmouth Hotels Limited
(Registration number: 04028342)
Notes to the Financial Statements for the Year Ended 31 January 2025
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2025 |
2024 |
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Subsidiary undertakings |
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The Esplanade, Sidmouth, Devon, EX10 8AR |
Ordinary |
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England |
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The Esplanade, Sidmouth, Devon, EX10 8AR |
Ordinary |
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England |
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The Esplanade, Sidmouth, Devon, EX10 8AR |
Ordinary |
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England |
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Subsidiary undertakings |
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Dukes of Sidmouth Limited The principal activity of Dukes of Sidmouth Limited is |
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Hotel Elizabeth Limited The principal activity of Hotel Elizabeth Limited is |
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Kingswood Hotel Limited The principal activity of Kingswood Hotel Limited is |
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Stocks |
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2025 |
2024 |
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Other stocks |
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Debtors |
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Note |
2025 |
2024 |
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Amounts owed by related parties |
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Other debtors |
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Prepayments and accrued income |
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Total current trade and other debtors |
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Sidmouth Hotels Limited
(Registration number: 04028342)
Notes to the Financial Statements for the Year Ended 31 January 2025
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Creditors |
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Note |
2025 |
2024 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts due to related parties |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Accruals and deferred income |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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849,752 |
1,001,760 |
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Loans and borrowings |
Current loans and borrowings
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2025 |
2024 |
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Bank overdrafts |
- |
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Finance lease liabilities |
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Non-current loans and borrowings
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2025 |
2024 |
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Finance lease liabilities |
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Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Sidmouth Hotels Limited
(Registration number: 04028342)
Notes to the Financial Statements for the Year Ended 31 January 2025
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Provisions for liabilities |
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Deferred tax |
Total |
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At 1 February 2024 |
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Increase (decrease) in existing provisions |
( |
( |
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At 31 January 2025 |
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Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
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2025 |
2024 |
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Not later than one year |
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Later than one year and not later than five years |
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Operating leases
The total of future minimum lease payments is as follows:
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2025 |
2024 |
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Not later than one year |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
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Commitments |
Other financial commitments
The company has acted as a guarantor on a bank loan provided to Sidmouth Hotels Holdings Limited, the parent company of Sidmouth Hotels Limited. The guarantee is secured by a fixed and floating charge over all the present and future assets of the company. The amount expected to be paid is nil (2024 - £nil).
Sidmouth Hotels Limited
(Registration number: 04028342)
Notes to the Financial Statements for the Year Ended 31 January 2025
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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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Reserves |
Non distributable reserve
This reserve is used to record increases in the fair value of investment properties and decreases to the extent that such decrease relates to a previous increase on the same asset.
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Dividends |
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2025 |
2024 |
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£ |
£ |
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Interim dividend of £ |
121,000 |
110,000 |
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Related party transactions |
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Transactions with directors |
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2025 |
At 1 February 2024 |
Advances to director |
Repayments by director |
At 31 January 2025 |
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Director 1, Interest free loan |
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( |
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2024 |
At 1 February 2023 |
Advances to director |
Repayments by director |
At 31 January 2024 |
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Director 1, Interest free loan |
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( |
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Sidmouth Hotels Limited
(Registration number: 04028342)
Notes to the Financial Statements for the Year Ended 31 January 2025
Summary of transactions with other related parties
The Sidmouth Inn Limited
During the year, the company was in receipt of a loan from The Sidmouth Inn Limited, a company under common control. The loan is interest free and repayable on demand. The company also raised management charges to The Sidmouth Inn Limited.
Income and receivables from related parties
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2025 |
Other related parties |
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Receipt of services |
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2024 |
Other related parties |
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Receipt of services |
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Loans to related parties
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2025 |
Other related parties |
Total |
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At start of period |
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At end of period |
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2024 |
Other related parties |
Total |
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At start of period |
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At end of period |
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Sidmouth Hotels Limited
(Registration number: 04028342)
Notes to the Financial Statements for the Year Ended 31 January 2025
Loans from related parties
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2025 |
Other related parties |
Total |
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At start of period |
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Advanced |
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At end of period |
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2024 |
Other related parties |
Total |
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At start of period |
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Advanced |
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At end of period |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements in which these financial statements are consolidated is
The ultimate controlling party is