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Unaudited Financial Statements for the Year Ended 31 August 2019 |
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Atlantic Hotels (Chelmsford) Limited |
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Unaudited Financial Statements for the Year Ended 31 August 2019 |
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for |
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Atlantic Hotels (Chelmsford) Limited |
Atlantic Hotels (Chelmsford) Limited (Registered number: 03344437) |
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Contents of the Financial Statements |
for the Year Ended 31 August 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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Atlantic Hotels (Chelmsford) Limited |
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Company Information |
for the Year Ended 31 August 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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173 Cleveland Street |
London |
W1T 6QR |
Atlantic Hotels (Chelmsford) Limited (Registered number: 03344437) |
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Balance Sheet |
31 August 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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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 | 9 |
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Revaluation reserve | 10 |
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Equity contribution reserve | ( |
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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. |
Atlantic Hotels (Chelmsford) Limited (Registered number: 03344437) |
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Balance Sheet - continued |
31 August 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 on
by: |
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Atlantic Hotels (Chelmsford) Limited (Registered number: 03344437) |
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Notes to the Financial Statements |
for the Year Ended 31 August 2019 |
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1. | STATUTORY INFORMATION |
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Atlantic Hotels (Chelmsford) Limited is a
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The 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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Freehold property | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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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. |
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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. |
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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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Atlantic Hotels (Chelmsford) Limited (Registered number: 03344437) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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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 |
Fixtures |
Freehold | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 September 2018 |
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Additions |
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At 31 August 2019 |
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DEPRECIATION |
At 1 September 2018 |
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Charge for year |
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At 31 August 2019 |
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NET BOOK VALUE |
At 31 August 2019 |
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At 31 August 2018 |
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Tangible assets held at valuation |
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The hotel was professionally valued at £4.25 million in April 2017 carried out by Christie & Co on the basis of |
Existing Use Value, as licensed operating hotel, inclusive of the trade furniture, furnishings and equipment in |
accordance with RICS Valuation - Professional Standards January 2014 (the 'Red Book'), incorporating the |
International Valuation Standards 2013 ('IVS') The hotel is carried forward at this professional valuation together |
with additions thereafter at cost. |
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The historical cost of land and buildings is £1,777,669 (2018: £1,777,669). |
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5. | STOCKS |
2019 | 2018 |
£ | £ |
Stocks |
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Atlantic Hotels (Chelmsford) Limited (Registered number: 03344437) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Guest Ledger | - | 8,708 |
Amounts owed by group undertakings |
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Other debtors |
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Directors' current accounts | 15,202 | 4,409 |
Prepayments and accrued income |
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7. | 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 | 44,736 | - |
Tax |
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Social security and other taxes |
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Net wages | - | 1,030 |
VAT | 46,822 | 38,145 |
Other creditors |
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Pension Obligation | 851 | 1,374 |
Accruals and deferred income |
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8. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred tax |
Deferred tax brought forward | 200,162 | 238,249 |
Deferred Tax Additions | (3,400 | ) | (38,087 | ) |
196,762 | 200,162 |
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Deferred |
tax |
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Balance at 1 September 2018 |
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Credit to Income Statement during year | ( |
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Balance at 31 August 2019 |
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Atlantic Hotels (Chelmsford) Limited (Registered number: 03344437) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2019 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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A Ordinary | £1 | 100 | 100 |
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B Ordinary | USD0. | 01 | 1 | 1 |
101 | 101 |
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10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 September 2018 |
and 31 August 2019 |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 August 2019 and |
31 August 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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Balance outstanding at start of year |
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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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Atlantic Hotels (Chelmsford) Limited (Registered number: 03344437) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2019 |
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12. | RELATED PARTY DISCLOSURES |
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The company has given interest free loans of £2,400 in April 2007 and £13,800 in March 2009 which are |
outstanding as at 31 August 2019 (2018: £16,200) to Rowandale Ltd, a company under common control. |
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The company has also given interest free loans of £416,945 (2018: £329,947) to a related undertaking. The |
loans are available until August 2020.The loan balance is stated at its Net Present Value using a discount rate of |
4.065% p.a. which is considered to be the market rate of interest. The total loan outstanding at the Balance |
Sheet date was £441,717 (2018: £364,696). |
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The company has received an interest free loan of £44,736 (2018: Nil) from a related undertaking. It is an |
interest free loan repayable on demand. |
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As the company is a wholly owned subsidiary of Cool Inn Limited, a company incorporated in England and |
Wales and its ultimate parent and controlling company is Sycamore Limited, a company registered in Isle of |
Man, the company has taken advantage of the exemption contained in FRS 102.33 and has therefore not |
disclosed transactions on balances with entities which form part of the group headed by Sycamore Ltd. |
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13. | ULTIMATE CONTROLLING PARTY |
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The immediate parent undertaking is Cool Inn Ltd, a company incorporated in England and Wales. The ultimate |
controlling party is Sycamore Limited, a company registered in Isle of Man. |
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14. | CONTINGENCIES |
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The company has given an unlimited guarantee in respect of the bank borrowings of certain group undertakings. |
This is in addition to a first legal charge over the freehold property, over the group undertakings land and |
buildings and debenture in favour of the bank. At the balance sheet date the bank borrowing of these group |
undertakings was £4.66m (2018: £4.78m). |