Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2019
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SUMMERHILL PROPERTIES LTD
COMPANY INFORMATION
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SUMMERHILL PROPERTIES LTD
CONTENTS
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SUMMERHILL PROPERTIES LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2019
The directors present their strategic report of Summerhill Properties Limited ('the Company') for the year ended 30 September 2019.
Principal Activities The principal activity of the Company during the year was that of owning and operating a hotel situated in Cardiff operated under the Hilton brand.
The directors consider that the results for the period are satisfactory.
It is recognised that there are inherent risks and uncertainties in the current economic environment associated with the operation of hotels which the directors review on a regular basis. Although trading in local competitive circumstances, the Directors are satisfied that their actions have managed to produce results in line with expectations.
During the year ended 30 September 2019, turnover was £9,740,969 (2018: £9,867,414) and the gross profit was £5,528,867 (2018: £5,580,748). The operating profit was £841,476 (2018: £966,756)
In the opinion of the Directors there are no other key performance indicators apart from the financial results discussed above.
This report was approved by the board
and signed on its behalf.
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SUMMERHILL PROPERTIES LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2019
The directors present their report and the financial statements for the year ended 30 September 2019.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £
447,549
(2018 -
£
675,253
)
.
The directors do not recommend the payment of a dividend (2018: £nil)
The directors who served during the year were:
Since the end of the financial year, Covid-19 has had a material impact on the financial results of the business due to the necessity to close the hotel for extended periods during 2020 and into 2021. Business interruption insurance was in place which has compensated the company for the loss of profits during these periods. The hotel will re-open when permitted to do so in accordance with government guidelines.
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SUMMERHILL PROPERTIES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
The Company has continued to operate a monthly communications cycle that requires the General Managers of each hotel to meet with Departmental Managers and then meet with their supervisors and/or staff to discuss:
a) Performance to date b) Problems or difficulties being experienced c) Future plans and other matters those attending the meeting wish to raise.
Each of the persons who are
directors at the time when this Directors' Report is approved has confirmed that:
Auditors
During the year Adler Shine LLP were appointed as auditor to the company. Adler Shine LLP will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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SUMMERHILL PROPERTIES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUMMERHILL PROPERTIES LTD
We have audited the financial statements of Summerhill Properties Ltd (the 'Company') for the year ended 30 September 2019, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the possible effects of the matters described in the basis for qualified opinion section of our report, the financial statements:
The audit evidence available to us was limited due to the protracted litigation in relation to unauthorised cash extractions as further explained in note 2.1. We were unable to determine the appropriateness of historic payments forming part of the intercompany balances. As a result, we have been unable to obtain sufficient appropriate audit evidence concerning intercompany balances. In addition, we have been unable to obtain sufficient audit evidence in respect of certain amounts included in other creditors at 1 October 2017, 30 September 2018 and 30 September 2019 together with the tax liabilities and related amounts in the Profit and loss account and other comprehensive income for the years ended 30 September 2018 and 30 September 2019.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
We draw attention to note 2.2 in the financial statements, which indicates that the Company’s ability to continue to as a going concern is dependent on the continued financial support of other group and related companies. As stated in note 2.2, these conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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SUMMERHILL PROPERTIES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUMMERHILL PROPERTIES LTD (CONTINUED)
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In respect solely of the limitation of our work referred to above:
∙
we have not obtained all the information and explanations that we considered necessary for the purpose of
our audit.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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SUMMERHILL PROPERTIES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUMMERHILL PROPERTIES LTD (CONTINUED)
As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Aston House
Cornwall Avenue
N3 1LF
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SUMMERHILL PROPERTIES LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2019
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SUMMERHILL PROPERTIES LTD
REGISTERED NUMBER:
3454201
BALANCE SHEET
AS AT
30 SEPTEMBER 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 11 to 25 form part of these financial statements.
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SUMMERHILL PROPERTIES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
30 SEPTEMBER 2019
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SUMMERHILL PROPERTIES LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
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SUMMERHILL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
Summerhill Properties Limited is a private company limited by shares and incorporated, domiciled and registered in England and Wales in the UK. The registered number is 05999250 and the registered address is 3 Park Place, St James’s, London, SW1A 1LP.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
Since 2017, TH Holdings Limited and its subsidiaries (including this company), Tonstate Group Limited (a related company under common control) and their Directors have been involved in protracted litigation in relation to unauthorised cash extractions from these companies during the period 2006 to 2013.
