REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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THE BEAUFORT HOTEL LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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FOR |
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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 2019 |
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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 2019 |
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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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Level 6 |
71 Queen Victoria Street |
London |
EC4V 4AY |
THE BEAUFORT HOTEL LIMITED (REGISTERED NUMBER: 01952213) |
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BALANCE SHEET |
31 DECEMBER 2019 |
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2019 | 2018 |
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 | 8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 9 |
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Retained earnings | 9 |
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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 2019 |
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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 and authorised for issue on
were signed on its behalf 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 2019 |
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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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The presentation currency of the financial statements is the Pound Sterling (£). |
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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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Fixtures and fittings | - |
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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. |
THE BEAUFORT HOTEL LIMITED (REGISTERED NUMBER: 01952213) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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 parent company has indicated it will continue to support the company and 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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Freehold property |
Following a review of the company's freehold property for impairment in value, the directors' are of the opinion |
that the estimated 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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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 2019 |
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Additions |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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The bank borrowings of the ultimate holding company, amounting to £6,750,000 at 31st December 2019, 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 2019 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Cost or valuation at 31 December 2019 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 2012 | 4,494,151 | - | 4,494,151 |
Valuation in 2018 | 7,138,865 | - | 7,138,865 |
Cost | 2,569,027 | 1,454,625 | 4,023,652 |
27,157,112 | 1,454,625 | 28,611,737 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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Amounts due from connected companies | 2,499,817 | 2,312,561 |
Directors' loan accounts | 660,446 | 1,128,307 |
Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Amounts owed to participating interests | - | 290 |
Tax |
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Social security and other taxes |
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VAT | 171,784 | 141,714 |
Other creditors |
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Wages and salaries control | 44,686 | 40,794 |
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. |
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8. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred tax | 3,900,000 | 3,900,000 |
THE BEAUFORT HOTEL LIMITED (REGISTERED NUMBER: 01952213) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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8. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
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Balance at 1 January 2019 |
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Balance at 31 December 2019 |
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9. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 January 2019 |
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21,921,145 |
Profit for the year |
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At 31 December 2019 |
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22,018,531 |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 December 2019 and |
31 December 2018: |
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2019 | 2018 |
£ | £ |
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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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11. | RELATED PARTY DISCLOSURES |
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During the year the company paid £254,286 (2018: £245,045) 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 7 shows the balances due from connected companies, the connected companies also own shares in the |
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 2019 |
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12. | POST BALANCE SHEET EVENTS |
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Post 31 December 2019, the spread of COVID-19 has severely impacted various organisations and the economy |
as a whole. The duration and impact of the COVID-19 pandemic, as well as the effectiveness of governments |
and central bank responses, remains unclear of at this time. It is not possible to reliably estimate the duration and |
severity of these consequences, as well as their impact on the economy as a whole and on the financial position |
and results of the company for future periods. |
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The directors have considered the potential impact of COVID-19 on the business and have determined it to be a |
non-adjusting subsequent event. |