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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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THE BEAUFORT HOTEL LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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THE BEAUFORT HOTEL LIMITED |
THE BEAUFORT HOTEL LIMITED (REGISTERED NUMBER: 01952213) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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THE BEAUFORT HOTEL LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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50 Seymour Street |
London |
W1H 7JG |
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BANKERS: |
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1st Floor |
Goldsmiths House |
137 Regent Street |
London |
W1B 4HZ |
THE BEAUFORT HOTEL LIMITED (REGISTERED NUMBER: 01952213) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 8 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
THE BEAUFORT HOTEL LIMITED (REGISTERED NUMBER: 01952213) |
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BALANCE SHEET - continued |
31 DECEMBER 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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THE BEAUFORT HOTEL LIMITED (REGISTERED NUMBER: 01952213) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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The Beaufort Hotel Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Following a review of the company's freehold property for impairment in value, the director is of the opinion that |
the estimated remaining useful economic life of the property exceeds fifty years and that as a result it is not |
appropriate to provide depreciation on this asset. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
THE BEAUFORT HOTEL LIMITED (REGISTERED NUMBER: 01952213) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Going concern |
The directors believe that the company is well placed to manage its business risks successfully despite the current |
uncertain economic outlook. |
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The directors have a reasonable expectation that the company has adequate resources to continue in operational |
existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the |
annual report and accounts. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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The bank borrowings of the ultimate holding company, amounting to £5,682,368 at 31st December 2016, are |
secured by a first legal charge over the freehold property of the Beaufort Hotel Limited and by a debenture |
comprising fixed and floating charges over all the assets and undertakings of The Beaufort Hotel Limited and by |
unlimited guarantees between the Beaufort Hotel Limited and its ultimate parent company. |
THE BEAUFORT HOTEL LIMITED (REGISTERED NUMBER: 01952213) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Cost or valuation at 31 December 2016 is represented by: |
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Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2002 | 5,584,291 | - | 5,584,291 |
Valuation in 2005 | 483,533 | - | 483,533 |
Valuation in 2008 | 6,887,245 | - | 6,887,245 |
Valuation in 2010 | 137,127 | - | 137,127 |
Valuation in 2012 | 4,494,151 | - | 4,494,151 |
Cost | 2,413,653 | 1,350,679 | 3,764,332 |
20,000,000 | 1,350,679 | 21,350,679 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Other debtors |
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Amounts due from connected companies | 1,189,275 | 1,116,863 |
Directors' loan accounts | 654,086 | 480,033 |
Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Amounts owed to participating interests | 290 | 290 |
Tax |
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Social security and other taxes |
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VAT | 104,139 | 59,765 |
Other creditors |
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Wages and salaries control | 31,065 | - |
Accrued expenses |
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7. | SECURED DEBTS |
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The bank overdrafts are secured by debentures over the assets of the company, by a first legal charge on the |
freehold property and by guarantees from its parent company, The Beaufort Hotel (Holdings) Limited. |
THE BEAUFORT HOTEL LIMITED (REGISTERED NUMBER: 01952213) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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8. | RESERVES |
Revaluation |
reserve |
£ |
At 1 January 2016 |
and 31 December 2016 |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 December 2016 and |
31 December 2015: |
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2016 | 2015 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The loans are repayable on demand and provided interest free. |
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10. | RELATED PARTY DISCLOSURES |
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During the year the company paid £198,433 (2015: £198,702) to its ultimate parent company and connected |
companies in respect of finance and other costs incurred. |
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The amounts due to these companies is shown in note 8. Note 8 also shows the balance due to a connected |
company that owns shares in the ultimate parent company. |
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Note 6 shows the balances due from connected companies, the connected companies also own shares in the |
ultimate parent company. |
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During the year the directors purchased goods and services on behalf of the company amounting to £151,476. |
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11. | FIRST YEAR ADOPTION |
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These financial statements for the year ended 31 December 2016 are the first financial statements that comply |
with FRS 102 Section 1A small entities. The date of transition is 1 January 2015. |
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The transition to FRS 102 Section 1A small entities has resulted in a small number of changes in accounting |
policies to those used previously. |
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The nature of these changes and their impact on opening equity and profit for the comparative period are shown |
on pages 10 to 12 of these financial statements. |
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Transitional relief |
On transition to FRS 102, the company has taken advantage of the following transitional relief: |
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to measure fair value at date of transition to FRS 102 and use as deemed cost on an item of property, plant
and equipment. |