Company Registration No. 08106219 (England and Wales)
OLD AMERSHAM HOTELS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
PAGES FOR FILING WITH REGISTRAR
OLD AMERSHAM HOTELS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
OLD AMERSHAM HOTELS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2017
30 November 2017
- 1 -
2017
2016
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
125,000
150,000
Tangible assets
4
2,642,504
2,674,436
2,767,504
2,824,436
Current assets
Stocks
31,225
27,878
Debtors
5
612,171
477,766
Cash at bank and in hand
49,023
69,007
692,419
574,651
Creditors: amounts falling due within one year
6
(1,066,567)
(728,853)
Net current liabilities
(374,148)
(154,202)
Total assets less current liabilities
2,393,356
2,670,234
Creditors: amounts falling due after more than one year
7
(901,295)
(995,250)
Provisions for liabilities
(62,489)
(59,109)
Net assets
1,429,572
1,615,875
Capital and reserves
Called up share capital
8
1,356,882
1,356,882
Profit and loss reserves
72,690
258,993
Total equity
1,429,572
1,615,875
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
OLD AMERSHAM HOTELS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2017
30 November 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 August 2018 and are signed on its behalf by:
G Jinks (Chairman)
Director
Company Registration No. 08106219
OLD AMERSHAM HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 3 -
1
Accounting policies
Company information
Old Amersham Hotels Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Kings Arms Hotel, 30 High Street, Old Amersham, Buckinghamshire, HP7 0DJ. The company number is 08106219.
1.1
Accounting convention
These financial statements have been prepared under the historical cost convention and 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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
These financial statements for the year ended 30 November 2017
are the
first
financial statements of Old Amersham Hotels Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 December 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
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 £.
The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable relating to bar and restaurants sales as well as accommodation, when utilised, net of VAT and trade discounts.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of ten years.
1.4
Tangible fixed assets
Tangible fixed assets
are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets
excluding land
less their residual values over their useful lives on the following bases:
Land and buildings freehold
Buildings, not land, over 50 years straight line
Fixtures, fittings & equipment
3-10 years straight line
Motor vehicles
4 years straight line
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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
.
OLD AMERSHAM HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include
other
debtors and
amounts owed from group undertakings
, are measured at transaction price.
Financial assets classified as receivable within one year are not amortised.
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, including creditors, bank loans,
and amounts owed to group undertakings
, are
recognised at transaction price.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
.
1.8
Taxation
The tax expense represents the sum of the deferred tax
liability.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account on a straight line basis.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 26 (2016 - 26).
OLD AMERSHAM HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2016 and 30 November 2017
250,000
Amortisation and impairment
At 1 December 2016
100,000
Amortisation charged for the year
25,000
At 30 November 2017
125,000
Carrying amount
At 30 November 2017
125,000
At 30 November 2016
150,000
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2016
2,185,520
783,092
2,968,612
Additions
29,980
17,746
47,726
At 30 November 2017
2,215,500
800,838
3,016,338
Depreciation and impairment
At 1 December 2016
-
294,176
294,176
Depreciation charged in the year
-
79,658
79,658
At 30 November 2017
-
373,834
373,834
Carrying amount
At 30 November 2017
2,215,500
427,004
2,642,504
At 30 November 2016
2,185,520
488,916
2,674,436
Included in land and buildings above is land at a cost of £500,000 (2016: £500,000).
OLD AMERSHAM HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 6 -
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
374,231
301,838
Other debtors
237,940
175,928
612,171
477,766
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans
90,310
91,145
Obligations under finance leases
5,986
5,986
Trade creditors
209,161
126,232
Amounts due to group undertakings
209,190
92,805
Other taxation and social security
250,291
158,594
Other creditors
229,936
183,631
Accruals and deferred income
71,693
70,460
1,066,567
728,853
The hire purchase agreements are secured over the assets to which they relate.
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
895,798
983,767
Obligations under finance leases
5,497
11,483
901,295
995,250
The loan is secured by a fixed and floating charge over the assets of the company and a cross guarantee and debenture between the company, Old Amersham Hotels (Holdings) Limited, Old Amersham Hotels (Crown) Limited and Old Amersham Chapel Limited.
Amounts included above which fall due after five years are as follows:
Payable by instalments
534,558
619,187
OLD AMERSHAM HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 7 -
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
7 Ordinary shares of £1 each
7
7
7
7
Preference share capital
Issued and fully paid
1,356,875 8% cumulative redeemable preference shares of £1 each
1,356,875
1,356,875
1,356,875
1,356,875
Holders of preference shares are entitled to receive in respect of each financial year a cumulative dividend of 8% per annum, which accrues daily, on the paid up amount on each share and on any rolled up dividends thereon. However, these dividends are only declared and paid at the discretion of the directors. Preference dividends of £381,631 (2016: £382,355) are therefore accrued but no provision has been made in these accounts.
9
Parent company
The immediate parent company is Old Amersham Hotels (Holdings) Limited, a company incorporated in England & Wales. The registered office is 30 High Street, Old Amersham, Buckinghamshire, HP7 0DJ.
10
Prior period adjustment
The company adopts a depreciation policy to write off the cost of assets (excluding land) less their residual values over their useful economic life.
The company considers that the residual value of its freehold land and buildings to be equal to or more than its cost value, as a result, depreciation should not have been charged in prior periods.
A prior period adjustment has been made in order to reverse all previously charged depreciation to match the accounting policy.