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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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ABBEY HOTEL (BATH) LIMITED
COMPANY INFORMATION
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ABBEY HOTEL (BATH) LIMITED
CONTENTS
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ABBEY HOTEL (BATH) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their Strategic Report and the audited financial statements of Abbey Hotel (Bath) Limited (the 'Company') for the year ended 31 December 2024.
The principal activity of the Company continued to be that of the operation of a hotel.
In 2024 the hotel traded well, as a result of the additional rooms available and improved service levels. The Bath market remained challenging but was more stable than the previous year. The Bath market remains a high rated market, in the context of the UK regional hotel market. Robust demand, combined with the improved offering, ensured good guest scores and an improved reputation in the market. As a result of improved demand, hotel trading improved significantly, versus 2023.
As a result of a stable trading environment, in the year to December 2024, the hotel made a gross profit of £3.3m (2023: £2.8m). The liquidity position of the Company was £50k as at 31 December 2024 (2023: £248k). At the reporting date, the Company had a net asset position of £5m (2023: £8.8m). 2024 was the first full year of trading with new rooms inventory (+15 rooms in adjacent buildings, 4+5 North Parade). The new rooms have been well received by guests and commanded a strong premium. It is the intention of the directors to continue to develop the current activities of the Company and in particular continue to enhance the service and product of the hotel, to drive improved performance.
The Company’s risks can be broadly defined as commercial and financial. The principal commercial risks and uncertainties faced by the Company include general macroeconomic conditions in the UK and Globally, potential further inflationary pressure on staffing and supply chain costs, and competition from new hotels in the vicinity.
The director has considered the impact of the financial statement of market risk, credit risk and liquidity risk. The director believes that any adverse changes in the market to the parameters that determine the effects of these financial risks will not be expected to have a significant impact to the financial performance and the position of the Company. The forecast hotel market performance has been analysed and accounted for in forecasting the performance of the hotel going forward.
Going forward capital expenditure will focus on the building fabric, M&E equipment and hotel offering.
The directors assess the performance of the Company based on the following KPI’s:
Turnover increased significantly (16%) in the year as the hotel began trading with new room inventory. The City continued to be a popular destination for leisure travel and the success of Bath Rugby drove further weekend demand. Some of the key performance indicators are ADR £134.37 (2023: £135.40), Occupancy of 74.9% (2023: 77.5%) and overall revenue of £3.7m (2023: £3.2m). The hotel continued to improve performance versus the new competitive set, in 2024.
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ABBEY HOTEL (BATH) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The operating loss for the year was £0.2m (2023: £3.0m) with the mitigation as outlined within the content of the business review.
The Company evaluates and monitors average room rates, revenue per room, occupancy, covers, spend per cover, margins and payroll. The directors are confident that all such indicators are adequately reflected in the analysis of turnover and operating loss.
This report was approved by the board and signed on its behalf.
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ABBEY HOTEL (BATH) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙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 to enable them to ensure that the financial statements comply with the Companies Act 2006. 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.
The loss for the year, after taxation, amounted to £870,063 (2023: loss of £3,438,220).
No dividends were paid in the year (2023: £Nil). The directors do not recommend the payment of any final dividends.
The directors who served during the year were:
The Company has chosen to set out information required to be contained in the Directors' Report by medium-sized Companies (Accounts and Reports) Regulations 2008, Sch. 7 in the Strategic Report in accordance with Companies Act 2006, s. 414C(11).
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ABBEY HOTEL (BATH) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditors, HaysMac LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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ABBEY HOTEL (BATH) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ABBEY HOTEL (BATH) LIMITED
We have audited the financial statements of Abbey Hotel (Bath) Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, 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).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' 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 financial statements are 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.
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ABBEY HOTEL (BATH) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ABBEY HOTEL (BATH) LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the 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 or the Directors' Report.
