33
31/05/2023
2023-05-31
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No description of principal activities is disclosed
2022-06-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
NI661643
2022-06-01
2023-05-31
NI661643
2023-05-31
NI661643
2022-05-31
NI661643
2021-06-01
2022-05-31
NI661643
2022-05-31
NI661643
core:NetGoodwill
2022-06-01
2023-05-31
NI661643
core:IntangibleAssetsOtherThanGoodwill
2022-06-01
2023-05-31
NI661643
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-06-01
2023-05-31
NI661643
core:FurnitureFittingsToolsEquipment
2022-06-01
2023-05-31
NI661643
bus:RegisteredOffice
2022-06-01
2023-05-31
NI661643
bus:LeadAgentIfApplicable
2022-06-01
2023-05-31
NI661643
bus:Director1
2022-06-01
2023-05-31
NI661643
core:NetGoodwill
2022-05-31
NI661643
core:IntangibleAssetsOtherThanGoodwill
2022-05-31
NI661643
core:NetGoodwill
2023-05-31
NI661643
core:IntangibleAssetsOtherThanGoodwill
2023-05-31
NI661643
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-05-31
NI661643
core:FurnitureFittingsToolsEquipment
2022-05-31
NI661643
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-05-31
NI661643
core:FurnitureFittingsToolsEquipment
2023-05-31
NI661643
core:WithinOneYear
2023-05-31
NI661643
core:WithinOneYear
2022-05-31
NI661643
core:AfterOneYear
2022-05-31
NI661643
core:ShareCapital
2023-05-31
NI661643
core:ShareCapital
2022-05-31
NI661643
core:RetainedEarningsAccumulatedLosses
2023-05-31
NI661643
core:RetainedEarningsAccumulatedLosses
2022-05-31
NI661643
core:NetGoodwill
2022-05-31
NI661643
core:IntangibleAssetsOtherThanGoodwill
2022-05-31
NI661643
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-05-31
NI661643
core:FurnitureFittingsToolsEquipment
2022-05-31
NI661643
bus:Director1
2022-05-31
NI661643
bus:Director1
2023-05-31
NI661643
bus:Director1
2021-05-31
NI661643
bus:Director1
2022-05-31
NI661643
bus:Director1
2021-06-01
2022-05-31
NI661643
bus:SmallEntities
2022-06-01
2023-05-31
NI661643
bus:AuditExempt-NoAccountantsReport
2022-06-01
2023-05-31
NI661643
bus:FullAccounts
2022-06-01
2023-05-31
NI661643
bus:SmallCompaniesRegimeForAccounts
2022-06-01
2023-05-31
NI661643
bus:PrivateLimitedCompanyLtd
2022-06-01
2023-05-31
Company registration number:
NI661643
Chestnut Hill Inns Ltd
Unaudited filleted financial statements
31 May 2023
Chestnut Hill Inns Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Chestnut Hill Inns Ltd
Directors and other information
|
|
|
|
Director |
Mr Eugene Kielt |
|
|
|
|
|
|
|
Company number |
NI661643 |
|
|
|
|
|
|
|
Registered office |
9 Upper Crescent |
|
|
Belfast |
|
|
Antrim |
|
|
BT7 1NT |
|
|
|
|
|
|
|
Business address |
6 Chestnut Hill Road |
|
|
Moira |
|
|
BT67 0LW |
|
|
|
|
|
|
|
Accountant |
SWM Accountancy Services |
|
|
9 Upper Crescent |
|
|
Belfast |
|
|
Antrim |
|
|
BT7 1NT |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers |
Bank of Ireland |
|
|
22 Market Square |
|
|
Lisburn |
|
|
BT28 1AG |
|
|
|
|
|
|
|
Solicitors |
Johns Elliot Solicitors |
|
|
40 Linenhall Street |
|
|
Belfast |
|
|
Antrim |
|
|
BT2 8BA |
|
|
|
Chestnut Hill Inns Ltd
Statement of financial position
31 May 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
5 |
39,925 |
|
|
|
64,199 |
|
|
Tangible assets |
|
6 |
660,568 |
|
|
|
667,298 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
700,493 |
|
|
|
731,497 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
12,875 |
|
|
|
13,885 |
|
|
Debtors |
|
7 |
12,669 |
|
|
|
22,177 |
|
|
Cash at bank and in hand |
|
|
61,646 |
|
|
|
138,962 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
87,190 |
|
|
|
175,024 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
880,725) |
|
|
|
(
249,760) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
793,535) |
|
|
|
(
74,736) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
(
93,042) |
|
|
|
656,761 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
9 |
|
|
- |
|
|
|
(
589,729) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net (liabilities)/assets |
|
|
|
|
(
93,042) |
|
|
|
67,032 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
100 |
|
|
|
100 |
Profit and loss account |
|
|
|
|
(
93,142) |
|
|
|
66,932 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholder (deficit)/funds |
|
|
|
|
(
93,042) |
|
|
|
67,032 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
21 February 2024
