Company Registration No. 03634552 (England and Wales)
MADEJSKI STADIUM HOTEL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
MADEJSKI STADIUM HOTEL LIMITED
COMPANY INFORMATION
Directors
V Srivikorn
W Varavarn
C Dickens
P Srivikorn
Company number
03634552
Registered office
Madejski Stadium
Junction 11
M4
Reading
Berkshire
RG2 0FL
Auditor
Myers Clark
Egale 1
80 St Albans Road
Watford
Hertfordshire
WD17 1DL
Bankers
Bangkok Bank
Exchequer Court
33 St Mary Axe
London
EC3A 8BY
Barclays
Business Banking
Leicester
LE87 2BB
Solicitors
Field Seymour Parkes
1 London Street
Reading
Berkshire
RG1 4QW
MADEJSKI STADIUM HOTEL LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Statement of cash flows
9
Notes to the financial statements
10 - 19
MADEJSKI STADIUM HOTEL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2018
- 1 -
The directors present the strategic report for the year ended 30 June 2018.
Fair review of the business
The results for the year were:
The increase is turnover is attributable to the increase in the average room rate over the year, as noted in the key performance indicators below. In the highly competitive market in which the company operates, this has enabled the company to grow its turnover despite intense competition to increase average room occupancy rates.
Principal risks and uncertainties
The company has established the principal risks and uncertainties as follows:
Intercompany and shareholder loans comprise a major source of funding for the company and management are in regular dialogue with the shareholder and the parent company in order to manage any cash requirements from these parties.
The local hotel market is highly competitive and management are aware of any new entrant to the market place which might adversely affect the company’s trading performance.
Key performance indicators
The key performance indicators are hotel room occupancy and room rates and an analysis of the results for these key performance indicators is provided below:
C Dickens
Director
25 January 2019
MADEJSKI STADIUM HOTEL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2018
- 2 -
The directors present their annual report and financial statements for the year ended 30 June 2018.
Principal activities
The principal activity of the company continued to be the trading as a hotel and provision of leisure facilities
.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
V Srivikorn
W Varavarn
C Dickens
P Srivikorn
Results and dividends
The results for the year are set out on page 6.
The Directors do not recommend the payment of a dividend.
Future developments
The directors anticipate that operations will continue in a similar manner during the coming period.
Auditor
The auditor, Myers Clark, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
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 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.
MADEJSKI STADIUM HOTEL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 3 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
C Dickens
Director
25 January 2019
MADEJSKI STADIUM HOTEL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MADEJSKI STADIUM HOTEL LIMITED
- 4 -
Opinion
We have audited the financial statements of Madejski Stadium Hotel Limited (the 'company') for the year ended 30 June 2018 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, 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 FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 30 June 2018 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
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 opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
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 auditor’s 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors' r
eport 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.
MADEJSKI STADIUM HOTEL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MADEJSKI STADIUM HOTEL LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, 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.
Auditor's responsibilities for the audit of the financial statements
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 auditor’s 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: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s 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 auditor's 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.
Paul Windmill (Senior Statutory Auditor)
for and on behalf of Myers Clark
18 March 2019
Chartered Accountants
Statutory Auditor
Egale 1
80 St Albans Road
Watford
Hertfordshire
WD17 1DL
MADEJSKI STADIUM HOTEL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2018
- 6 -
2018
2017
Notes
£
£
Turnover
3
6,282,689
6,271,485
Cost of sales
(2,882,351)
(2,833,924)
Gross profit
3,400,338
3,437,561
Administrative expenses
(3,308,647)
(3,140,506)
Operating profit
4
91,691
297,055
Other interest receivable and similar income
17
183
Profit before taxation
91,708
297,238
Taxation
7
(33,649)
(89,328)
Profit for the financial year
58,059
207,910
Other comprehensive income
-
-
Total comprehensive income for the year
58,059
207,910
The Profit And Loss Account has been prepared on the basis that all operations are continuing operations.
