Registration number:
Union and Western Hotels Limited
for the Year Ended 30 November 2019
Union and Western Hotels Limited
Contents
Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
Union and Western Hotels Limited
(Registration number: 00415527)
Abridged Balance Sheet as at 30 November 2019
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2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 November 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Union and Western Hotels Limited
(Registration number: 00415527)
Abridged Balance Sheet as at 30 November 2019
Approved and authorised by the
Mr M Bows
Director
Mrs M S Bows
Director
Union and Western Hotels Limited
Notes to the Abridged Financial Statements for the Year Ended 30 November 2019
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Statement of compliance
These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis. At 30 November 2019 the company had net current liabilities of £600,874 which included £576,441 owed to the directors. The company meets its day to day working capital requirements through loans from the directors where necessary. The two directors have confirmed that they will not seek repayment of the loans until at least 12 months from the date of approval of the accounts. Repayments will only be made if cashflow allows. The have also agreed to continue to support the company if required.
The directors feel the company is able to continue as a going concern despite the ongoing coronavirus issues, which resulted in the company having to cease operations for a period, and is still operating at reduced trading. With the level of support provided by the Government and the directors, the company's fixed costs are covered and is expected to return to normal trading levels once restrictions are fully lifted.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Union and Western Hotels Limited
Notes to the Abridged Financial Statements for the Year Ended 30 November 2019
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
2% on cost |
Office equipment |
25% on cost |
Plant and machinery |
15% reducing balance |
Investment property
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of finished goods and work in progress 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, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Union and Western Hotels Limited
Notes to the Abridged Financial Statements for the Year Ended 30 November 2019
Tangible assets |
Total |
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Cost or valuation |
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At 1 December 2018 |
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Additions |
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At 30 November 2019 |
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Depreciation |
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At 1 December 2018 |
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Charge for the year |
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At 30 November 2019 |
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Carrying amount |
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At 30 November 2019 |
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At 30 November 2018 |
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Creditors: amounts falling due within one year |
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £NIL (2018 - £NIL).
Creditors: amounts falling due after more than one year |
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £331,426 (2018 - £331,426).
Bank borrowings
The bank loan is secured by way of fixed and floating charges against the company property and assets, including the rental properties within the hotel premises. |