Company registration number 09240437 (England and Wales)
ACRE HOTELS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ACRE HOTELS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ACRE HOTELS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,845,893
1,778,635
Current assets
Debtors
4
1,397,466
266,202
Creditors: amounts falling due within one year
5
(1,940,177)
(1,884,720)
Net current liabilities
(542,711)
(1,618,518)
Total assets less current liabilities
1,303,182
160,117
Creditors: amounts falling due after more than one year
6
(1,155,657)
-
0
Net assets
147,525
160,117
Capital and reserves
Called up share capital
3
3
Profit and loss reserves
147,522
160,114
Total equity
147,525
160,117

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 12 November 2025 and are signed on its behalf by:
K Pankhania
Director
Company registration number 09240437 (England and Wales)
ACRE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Acre Hotels Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Churchill Court Station Road, North Harrow, Harrow, England, HA2 7SA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost. The principal accounting policies adopted are set out below.

1.2
Going concern

The company is supported true by loans from the directors and connected companies who have confirmed that such support will be continued in the future. Accordingly, the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Tangible fixed assets

Tangible fixed assets comprise of a piece of land. The company has obtained planning permission to build a hotel on it for trading.

Freehold land is not depreciated.

1.4
Impairment of fixed assets

Fixed assets are reviewed for impairment annually.

1.5
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

ACRE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.8
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Employees

The company had no employees during the year or previous year.

3
Tangible fixed assets
Land and buildings
£
Cost
At 1 October 2023
1,778,635
Additions
67,258
At 30 September 2024
1,845,893
Depreciation and impairment
At 1 October 2023 and 30 September 2024
-
0
Carrying amount
At 30 September 2024
1,845,893
At 30 September 2023
1,778,635
ACRE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,343
33,450
Other debtors
1,345,854
186,483
Prepayments and accrued income
46,269
46,269
1,397,466
266,202
5
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank overdrafts
122
-
0
Trade creditors
11,067
26,599
Corporation tax
9,830
11,608
Other taxation and social security
15,819
490
Other creditors
1,790,509
1,792,578
Accruals and deferred income
112,830
53,445
1,940,177
1,884,720
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,155,657
-
0

The following securities are provided to the bank s:

- A first legal mortgage of the Property; held

- A debenture;

- A joint and several guarantee limited to the sum of £400,000 plus interest, costs and expenses from Vraj Pankhania, Kamal Pankhania and Sunil Pankhania.

7
Related party transactions

Included in other creditors is a balance of £66,873 (2023:£66,873) owed to directors.

8
Financial commitments

As of May 2024, all of the company’s freehold land and buildings are subject to charge as an ancillary security made on a bank loan to a connected company.

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