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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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HOTEL ASSET MANAGEMENT SERVICES LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR |
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HOTEL ASSET MANAGEMENT SERVICES LIMITED |
HOTEL ASSET MANAGEMENT SERVICES LIMITED (REGISTERED NUMBER: 05487767) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 4 |
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HOTEL ASSET MANAGEMENT SERVICES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
1 Croft Court |
Plumpton Close |
Whitehills Business Park |
Blackpool |
Lancashire |
FY4 5PR |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
HOTEL ASSET MANAGEMENT SERVICES LIMITED |
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The following reproduces the text of the report prepared for the director in respect of the company's |
annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain |
other primary statements and the Report of the Director are not required to be filed with the Registrar |
of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval |
the financial statements of Hotel Asset Management Services Limited for the year ended 31 December 2017 |
which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting |
records and from information and explanations you have given us. |
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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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the director of Hotel Asset Management Services Limited in accordance with the terms of our engagement letter dated 5 February 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Hotel Asset Management Services Limited and state those matters that we have agreed to state to the director of Hotel Asset Management Services Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hotel Asset Management Services Limited director for our work or for this report. |
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It is your duty to ensure that Hotel Asset Management Services 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 Hotel Asset Management Services Limited. You consider that Hotel Asset Management Services Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Hotel Asset Management Services 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. |
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Chartered Accountants |
1 Croft Court |
Plumpton Close |
Whitehills Business Park |
Blackpool |
Lancashire |
FY4 5PR |
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HOTEL ASSET MANAGEMENT SERVICES LIMITED (REGISTERED NUMBER: 05487767) |
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BALANCE SHEET |
31 DECEMBER 2017 |
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2017 | 2016 |
Notes | £'000 | £'000 |
CURRENT ASSETS |
Debtors | 3 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 4 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 5 |
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Retained earnings | 6 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
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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. |
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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 director on
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HOTEL ASSET MANAGEMENT SERVICES LIMITED (REGISTERED NUMBER: 05487767) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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1. | STATUTORY INFORMATION |
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Hotel Asset Management Services Limited is a
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England and Wales. 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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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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3. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£'000 | £'000 |
Other debtors |
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4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£'000 | £'000 |
Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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HOTEL ASSET MANAGEMENT SERVICES LIMITED (REGISTERED NUMBER: 05487767) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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5. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £'000 | £'000 |
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Ordinary | 1 | 30,256 | 30,256 |
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6. | RESERVES |
Retained |
earnings |
£'000 |
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At 1 January 2017 | ( |
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Deficit for the year | ( |
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At 31 December 2017 | ( |
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7. | CONTINGENT LIABILITIES |
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Zoe Acquisition Company Limited |
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The Company has received notice of a potential claim from Zoe Acquisition Company 1 Limited (in |
Liquidation) ("ZAC1") arising from a contingent and prospective claim having been lodged in the |
liquidation of ZAC1 (the "Claim"). |
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A back to back guarantee (the "Guarantee") and separate indemnity (the "Indemnity") has been given |
by a third party (unrelated to the Company and ZAC1) and the claimant respectively in relation to the |
subject matter of the claim. |
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The claimant in the ZAC1 liquidation is alleging that ZAC1 also provided an indemnity (The "ZAC1 |
Indemnity") in relation to any amounts that the claimant is required to pay under the Indemnity. The |
ZAC1 liquidator has asserted that if the Claim is admitted in the ZAC1's liquidation then the company |
may be called upon to contribute towards settling the Claim. |
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The claim is progressing and included in legal costs for the year are fees incurred during the period |
together with a provision for estimated costs to conclusion. It is anticipated that the claim will be finally |
settled in the forthcoming financial year. |
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Starman Park Hotel Limited |
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The company has been advised that a claim may be made under an indemnity provided by the |
company to the liquidators of Starman Park Hotel Limited. The maximum liability under the indemnity |
is £189,361 but the director has been advised that the maximum amount will be less than £50,000. No |
provision has been made in these accounts for the liability as it cannot currently be quantified with |
sufficient accuracy. |
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8. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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