To date, matters have not been fully resolved and there remains uncertainty in respect of the sums extracted. Therefore, within these financial statements, there is uncertainty over the intercompany balances between TH Holdings Limited, its subsidiaries, and Tonstate Group Limited and, separately, any potential outstanding liabilities to HMRC as at 1 October 2017, 30 September 2018 and 30 September 2019 and related amounts in the Profit and loss account and other comprehensive income for the years ended 30 September 2018 and 30 September 2019. It is believed by the Company’s current management that these matters will be resolved and the outcome reflected in the financial statements following the resolution.
The following principal accounting policies have been applied:
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SUMMERHILL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
2.
Accounting policies (continued)
Notwithstanding net current liabilities of £9,101,464 at 30 September 2019, and the liability owed to its related undertaking Tonstate Group Limited following repayment of the external bank loan in June 2019, the financial statements have been prepared on a going concern basis which the directors believe to be appropriate for the following reasons.
The directors have prepared projected cash flow information for the period ending twelve months from the date of their approval of these financial statements which indicate that, taking account of reasonably possible downsides, the Company will continue to have sufficient funds to meet its liabilities as they fall due for that period. Those forecasts are dependent on the company’s immediate parent company, Hotel Innovations (Cardiff) Limited not seeking repayment of the amounts currently due to the company, which at 30 September 2019 amounted to £22,045,000, and the company’s related undertaking, Tonstate Group Limited, not seeking repayment of the amounts currently due to the company, which which at 30 September 2019 amounted to £11,153,000. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. The ability of Hotel Innovations (Cardiff) Limited to continue as a going concern is itself dependent on its own immediate parent company (Summerhill Cardiff Limited) not seeking repayment on the debt currently due to it from Hotel Innovations (Cardiff) Limited. The directors of Hotel Innovations (Cardiff) Limited acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. There can be no certainty regarding the support provided from the above undertakings, and the Company is not expected to have sufficient resources to discharge its liability should either party demand repayment of the debt. Based on the above indicators, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. However the above circumstances give rise to a material uncertainty which may cast a significant doubt on the Company’s ability to continue as a going concern and, therefore, to continue realising its assets and discharging its liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate. As the Company is a wholly owned subsidiary of TH Holdings Limited, the Company has taken advantage of the exemption under FRS 102 Section 33.1A: Related Party Disclosure and has therefore not disclosed transactions or balances with wholly owned subsidiaries which form part of the group.
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SUMMERHILL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
2.
Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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SUMMERHILL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
2.
Accounting policies (continued)
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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SUMMERHILL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
2.
Accounting policies (continued)
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance Sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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SUMMERHILL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
2.
Accounting policies (continued)
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured:
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
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SUMMERHILL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
2.
Accounting policies (continued)
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
The preparation of financial statements in conformity with FRS 102 requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on management's best knowledge of the amounts, events or actions, actual results ultimately may differ from these estimates.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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SUMMERHILL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
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SUMMERHILL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
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SUMMERHILL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
9.
Taxation (continued)
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SUMMERHILL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
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SUMMERHILL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
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SUMMERHILL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
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SUMMERHILL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
During the period ended 30 September 2019, the Company’s assets were secured by a fixed and floating charge to Tonstate Group Limited in respect of a loan provided to the company. The amount outstanding on this facility at 30 September 2019 was £10,137,000 (the amount outstanding at 30 September 2018 was £10,135,000, owed to Santander Bank).
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SUMMERHILL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
The Company is a subsidiary undertaking of Hotel Innovations (Cardiff) Limited, incorporated in England.
The ultimate parent company is Overseas Holdings Capital Group Limited, registered in the British Virgin Islands, Okara Building, 24 De Castro Street, Wickams Cay No. 1, Road Town, Tortola, BVI. No other group financial statements include the results of the company.
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