, and are signed on behalf of the board by:
Mr Eugene Kielt
Director
Company registration number:
NI661643
Chestnut Hill Inns Ltd
Notes to the financial statements
Year ended 31 May 2023
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 9 Upper Crescent, Belfast, Antrim, BT7 1NT.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Due to losses sustained, the company had net liabilities of £93,042 as at 31st May 2023. The company ceased to trade on 09th July 2023. The company has substantial assets which are being marketed for sale. The director believes crystallisation of the company's assets should generate sufficient cash to satisfy the company's liabilities. On this basis, the director considers that it is appropriate to prepare the financial statements on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
|
Goodwill |
- |
20 % |
straight line |
Liquor licence |
- |
20 % |
straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Freehold property |
- |
2 % |
straight line |
|
Fittings fixtures and equipment |
- |
20 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
33
(2022:
36
).
5.
Intangible assets
|
|
Goodwill |
Liquor licence |
Total |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 June 2022 and 31 May 2023 |
35,399 |
85,969 |
121,368 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 June 2022 |
16,674 |
40,495 |
57,169 |
|
|
|
|
Charge for the year |
7,080 |
17,194 |
24,274 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
At 31 May 2023 |
23,754 |
57,689 |
81,443 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 May 2023 |
11,645 |
28,280 |
39,925 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
At 31 May 2022 |
18,725 |
45,474 |
64,199 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Freehold property |
Fixtures, fittings and equipment |
Total |
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 June 2022 |
632,166 |
57,550 |
689,716 |
|
|
|
|
|
Additions |
- |
1,495 |
1,495 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 May 2023 |
632,166 |
59,045 |
691,211 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 June 2022 |
4,491 |
17,927 |
22,418 |
|
|
|
|
|
Charge for the year |
- |
8,225 |
8,225 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 May 2023 |
4,491 |
26,152 |
30,643 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 May 2023 |
627,675 |
32,893 |
660,568 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 May 2022 |
627,675 |
39,623 |
667,298 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Other debtors |
|
12,669 |
22,177 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
592,196 |
46,644 |
|
Trade creditors |
|
92,787 |
72,171 |
|
Corporation tax |
|
7,037 |
10,512 |
|
Social security and other taxes |
|
113,847 |
26,940 |
|
Other creditors |
|
74,858 |
93,493 |
|
|
|
_______ |
_______ |
|
|
|
880,725 |
249,760 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Debt due to the bank within 1 year of £409,500 is secured by way of a first legal charge over the property to which the loan relates, and a first legal charge over deposits in the amount of £50,000 held in the name of the company. The bank also has a debenture over the assets and undertakings of the company. Debt due to another external lender within 1 year of £151,200 is secured by way of a second legal charge over the property to which the loan relates and a debenture over the assets and undertakings of the company.
9.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
- |
438,529 |
|
Other creditors |
|
- |
151,200 |
|
|
|
_______ |
_______ |
|
|
|
- |
589,729 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Directors advances, credits and guarantees
|
During the year the director entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the director |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr Eugene Kielt |
(
55,408) |
29,423 |
(
25,985) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the director |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr Eugene Kielt |
(
112,654) |
57,246 |
(
55,408) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
The director has provided a personal guarantee to the company's bank in the sum of £150,000. In addition, the director has provided a personal guarantee to the company's other external lender in the sum of £151,200.