MADEJSKI STADIUM HOTEL LIMITED
BALANCE SHEET
AS AT 30 JUNE 2018
30 June 2018
- 7 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
8
4,435,411
4,658,995
Current assets
Stocks
10
45,293
49,065
Debtors
11
692,982
644,661
Cash at bank and in hand
437,775
232,829
1,176,050
926,555
Creditors: amounts falling due within one year
12
(3,890,019)
(3,922,167)
Net current liabilities
(2,713,969)
(2,995,612)
Total assets less current liabilities
1,721,442
1,663,383
Capital and reserves
Called up share capital
15
2
2
Profit and loss reserves
1,721,440
1,663,381
Total equity
1,721,442
1,663,383
The financial statements were approved by the board of directors and authorised for issue on 25 January 2019 and are signed on its behalf by:
C Dickens
Director
Company Registration No. 03634552
MADEJSKI STADIUM HOTEL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2018
- 8 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2016
2
1,455,471
1,455,473
Year ended 30 June 2017:
Profit and total comprehensive income for the year
-
207,910
207,910
Balance at 30 June 2017
2
1,663,381
1,663,383
Year ended 30 June 2018:
Profit and total comprehensive income for the year
-
58,059
58,059
Balance at 30 June 2018
2
1,721,440
1,721,442
MADEJSKI STADIUM HOTEL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2018
- 9 -
2018
2017
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
19
355,705
185,088
Investing activities
Purchase of tangible fixed assets
(150,776)
(908,081)
Interest received
17
183
Net cash used in investing activities
(150,759)
(907,898)
Net cash used in financing activities
-
-
Net increase/(decrease) in cash and cash equivalents
204,946
(722,810)
Cash and cash equivalents at beginning of year
232,829
955,639
Cash and cash equivalents at end of year
437,775
232,829
MADEJSKI STADIUM HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
- 10 -
1
Accounting policies
Company information
Madejski Stadium Hotel Limited is a
private
company
limited by shares
incorporated in England and Wales (company registration number: 03634552).
The registered office is
Madejski Stadium, Junction 11, M4, Reading, Berkshire, RG2 0FL.
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.
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
pound
.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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
Turnover
The turnover is the total income receivable net of VAT and trade discounts from trading activities of the hotel. This arises primarily from the letting of rooms, sale of food, beverages and other hotel services. Income is recognised as rooms are occupied or goods and services have been delivered or rendered. Amounts received in advance of revenue recognition are deferred as liabilities.
1.4
Tangible fixed assets
Tangible fixed assets
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:
Land and buildings Leasehold
premium - straight line over 125 years
buildings - straight line over 50 years
Air conditioning
over 15 years
Fixtures, fittings & equipment
over 5 - 15 years
Assets in the course of construction are not depreciated.
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
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
MADEJSKI STADIUM HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 11 -
1.6
Stocks
Stocks
are stated at the lower of cost and
estimated selling price less costs to complete and sell. Cost comprises direct materials
. Any damaged stock is not included in the stock valuation.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’
of
FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently
measured at cost less impairment.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities which include trade and other payables within one year are initially recognised at transaction price including transaction costs and are subsequently measured at the undiscounted amount of the cash or other consideration expected to be paid.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.9
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.
MADEJSKI STADIUM HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 12 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. A deferred tax asset is only recognised if there is sufficient probability that the asset will crystallise.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
MADEJSKI STADIUM HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 13 -
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2018
2017
£
£
Turnover analysed by class of business
Room sales
4,381,739
4,363,467
Food and beverage sales
1,646,652
1,631,361
Other sales
254,298
276,657
6,282,689
6,271,485
2018
2017
£
£
Other significant revenue
Interest income
17
183
2018
2017
£
£
Turnover analysed by geographical market
United Kingdom
6,282,689
6,271,485
4
Operating profit
2018
2017
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
374,359
349,866
Operating lease charges
443,436
419,788
5
Auditor's remuneration
2018
2017
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the company's financial statements
8,700
8,500
For other services
Accounting and taxation compliance services
2,000
5,426
MADEJSKI STADIUM HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 14 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2018
2017
Number
Number
Management and administrative staff
16
18
Hotel staff
76
78
92
96
Their aggregate remuneration comprised:
2018
2017
£
£
Wages and salaries
2,083,326
2,016,566
Social security costs
138,321
131,801
Pension costs
36,381
32,973
2,258,028
2,181,340
7
Taxation
2018
2017
£
£
Deferred tax
Origination and reversal of timing differences
33,649
89,328
In April 2017 the corporation tax rate changed from 20% to 19%. The enacted rate of corporation tax will reduce to 17% from April 2020. The company's deferred tax asset has been valued based on 17%.
MADEJSKI STADIUM HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
7
Taxation
(Continued)
- 15 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2018
2017
£
£
Profit before taxation
91,708
297,238
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2017: 19.75%)
17,425
58,705
Tax effect of expenses that are not deductible in determining taxable profit
1,225
1,516
Depreciation
71,128
69,099
Capital allowances
(89,778)
(129,320)
Deferred tax movement
33,649
89,328
Taxation charge for the year
33,649
89,328
8
Tangible fixed assets
Land and buildings Leasehold
Air conditioning
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 July 2017
4,078,203
481,097
3,983,593
8,542,893
Additions
-
-
150,776
150,776
At 30 June 2018
4,078,203
481,097
4,134,369
8,693,669
Depreciation and impairment
At 1 July 2017
948,645
481,097
2,454,157
3,883,899
Depreciation charged in the year
81,448
-
292,911
374,359
At 30 June 2018
1,030,093
481,097
2,747,068
4,258,258
Carrying amount
At 30 June 2018
3,048,110
-
1,387,301
4,435,411
At 30 June 2017
3,129,558
-
1,529,437
4,658,995
9
Financial instruments
2018
2017
£
£
Carrying amount of financial assets
Measured at undiscounted amounts receivable
170,047
148,553
Carrying amount of financial liabilities
Measured at undiscounted amounts payable
3,690,005
3,794,066
MADEJSKI STADIUM HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
9
Financial instruments
(Continued)
- 16 -
Financial assets measured at undiscounted amounts receivable comprises trade debtors and other debtors,
Financial liabilities measured at undiscounted amounts payable comprises trade creditors and other creditors.
