Company Registration No. 12498207 (England and Wales)
BELFONT HOTELS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
BELFONT HOTELS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
BELFONT HOTELS LTD
BALANCE SHEET
AS AT
30 JUNE 2022
30 June 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
408,329
458,328
Tangible assets
4
4,198,817
4,033,881
4,607,146
4,492,209
Current assets
Stocks
8,105
Debtors
5
112,233
113,302
Cash at bank and in hand
211,249
248,171
323,482
369,578
Creditors: amounts falling due within one year
6
(5,616,289)
(5,233,380)
Net current liabilities
(5,292,807)
(4,863,802)
Total assets less current liabilities
(685,661)
(371,593)
Capital and reserves
Called up share capital
7
4
4
Profit and loss reserves
(685,665)
(371,597)
Total equity
(685,661)
(371,593)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 January 2023 and are signed on its behalf by:
A A Dhamecha
K M Thakerar
Director
Director
Company Registration No. 12498207
BELFONT HOTELS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 2 -
1
Accounting policies
Company information
Belfont Hotels Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
5 Churchill Court, 58 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 convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. The validity of this assumption is on the basis of that the company will continue to be supported by the directors
and shareholders.
Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The current period figures relate to the year ended 30 June 2022. The comparative figures are for the period from incorporation, 4 March 2020 to 30 June 2021.
1.4
Turnover
Turnover is derived from hotel operation
s
, primarily from the rental of rooms and sale of food and beverages.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT
.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is
10 years
.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
BELFONT HOTELS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Straight line over 50 years
Plant and equipment
Straight line over 5 years
Fixtures and fittings
Straight line over 5 years
1.7
Impairment of fixed assets
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.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price. Cost comprises direct materials.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.10
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.
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 payments 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. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
BELFONT HOTELS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 4 -
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Government grants
Government grants, which include amounts received under the Coronavirus Job Retention Scheme
and
from local authority grants, are recognised at the fair value of the grant received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. The income is recognised in other income on a systematic basis over the periods in which the associated costs are incurred, using the accrual model.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
7
15
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2021 and 30 June 2022
499,994
Amortisation and impairment
At 1 July 2021
41,666
Amortisation charged for the year
49,999
At 30 June 2022
91,665
Carrying amount
At 30 June 2022
408,329
At 30 June 2021
458,328
BELFONT HOTELS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2021
3,957,493
153,863
4,111,356
Additions
293,004
293,004
Disposals
(57,000)
(57,000)
At 30 June 2022
4,250,497
96,863
4,347,360
Depreciation and impairment
At 1 July 2021
52,381
25,094
77,475
Depreciation charged in the year
62,262
26,000
88,262
Eliminated in respect of disposals
(17,194)
(17,194)
At 30 June 2022
114,643
33,900
148,543
Carrying amount
At 30 June 2022
4,135,854
62,963
4,198,817
At 30 June 2021
3,905,112
128,769
4,033,881
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
11,191
15,522
Other debtors
36,986
30,187
Prepayments and accrued income
64,056
67,593
112,233
113,302
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
78,081
80,683
Taxation and social security
1,809
9,368
Other creditors
5,501,421
5,113,562
Accruals and deferred income
34,978
29,767
5,616,289
5,233,380
BELFONT HOTELS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 6 -
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
4 Ordinary shares of £1 each
4
4
4
4
8
Related party transactions
Included within other creditors is an amount of
£5,
4
99,996
(2021:
£5,099,996
)
due to the shareholders, in respect of loans provided to the company. These amounts are interest free and repayable on demand.