Chichester Park Hotel Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Chichester Park Hotel Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05732548 . The registered office is Chichester Park Hotel, West Hampnett, Chichester, West Sussex, PO19 7QL.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS102”) 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.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised when the ownership of goods is transferred or the service has been performed.

2.3. Tangible Fixed Assets and Depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold	Not depreciated
Plant & Machinery	20% on reducing balance
Motor Vehicles	25% on reducing balance
Fixtures & Fittings	20% on reducing balance
Computer Equipment	20% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered any impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of cash-generating unit to which the asset belongs.

2.4. Leasing and Hire Purchase Contracts

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of their fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Such lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight-line basis over the term of the relevant lease except where a more systematic basis is more representative of the time pattern in which economics benefits from the lease asset are consumed.

2.5. Stocks and Work in Progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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Chichester Park Hotel Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.6. Financial Instruments

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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 financial 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.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are present as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2.7. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.8. Taxation

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

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing differences arises from goodwill or from the initial recognition of assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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Chichester Park Hotel Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.9. Pensions

For a defined benefit scheme, the liability recorded in the balance sheet is the present value of the defined obligation at that date. The defined benefit obligation is calculated on an annual basis by independent actuaries.

Actuarial gains and losses are recognised in full in the period in which they occur and are shown in Other Comprehensive Income.

Current and past service costs, along with settlements or curtailments, are charged to the Income Statement. Interest on pension plan liabilities are recognised within finance expense.

2.10. Provisions

Provisions are recognised when the Company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation taking into account the risks and uncertainties surrounding the obligation.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 28 (2024: 33)

4. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 April 2024	1,698,284	637,046	2,500	83,952
Additions	-	-	4,000	-
Disposals	-	-	(2,500 )	-

As at 31 March 2025	1,698,284	637,046	4,000	83,952

Depreciation
As at 1 April 2024	-	611,003	2,441	79,756
Provided during the period	-	5,209	1,011	839
Disposals	-	-	(2,452 )	-

As at 31 March 2025	-	616,212	1,000	80,595

Net Book Value
As at 31 March 2025	1,698,284	20,834	3,000	3,357

As at 1 April 2024	1,698,284	26,043	59	4,196


	Computer Equipment	Total
	£	£
Cost
As at 1 April 2024	42,143	2,463,925
Additions	-	4,000
Disposals	-	(2,500 )

As at 31 March 2025	42,143	2,465,425

...CONTINUED

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Chichester Park Hotel Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Depreciation
As at 1 April 2024	38,409	731,609
Provided during the period	746	7,805
Disposals	-	(2,452 )

As at 31 March 2025	39,155	736,962

Net Book Value
As at 31 March 2025	2,988	1,728,463

As at 1 April 2024	3,734	1,732,316

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	21,660	-
Prepayments and accrued income	12,973	145,925
Chichester Park Properties Ltd	893,148	893,148
Chichester Park Hotel Holdings Ltd	-	600,000
Ayad Properties Ltd	170,000	60,000
Corporation tax recoverable assets	201,960	-
Directors' loan accounts	665,144	610,144

	1,964,885	2,309,217

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	13,962	79,393
Bank loans and overdrafts	106,000	106,000
Corporation tax	445,945	299,652
Other taxes and social security	6,468	7,588
VAT	118,313	111,099
Net wages	30,937	32,984
Pensions	1,034	787
Other creditors (4)	-	584
Accruals and deferred income	63,886	29,250

	786,545	667,337

7. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	76,740	229,270
Pension obligation	587,000	871,000

	663,740	1,100,270

A debenture in favour of HSBC Bank plc, was taken out on 19 March 2006. In addition to this, a Legal Mortgage is held by HSBC Bank plc, over the freehold property, Ramada Jarvis Hotel, dated 6 April 2006.

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Chichester Park Hotel Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

8. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

9. Pension Commitments

The Company has agreed to fund a defined benefit pension scheme in respect of key employees. The most recent actuarial valuation of the obligations of £587,000 (2024: £671,000) was on 31 March 2025. During the year the expense incurred was £29,000 (2024: £18,000).

The principal assumptions used are:

- Discount rate - 5.9%

- Inflation RPI - 3.3%

- Inflation CPI - 2.6%

- Pre and Post Retirement mortality - S3PMA tables with improvements in the CMI 2023 model and a long term rate of improvement of 1%

Present value of defined benefit obligations - 2025: £587,000 (2024: £671,000)

Fair value of scheme assets - 2025: £0 (2024: £0)

Liability recognised in the balance sheet - 2025: £587,000 (2024: £671,000)

Movements in the present value of the defined benefit obligations were as follows:

At the beginning of the year £671,000

Current service cost £0

Interest cost £29,000

Actuarial losses/(gains) £(113,000)

At the end of the year £587,000

10. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 April 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 March 2025
	£	£	£	£	£
Mr Noureddine Chahboune	192,717	5,000	-	-	197,717
Mr Ayad Chahboune	169,143	25,000	-	-	194,143
Mrs Yamna Chahboune	129,142	-	-	-	129,142
Mr Toufik Chahboune	119,142	25,000	-	-	144,142

The above loans are unsecured, interest free and repayable on demand.

11. Parent Company

The immediate parent undertaking is Chichester Park Hotel Holdings Limited, that owns 100% of the company's share capital. Chichester Park Hotel Holdings Limited is registered in England and Wales. The registered office of Chichester Park Hotel Holdings Limited is 2 St. James Gate, Newcastle Upon Tyne, United Kingdom, NE1 4AD118.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		1,728,463		1,732,316

			1,728,463		1,732,316
CURRENT ASSETS
Stocks		22,000		23,250
Debtors	5	1,964,885		2,309,217
Cash at bank and in hand		453,493		287,778

		2,440,378		2,620,245
Creditors: Amounts Falling Due Within One Year	6	(786,545 )		(667,337 )

NET CURRENT ASSETS (LIABILITIES)			1,653,833		1,952,908

TOTAL ASSETS LESS CURRENT LIABILITIES			3,382,296		3,685,224

Creditors: Amounts Falling Due After More Than One Year	7		(663,740 )		(1,100,270 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(7,545 )		(4,968 )

NET ASSETS			2,711,011		2,579,986

CAPITAL AND RESERVES
Called up share capital	8		100		100
Profit and Loss Account			2,710,911		2,579,886

SHAREHOLDERS' FUNDS			2,711,011		2,579,986