10
Stocks
2018
2017
£
£
Food, beverage & general hotel stock
45,293
49,065
The amount of stock recognised as an expense in the year was £467,601 (2017: £445,853).
11
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
168,472
137,729
Other debtors
1,575
10,824
Prepayments and accrued income
317,183
256,707
487,230
405,260
Deferred tax asset (note 13)
205,752
239,401
692,982
644,661
12
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
396,534
560,206
Amounts due to group undertakings
2,799,998
2,899,998
Other taxation and social security
200,014
128,101
Other creditors
141,415
96,319
Accruals and deferred income
352,058
237,543
3,890,019
3,922,167
MADEJSKI STADIUM HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 17 -
13
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Assets
Assets
2018
2017
Balances:
£
£
Accelerated depreciation
205,752
467,072
2018
Movements in the year:
£
Liability/(Asset) at 1 July 2017
(239,401)
Charge to profit or loss
33,649
Liability/(Asset) at 30 June 2018
(205,752)
Of th
e deferred tax asset
set out above, £100,000
is expected to reverse within
12 months
and relates to
accelerated depreciation where capital allowances are expected to be claimed within the same period.
14
Retirement benefit schemes
2018
2017
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
36,381
32,973
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
15
Share capital
2018
2017
£
£
Ordinary share capital
Authorised
100,000 Ordinary shares of 1p each
1,000
1,000
Issued and fully paid
202 Ordinary shares of 1p each
2
2
The company has one class of Ordinary shares. Each share is entitled to one vote in any circumstance. Each share has equal rights to dividends. Each share is entitled to participate in a distribution arising from a winding up of the company. The shares are not redeemable.
MADEJSKI STADIUM HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 18 -
16
Operating lease commitments
Lessee
Operating lease payments include rentals payable by the company for the use of the land and building that makes up the hotel. The rental charge is £400,000 per annum until 31 December 2123 and is payable to the parent company Darrin Holdings limited. The annual rental amount is subject to review every 5 years, with the next review being in 2020.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2018
2017
£
£
Within one year
446,073
400,000
Between two and five years
1,722,862
1,600,000
In over five years
40,200,000
40,600,000
42,368,935
42,600,000
17
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2018
2017
£
£
Aggregate compensation
108,822
108,822
Transactions with the immediate parent company, Darrin Holdings Limited:
During the year the company has paid rent to Darrin Holdings Limited of £400,000 (2017: £400,000) being 12 months rent. There are no amounts outstanding at the year end in relation to these transactions (2017: nil).
During the year the company paid a management fee to Darrin Holdings Limited of £329,625 (2017: £319,500) being 12 months charge. There are no amounts outstanding at the year end in relation to these transactions (2017: nil).
Included in creditors due within one year is an amount of £2,799,998 (2017: £2,899,998) owed to Darrin Holdings Limited. The loan is interest free, unsecured and repayable on demand.
MADEJSKI STADIUM HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
17
Related party transactions
(Continued)
- 19 -
Transactions with entities with joint control:
During the year the company made purchases totalling £55,015 (2017: £70,094) in relation to the refurbishment expenses undertaken during the year with Alstons Upholstery Limited, a company under common control. There was no balance (2017: £12,757) payable to Alstons Upholstery Limited at the year end included in trade creditors.
18
Controlling party
The company's immediate parent company is Darrin Holdings Limited, a company registered in the Isle of Man, and the ultimate parent company is Markway Asia Limited, a company registered in the British Virgin Islands. There is no individual controlling party of Markway Asia Limited.
These financial statements are not consolidated into the financial statements of any other group member.
19
Cash generated from operations
2018
2017
£
£
Profit/(loss) for the year after tax
58,059
207,910
Adjustments for:
Taxation charged
33,649
89,328
Investment income
(17)
(183)
Depreciation and impairment of tangible fixed assets
374,360
349,866
Movements in working capital:
Decrease/(increase) in stocks
3,772
(860)
(Increase) in debtors
(81,970)
(10,899)
(Decrease) in creditors
(32,148)
(450,074)
Cash generated from operations
355,705
185,088
2018-06-30
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