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No description of principal activity
2017-04-01
Sage Accounts Production Advanced 2018 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
02754947
2017-04-01
2018-03-31
02754947
2018-03-31
02754947
2017-03-31
02754947
2016-04-01
2017-03-31
02754947
2017-03-31
02754947
core:FurnitureFittings
2017-04-01
2018-03-31
02754947
bus:Director1
2017-04-01
2018-03-31
02754947
core:LandBuildings
2017-03-31
02754947
core:FurnitureFittings
2017-03-31
02754947
core:LandBuildings
2018-03-31
02754947
core:FurnitureFittings
2018-03-31
02754947
core:LandBuildings
2017-04-01
2018-03-31
02754947
core:WithinOneYear
2018-03-31
02754947
core:WithinOneYear
2017-03-31
02754947
core:ShareCapital
2018-03-31
02754947
core:ShareCapital
2017-03-31
02754947
core:RetainedEarningsAccumulatedLosses
2018-03-31
02754947
core:RetainedEarningsAccumulatedLosses
2017-03-31
02754947
core:LandBuildings
2017-03-31
02754947
core:FurnitureFittings
2017-03-31
02754947
bus:SmallEntities
2017-04-01
2018-03-31
02754947
bus:AuditExemptWithAccountantsReport
2017-04-01
2018-03-31
02754947
bus:FullAccounts
2017-04-01
2018-03-31
02754947
bus:SmallCompaniesRegimeForAccounts
2017-04-01
2018-03-31
02754947
bus:PrivateLimitedCompanyLtd
2017-04-01
2018-03-31
02754947
core:LandBuildings
core:OwnedOrFreeholdAssets
2017-04-01
2018-03-31
COMPANY REGISTRATION NUMBER:
02754947
Filleted Unaudited Financial Statements
|
|
Statement of Financial Position
|
|
31 March 2018
Fixed assets
Tangible assets
|
5
|
|
3,003,336
|
2,942,609
|
|
|
|
|
|
Current assets
Stocks
|
3,500
|
|
3,500
|
Debtors
|
6
|
14,894
|
|
26,602
|
Cash at bank and in hand
|
3,761
|
|
154,220
|
|
--------
|
|
---------
|
|
22,155
|
|
184,322
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
816,442
|
|
936,603
|
|
---------
|
|
---------
|
Net current liabilities
|
|
794,287
|
752,281
|
|
|
------------
|
------------
|
Total assets less current liabilities
|
|
2,209,049
|
2,190,328
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
26,101
|
37,957
|
|
|
------------
|
------------
|
Net assets
|
|
2,182,948
|
2,152,371
|
|
|
------------
|
------------
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
1,000
|
1,000
|
Profit and loss account
|
|
2,181,948
|
2,151,371
|
|
|
------------
|
------------
|
Shareholders funds
|
|
2,182,948
|
2,152,371
|
|
|
------------
|
------------
|
|
|
|
|
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 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.
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued)
|
|
31 March 2018
These financial statements were approved by the
board of directors
and authorised for issue on
31 December 2018
, and are signed on behalf of the board by:
Company registration number:
02754947
Notes to the Financial Statements
|
|
Year ended 31 March 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hotel Lily, 23 - 33 Lillie Road, London, SW6 1UG.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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
|
-
|
0.3% of Cost
|
|
Furniture, Fixtures and fittings
|
-
|
20% reducing balance
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities
.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
14
(2017:
15
).
5.
Tangible assets
|
Land and buildings
|
Fixtures and fittings
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 April 2017
|
2,760,709
|
1,546,054
|
4,306,763
|
Additions
|
133,967
|
–
|
133,967
|
|
------------
|
------------
|
------------
|
At 31 March 2018
|
2,894,676
|
1,546,054
|
4,440,730
|
|
------------
|
------------
|
------------
|
Depreciation
|
|
|
|
At 1 April 2017
|
140,883
|
1,223,271
|
1,364,154
|
Charge for the year
|
8,683
|
64,557
|
73,240
|
|
------------
|
------------
|
------------
|
At 31 March 2018
|
149,566
|
1,287,828
|
1,437,394
|
|
------------
|
------------
|
------------
|
Carrying amount
|
|
|
|
At 31 March 2018
|
2,745,110
|
258,226
|
3,003,336
|
|
------------
|
------------
|
------------
|
At 31 March 2017
|
2,619,826
|
322,783
|
2,942,609
|
|
------------
|
------------
|
------------
|
|
|
|
|
6.
Debtors
|
2018
|
2017
|
|
£
|
£
|
Trade debtors
|
14,894
|
11,495
|
Other debtors
|
–
|
15,107
|
|
--------
|
--------
|
|
14,894
|
26,602
|
|
--------
|
--------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2018
|
2017
|
|
£
|
£
|
Bank loans and overdrafts
|
72,989
|
–
|
Trade creditors
|
402,807
|
548,958
|
Corporation tax
|
105,187
|
82,860
|
Social security and other taxes
|
105,588
|
48,973
|
Other creditors
|
129,871
|
255,812
|
|
---------
|
---------
|
|
816,442
|
936,603
|
|
---------
|
---------
|
|
|
|
8.
Financial instruments at fair value
The basic financial instruments are measured at cost or fair value. These consist of bank balances, debtors and creditors. Debtors and creditors are measured at the undiscounted amount of cash value expected to be received or paid.
9.
Contingencies
The company has entered into an agreement with The Shelavin Pension Trust wherein the company has granted an option to require it to buy the interest of the Pension Scheme in the property, to be exercisable by notice in writing to the company at any time after the expiration of 5 years from 28th November 1995 or in the event that benefits become payable under the terms of pension scheme rules. In the event that such notice is served the company shall pay the pension scheme 14.2% of the value of the hotel as at the date of service of such notice, such value to be agreed between the parties as being the open market value of the hotel as a going concern with vacant possession.
10.
Directors' advances, credits and guarantees
As at the Balance sheet date, included in other creditors falling due within one year is Directors Loan account of £5,936.
11.
Related party transactions
The Shelavin Pension Trust is the company's defined contribution pension scheme. At 31st March 2017 the company owed £97,000 (2016 - £97,000) to Shelavin Pension Trust. During the year dividends of £300,000 were voted to the directors of the company.