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ABBEY HOTEL (BATH) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ABBEY HOTEL (BATH) LIMITED (CONTINUED)
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 Auditors' 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:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for the hospitality business and trade regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax and sales tax. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
∙inspecting correspondence with regulators and tax authorities;
∙consideration of known or suspected instances of non-compliance with laws and regulations through discussion with management, review of board minutes, and review of the Food Standards Agency website;
∙evaluating management’s controls designed to prevent and detect irregularities;
∙identifying and testing journals, in particular journal entries posted with large values versus averages, key words, postings with high value transactions or rounded entries; and
∙challenging assumptions and judgements made by management in their critical accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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ABBEY HOTEL (BATH) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ABBEY HOTEL (BATH) LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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ABBEY HOTEL (BATH) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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ABBEY HOTEL (BATH) LIMITED
REGISTERED NUMBER: 02361773
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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ABBEY HOTEL (BATH) LIMITED
REGISTERED NUMBER: 02361773
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 30 form part of these financial statements.
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ABBEY HOTEL (BATH) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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ABBEY HOTEL (BATH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Abbey Hotel (Bath) Limited is a private company, limited by shares and registered in England and Wales. The Company's registered number is 02361773 and its registered office address is 5 New Street Square, London, United Kingdom, EC4A 3TW. The Company's principal place of business is 1-3 North Parade, Bath, Somerset, BA1 1LF.
The Company's principal activity is disclosed in the Strategic Report.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company had net assets of £5m at the reporting date (2023 - as restated: £8.8m), albeit part of this is due to the Company's policy of holding its property, plant and equipment at fair value and not at cost. The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.
The directors have prepared cash flow forecasts for the period to March 2026 and the Company's cash flow forecasts indicate that in the forecast period, the Company will have sufficient funds to meet its liabilities as they fall due.
The Company meets its day-to-day working capital requirements through cash generated by operations, debt facilities (which contain financial covenants), and intercompany balances.
Consequently, the directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and have prepared the financial statements on a going concern basis.
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ABBEY HOTEL (BATH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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ABBEY HOTEL (BATH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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ABBEY HOTEL (BATH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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ABBEY HOTEL (BATH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following bases:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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ABBEY HOTEL (BATH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Financial instruments are recognised in the Company's Statement of Financial Position 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The
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ABBEY HOTEL (BATH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
impairment reversal is recognised in the profit or loss.
Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
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ABBEY HOTEL (BATH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The directors consider the following key sources of estimation uncertainty to potentially impact the financial statements:
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ABBEY HOTEL (BATH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
During the year, management recognised a derivative financial instrument relating to interest rate caps on the bank loan balance held with the Bank of Ireland. The derivative was recognised as an asset balance in the Statement of Financial Position with the corresponding entry being recognised through administrative expenses in the Statement of Compehensive Income.
Upon review, management agreed that the derivative financial instrument should have in fact been initially recognised during the year ended 31 December 2022. Consequently, a prior year adjustment has been recorded to unrecognise the derivative financial instrument in the current financial year and instead record the same recognition transaction in the year ended 31 December 2022. The corresponding impact to the profit and loss account brought forward has subsequently been recognised through the Statement of Financial Position. The impact of the prior year adjustment on the Company's primary statements is shown below:
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ABBEY HOTEL (BATH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ABBEY HOTEL (BATH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ABBEY HOTEL (BATH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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ABBEY HOTEL (BATH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ABBEY HOTEL (BATH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ABBEY HOTEL (BATH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ABBEY HOTEL (BATH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ABBEY HOTEL (BATH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ABBEY HOTEL (BATH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Share premium account
Revaluation reserve
Other reserve
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £15,234 (2023: £15,741). Contributions totalling £2,881 (2023: £3,391) were payable to the fund at the reporting date and are included in creditors.
The Company's immediate parent undertaking is Abbey Bath Holdings Limited, a company incorporated in Guernsey.
The Company's ultimate parent undertaking is Castleforge Partners Fund III LP, a collective investment scheme registered in Guernsey. The directors do not consider there to be any one ultimate controlling party.
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