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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JULY 2021 |
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RICHMOND COMPANY 222 LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JULY 2021 |
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FOR |
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RICHMOND COMPANY 222 LIMITED |
RICHMOND COMPANY 222 LIMITED (REGISTERED NUMBER: 06506069) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2021 |
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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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RICHMOND COMPANY 222 LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2021 |
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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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RICHMOND COMPANY 222 LIMITED (REGISTERED NUMBER: 06506069) |
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BALANCE SHEET |
31 JULY 2021 |
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31.7.21 | 31.7.20 |
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 ASSETS/(LIABILITIES) |
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( |
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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 | 10 |
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Revaluation reserve |
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Fair value reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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RICHMOND COMPANY 222 LIMITED (REGISTERED NUMBER: 06506069) |
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BALANCE SHEET - continued |
31 JULY 2021 |
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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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RICHMOND COMPANY 222 LIMITED (REGISTERED NUMBER: 06506069) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2021 |
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1. | STATUTORY INFORMATION |
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Richmond Company 222 Limited is a
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The nature of the company's operations and principal activities are to operate the Parade Park Hotel, Bath. It also operates a restaurant within this hotel. |
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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 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 |
Tangible assets are initially measured at deemed cost at 1 August 2014 and subsequently at deemed cost, net of depreciation and any impairment losses. No depreciation is provided on freehold land. Freehold buildings are not depreciated as in the opinion of the directors such depreciation is not material. |
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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: |
Freehold land and buildings - none |
Plant and equipment - 5% to 25% straight line |
RICHMOND COMPANY 222 LIMITED (REGISTERED NUMBER: 06506069) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Government grants |
Government grants are recognised in the income and expenditure account so as to match them with |
expenditure they are intended to contribute. To the extent that a grant is made as a contribution |
towards expenditure on a fixed asset, the grant is deferred and written off to match the amortisation |
charge of the fixed asset. |
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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. |
RICHMOND COMPANY 222 LIMITED (REGISTERED NUMBER: 06506069) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
In accordance with government guidelines, The Parade Park Hotel, was forced to close for part of 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 ability of the company to utilise the Coronavirus Job Retention Scheme (CJRS) to support its staff costs, as well as VAT deferral schemes which have aided cash flow. |
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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 2020 |
and 31 July 2021 |
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AMORTISATION |
At 1 August 2020 |
and 31 July 2021 |
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NET BOOK VALUE |
At 31 July 2021 |
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At 31 July 2020 |
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RICHMOND COMPANY 222 LIMITED (REGISTERED NUMBER: 06506069) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2021 |
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5. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1 August 2020 |
and 31 July 2021 |
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DEPRECIATION |
At 1 August 2020 |
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Charge for year |
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At 31 July 2021 |
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NET BOOK VALUE |
At 31 July 2021 |
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At 31 July 2020 |
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6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2020 |
and 31 July 2021 |
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NET BOOK VALUE |
At 31 July 2021 |
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At 31 July 2020 |
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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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Fair value at 31 July 2021 is represented by: |
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Valuation in 2018 | 166,986 |
Cost | 58,514 |
225,500 |
RICHMOND COMPANY 222 LIMITED (REGISTERED NUMBER: 06506069) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2021 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.21 | 31.7.20 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.21 | 31.7.20 |
£ | £ |
Bank loans and overdrafts |
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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 |
31.7.21 | 31.7.20 |
£ | £ |
Amounts owed to group undertakings |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.21 | 31.7.20 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
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11. | 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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12. | 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 2021 the contingent liability was £13.4 million (2020: £12.1 million). |
RICHMOND COMPANY 222 LIMITED (REGISTERED NUMBER: 06506069) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2021 |
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13. | 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. |