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Registered number: 08565886
THAT BOURNEMOUTH CAR PARK LIMITED
ANNUAL REPORT
FOR THE YEAR ENDED 31 JULY 2025
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THAT BOURNEMOUTH CAR PARK LIMITED
REGISTERED NUMBER: 08565886
BALANCE SHEET
AS AT 31 JULY 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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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Page 1
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THAT BOURNEMOUTH CAR PARK LIMITED
REGISTERED NUMBER: 08565886
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2025
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 July 2026.
The notes on pages 3 to 11 form part of these financial statements.
Page 2
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THAT BOURNEMOUTH CAR PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
That Bournemouth Car Park Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the company information page.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
The company made a profit of £105,550 in the year (2024: £609) and is in a net asset position of £1,040,892 at the year end (2024: £935,342).
The company and the group, with whom the company's finances are closely intertwined, was not in compliance with some financial covenants attaching to its £27.5m loans in the group from HSBC (of which £2.2m was included in this company), both during the year and after the year end. However, since the year end, sale and leaseback agreements were completed by this company relating to its car park, and by a group company relating to that company’s hotel property, that realised combined proceeds of £18.5m. The proceeds were used to repay this company’s HSBC loan and the relevant group company’s HSBC loan in full. The balance was used to reduce a fellow subsidiary's residual net loan with HSBC to £10m, as such compliance was restored. The price achieved is in excess of the carrying value of both properties within the companies’ respective Financial Statements.
The company has support confirmed by the majority shareholder and director of the group. This confirmation of support has been made to the ultimate parent company and all subsidiaries and has been given for a period of at least twelve months from approval of these financial statements. The company and group are reliant upon the majority shareholders’ ongoing support.
Based on the above, the directors have concluded that they can continue to adopt a going concern basis in preparing the company's annual report and accounts.
Turnover represents amounts receivable for services net of VAT and trade discounts and is recognised at the date of service provided.
Other income is recognised on receipt.
Page 3
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THAT BOURNEMOUTH CAR PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
2.Accounting policies (continued)
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Leased assets: the company as lessee
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Intangible assets are in respect of long term insurance cover, in connection with the tangible fixed assets of the company. The asset is accounted for separately as this is considered to be a material component.
Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The estimated useful lives range as follows:
Tangible fixed assets are initially measured at cost and any impairment losses. Cost includes directly attributable finance costs incurred during the construction of new buildings.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life.
Depreciation is provided on the following basis:
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Long term leasehold property
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125 years straight line being the length of the property lease
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15 and 25 years straight line
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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 the profit and loss account.
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Impairment of fixed assets
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At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an 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 the cash-generating unit to which the asset belongs.
Page 4
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THAT BOURNEMOUTH CAR PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
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.
Basic financial assets
Basic financial assets, which include debtors, balances due from connected companies and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from connected companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Other financial liabilities
Derivatives, including interest rate swaps, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value at the end of each reporting period. Changes in the fair value of derivatives are recognised in the profit and loss account in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit and loss account. Debt instruments may be designated as being measured at fair value through profit and loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Interest rate swap fair values at respective year ends are based on independent, qualified valuers information.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Page 5
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THAT BOURNEMOUTH CAR PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
2.Accounting policies (continued)
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Current and deferred taxation
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Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. 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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:
Depreciation
Due to the significance of the depreciation charged in the financial statements, the directors consider this to be a crucial accounting judgement. An assessment is made of the useful economic lives, taking into account residual values of the tangible assets, based on the directors' knowledge and industry experience. There are periodic reviews to determine if depreciation rates are still appropriate and whether any impairment is needed.
Recoverability of intercompany and related party balances
The company has balances due from related companies connected by common ownership. Management are of the opinion that these balances are fully recoverable by virtue of shareholder support which has been confirmed in writing and therefore no provision has been made against these balances.
Page 6
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THAT BOURNEMOUTH CAR PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
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The average monthly number of employees, including directors, during the year was 4 (2024: 4).
