Company Registration No. 08490735 (England and Wales)
OLD AMERSHAM HOTELS (HOLDINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
PAGES FOR FILING WITH REGISTRAR
OLD AMERSHAM HOTELS (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
OLD AMERSHAM HOTELS (HOLDINGS) LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2020
30 November 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investments
4
7
7
Current assets
Debtors
6
7,521,419
224,837
Creditors: amounts falling due within one year
7
(5,218,649)
(223,243)
Net current assets
2,302,770
1,594
Total assets less current liabilities
2,302,777
1,601
Creditors: amounts falling due after more than one year
8
(2,629,250)
Net (liabilities)/assets
(326,473)
1,601
Capital and reserves
Called up share capital
7
7
Profit and loss reserves
(326,480)
1,594
Total equity
(326,473)
1,601
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 2020 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.
The financial statements were approved by the board of directors and authorised for issue on 30 November 2021 and are signed on its behalf by:
B Bradley
Director
Company Registration No. 08490735
OLD AMERSHAM HOTELS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 2 -
1
Accounting policies
Company information
Old Amersham Hotels (Holdings) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Kings Arms Hotel, 30 High Street, Amersham, Buckinghamshire, HP7 0DJ. The company number is 08490735.
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.
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
Going concern
A
true
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.
In drawing this conclusion, the directors have given due consideration to the impact of the Coronavirus pandemic. The directors consider that the impact of the pandemic to the date of approval of these accounts is not significant enough to create material uncertainty that the company will continue to be a going concern.
1.3
Turnover
Turnover represents amounts receivable for management services net of VAT.
1.4
Fixed asset investments
Interests in subsidiaries
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.5
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
amounts due from group undertakings
, are measured at transaction price
. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and amounts due to group undertakings, are
recognised at transaction price.
Financial liabilities classified as payable within one year are not amortised.
OLD AMERSHAM HOTELS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
1
Accounting policies
(Continued)
- 3 -
1.6
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.7
The financial statements present information about the company as an individual undertaking and not about the group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
4
4
4
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
7
7
OLD AMERSHAM HOTELS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 4 -
5
Subsidiaries
Details of the company's subsidiaries at 30 November 2020 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Old Amersham Chapel Limited
England
Ordinary shares of £1
100.00
Old Amersham Hotels (Crown) Limited
England
Ordinary shares of £1
100.00
Old Amersham Hotels Limited
England
Ordinary shares of £1
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Old Amersham Chapel Limited
(247,002)
(152,104)
Old Amersham Hotels (Crown) Limited
(30,487)
(161,682)
Old Amersham Hotels Limited
(398,521)
(43,769)
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
7,421,418
124,836
Other debtors
100,001
100,001
7,521,419
224,837
7
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
5,214,774
Amounts due to group undertakings
217,910
Other taxation and social security
1,483
Other creditors
3,875
3,850
5,218,649
223,243
During the year the company (and group) went through a refinancing restructure, resulting in the transfer of all group debt to the parent company.
The bank loans are secured via a cross-guarantee with all group companies. See note 9.
OLD AMERSHAM HOTELS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 5 -
8
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans
549,250
Other creditors
2,080,000
2,629,250
During the year the company (and group) went through a refinancing restructure, resulting in the transfer of all group debt to the parent company.
The bank loans are secured via a cross-guarantee with all group companies. See note 9.
9
Financial commitments, guarantees and contingent liabilities
The
company is party to a cross-corporate guarantee and debenture, including a fixed and floating charge over the assets of the company, for the borrowings of some of its subsidiary entities. As at the date of approval of the accounts, no amounts are due under these arrangements
.