Company Registration No. 03440073 (England and Wales)
SELECT CHALETS & HOTELS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
PAGES FOR FILING WITH REGISTRAR
SELECT CHALETS & HOTELS LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2
Notes to the financial statements
3 - 6
SELECT CHALETS & HOTELS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SELECT CHALETS & HOTELS LIMITED FOR THE YEAR ENDED 30 APRIL 2018
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Select Chalets & Hotels Limited for the year ended 30 April 2018 which comprise, the Statement Of Financial Position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Select Chalets & Hotels Limited, as a body, in accordance with the terms of our engagement
.
Our work has been undertaken solely to prepare for your approval the financial statements of Select Chalets & Hotels Limited
and state those matters that we have agreed to state to the Board of Directors of Select Chalets & Hotels Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Select Chalets & Hotels Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Select Chalets & Hotels Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss of Select Chalets & Hotels Limited. You consider that Select Chalets & Hotels Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Select Chalets & Hotels Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MHA Carpenter Box
26 July 2018
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
SELECT CHALETS & HOTELS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2018
30 April 2018
- 2 -
2018
2017
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
25,230
46,096
Current assets
Trade and other receivables
4
43,878
17,381
Cash and cash equivalents
36,648
107,067
80,526
124,448
Current liabilities
5
(34,763)
(74,743)
Net current assets
45,763
49,705
Total assets less current liabilities
70,993
95,801
Equity
Called up share capital
394,760
394,760
Retained earnings
(323,767)
(298,959)
Total equity
70,993
95,801
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 26 July 2018 and are signed on its behalf by:
Mr M J Bowden
Director
Company Registration No. 03440073
SELECT CHALETS & HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
- 3 -
1
Accounting policies
Company information
Select Chalets & Hotels Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
30 Church Road, Burgess Hill, West Sussex, RH15 9AE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest
£1
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Revenue
Revenue
represents amounts receivable for services and commissions earned net of VAT and trade discounts.
S
ervices are recognised on departure date, and commissions are recognised as they are earned.
1.4
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold property
33% per annum straight line
Fixtures, fittings & equipment
25% per annum straight line
Computer equipment
33% per annum straight line
Motor vehicles
25% per annum straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include deposits
held at call
with banks
.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
SELECT CHALETS & HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include trade and other receivables and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised
. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other payables are
initially recognised at transaction price
. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
All equity shares have been allotted, called up and fully paid.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, are charged to income on a straight line basis over the term of the relevant lease
.
1.10
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2017 - 7).
SELECT CHALETS & HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
- 5 -
3
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2017
17,782
137,644
155,426
Additions
-
2,161
2,161
At 30 April 2018
17,782
139,805
157,587
Depreciation and impairment
At 1 May 2017
12,343
96,987
109,330
Depreciation charged in the year
2,319
20,708
23,027
At 30 April 2018
14,662
117,695
132,357
Carrying amount
At 30 April 2018
3,120
22,110
25,230
At 30 April 2017
5,439
40,657
46,096
4
Trade and other receivables
2018
2017
Amounts falling due within one year:
£
£
Trade receivables
6,457
13,514
Other receivables
37,421
3,867
43,878
17,381
5
Current liabilities
2018
2017
£
£
Trade payables
2,762
23,925
Other taxation and social security
7,058
13,492
Other payables
24,943
37,326
34,763
74,743
SELECT CHALETS & HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
- 6 -
6
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
Within one year
9,529
10,986
Between two and five years
-
9,529
9,529
20,515