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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JULY 2020 |
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THE GEORGE HOTEL (READING) LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JULY 2020 |
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FOR |
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THE GEORGE HOTEL (READING) LIMITED |
THE GEORGE HOTEL (READING) LIMITED (REGISTERED NUMBER: 04305343) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2020 |
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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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THE GEORGE HOTEL (READING) LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2020 |
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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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THE GEORGE HOTEL (READING) LIMITED (REGISTERED NUMBER: 04305343) |
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BALANCE SHEET |
31 JULY 2020 |
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31.7.20 | 31.7.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve |
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Fair value reserve |
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Retained earnings |
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THE GEORGE HOTEL (READING) LIMITED (REGISTERED NUMBER: 04305343) |
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BALANCE SHEET - continued |
31 JULY 2020 |
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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 and authorised for issue on
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THE GEORGE HOTEL (READING) LIMITED (REGISTERED NUMBER: 04305343) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2020 |
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1. | STATUTORY INFORMATION |
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The George Hotel (Reading) Limited is a
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The nature of the company's operations and principal activities are to operate the Mercure George Hotel, Reading. |
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The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for hotel accommodation and other related services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Revenue is recognised at the time of hotel stay and restaurant visit by guests. |
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Goodwill |
Goodwill relates to the acquisition of a business and has been fully amortised in the prior periods. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its |
estimated useful life. |
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Leasehold land and buildings - none |
Plant and equipment - 5% to 25% straight line |
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Government grants |
During the year the company recognised Coronavirus Job Retention Scheme ("CJRS") grant income from the Government designed to mitigate the impact of Covid 19. The company has elected to account for such grants under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in "other income" within profit or loss in the same period as the related expenditure. |
THE GEORGE HOTEL (READING) LIMITED (REGISTERED NUMBER: 04305343) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is 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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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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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Going concern |
In accordance with government guidelines, The George Mercure Hotel Reading, was forced to close in the latter part of March 2020. |
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Whilst recognising that there can be no certainty, the directors are satisfied that the going concern basis of preparation remains appropriate. In reaching this conclusion, the directors, having made all necessary enquiries, have considered the following matters: |
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a) The company was has entered into contracts with local government and the Home Office to provide accommodation services and utilised the government "eat out to help out" scheme. |
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b) In addition to this scheme the company has also been able to utilise the Coronavirus Job Retention Scheme (CJRS) to support its staff costs as well as VAT deferral schemes that has enabled VAT liabilities to July 2020 be deferred for payment until March 2021. |
THE GEORGE HOTEL (READING) LIMITED (REGISTERED NUMBER: 04305343) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2020 |
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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. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 August 2019 |
and 31 July 2020 |
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AMORTISATION |
At 1 August 2019 |
and 31 July 2020 |
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NET BOOK VALUE |
At 31 July 2020 |
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At 31 July 2019 |
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5. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1 August 2019 |
and 31 July 2020 |
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DEPRECIATION |
At 1 August 2019 |
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Charge for year |
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At 31 July 2020 |
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NET BOOK VALUE |
At 31 July 2020 |
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At 31 July 2019 |
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THE GEORGE HOTEL (READING) LIMITED (REGISTERED NUMBER: 04305343) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2020 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 August 2019 |
and 31 July 2020 |
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NET BOOK VALUE |
At 31 July 2020 |
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At 31 July 2019 |
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Fair value at 31 July 2020 is represented by: |
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Valuation in 2018 | 1,454,455 |
Cost | 525,545 |
1,980,000 |
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Investment property was valued on an open market basis on 31 July 2018 by the directors. |
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The open market value of the investment property has been considered by the directors with a conclusion that any change since the last valuation is not material. |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.20 | 31.7.19 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.20 | 31.7.19 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
31.7.20 | 31.7.19 |
£ | £ |
Amounts owed to group undertakings |
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THE GEORGE HOTEL (READING) LIMITED (REGISTERED NUMBER: 04305343) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2020 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | CONTINGENT LIABILITIES |
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The Company has entered into cross guarantee arrangements with its ultimate parent company Nilvip Holdings Limited to secure its long term borrowings. At 31 July 2020 the contingent liability was £12.1 million (2019: £12.3 million). |
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12. | ULTIMATE CONTROLLING PARTY |
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The ultimate parent company is Nilvip Holdings Limited, whose registered office is 10-12 King Street, Reading, Berkshire, RG1 2HE. |
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Nilvip Holdings Limited is the smallest and largest group for which consolidated financial statements are prepared, including the results of the entity. |