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Page 7
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THAT BOURNEMOUTH CAR PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
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Long term leasehold property
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Included within long term leasehold property is capitalised finance costs of £110,676 (2024: £110,676).
HSBC Bank plc have fixed and floating charges over the company's fixed assets.
After the year end the company entered into a sale and leaseback of its long term leasehold property at amounts in excess of the carrying value in the financial statements.
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Page 8
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THAT BOURNEMOUTH CAR PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
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Amounts owed by group undertakings
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The group undertakings have subordinated their intra-group debt to the bank lender and have assigned their intra-group debt as security to the lender. Except for some operational surpluses in excess of periodic debt service payments, it is only once the bank lender has been repaid that any payment can be received in respect of these intra-group debtors.
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Creditors: Amounts falling due within one year
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Bank loans and overdrafts
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Amounts owed to group undertakings
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Taxation and social security
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Obligations under finance lease and hire purchase contracts
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The bank loan is secured as detailed in note 13.
The bank loan interest rate derivative included in bank loans above of £1,650 (2024: £9,327) has been recorded at fair value, based on information from an independent suitably qualified valuer. The fair value being £2,229,476 (2024: £2,254,299) with the full amount falling due within one year. The book value of the related loan is £2,231,126 (2024: £2,263,626).
As referenced in note 2.2, the company and group were not in compliance with certain bank covenants both during the financial period and after it. As such all bank loans have been shown as falling due within 12 months. Subsequent to the year end sale and leaseback agreements were completed by this company relating to its car park, and by a group company relating to that company’s hotel property, that realised combined proceeds of £18.5m. The proceeds were used to repay this company’s HSBC loan and the relevant group company’s HSBC loan in full. The balance was used to reduce a fellow subsidiary's residual net loan with HSBC to £10m. As such compliance was restored.
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Page 9
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THAT BOURNEMOUTH CAR PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Short term timing differences
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Allotted, called up and fully paid
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100 (2024: 100) Ordinary shares of £0.01 each
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Page 10
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THAT BOURNEMOUTH CAR PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
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Financial commitments, guarantees and contingent liabilities
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There is a debenture dated 4 January 2019 which secures all leasehold and freehold property. HSBC borrowings are secured by a fixed and floating charge over all assets of the company.
There is a composite company limited multilateral guarantee dated 4 January 2019 given by That Bournemouth Big Hotel Limited, That Bournemouth Little Hotel Limited, That Bournemouth Car Park Limited, That Bournemouth Street Bar Limited and That Bournemouth H2 Limited. The maximum group exposure is £32,000,000.
The company is a member of a VAT group and is jointly and severally liable for the VAT liabilities of all other members of the group. At the reporting date, the company has confirmed that all VAT liabilities have been paid as they fall due, and the directors consider the likelihood of the company being required to settle the liabilities of other group members to be feasible but not probable. As such, no provision has been recognised. Due to the nature of the arrangement, it is not practicable to quantify the potential financial effect.
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Related party transactions
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The company has taken advantage of the exemption available in FRS 102 from the requirement to disclose transactions with the group companies.
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Post balance sheet events
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As noted in notes 2.2 and 8, sale and leaseback agreements were completed by this company relating to its car park, and by a group company relating to that company’s hotel property, that realised combined proceeds of £18.5m. The proceeds were used to repay this company’s HSBC loan and the relevant group company’s HSBC loan in full. The balance was used to reduce a fellow subsidiary's residual net loan with HSBC to £10m.
The company's immediate parent company is That Bournemouth H2 Limited and the ultimate parent company is That Bournemouth Company Limited, both of which are incorporated in England and Wales.
The registered address of That Bournemouth Company Limited is 18 Albert Road, Bournemouth, England, BH1 1BZ. Copies of the consolidated financial statements can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
The ultimate controlling party is R S Kelvin CBE, director and majority shareholder of the ultimate parent company.
The auditors' report on the financial statements for the year ended 31 July 2025 was unqualified.
The audit report was signed on 29 July 2026 by James Maxwell (Senior statutory auditor) on behalf of Cooper Parry Group Limited.
Page 11
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