Company Registration No. 08490746 (England and Wales)
OLD AMERSHAM HOTELS (CROWN) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
PAGES FOR FILING WITH REGISTRAR
OLD AMERSHAM HOTELS (CROWN) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
OLD AMERSHAM HOTELS (CROWN) LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2017
30 November 2017
- 1 -
2017
2016
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
402,000
474,000
Tangible assets
4
3,147,866
2,569,917
Investment properties
5
672,500
-
4,222,366
3,043,917
Current assets
Stocks
30,205
20,561
Debtors
6
530,684
408,656
Cash at bank and in hand
27,047
33,956
587,936
463,173
Creditors: amounts falling due within one year
7
(1,056,781)
(906,591)
Net current liabilities
(468,845)
(443,418)
Total assets less current liabilities
3,753,521
2,600,499
Creditors: amounts falling due after more than one year
8
(3,823,336)
(2,734,259)
Net liabilities
(69,815)
(133,760)
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
(69,816)
(133,761)
Total equity
(69,815)
(133,760)
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 (CROWN) 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. 08490746
OLD AMERSHAM HOTELS (CROWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 3 -
1
Accounting policies
Company information
Old Amersham Hotels (Crown) 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 08490746. The place of business is 16 High Street, Old Amersham, Buckinghamshire, HP7 0DH.
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 (Crown) 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 restaurant 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.
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 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
10 years straight line
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and
net realisable value
.
OLD AMERSHAM HOTELS (CROWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
.
1.8
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
trade and other debtors, amounts due by group undertakings
and cash and bank balances, are measured at transaction.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies, are
recognised at transaction.
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
and subsequently measured at amortised cost using the effective interest method.
1.9
Taxation
The tax expense represents the sum of the deferred tax.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2016 - 21).
OLD AMERSHAM HOTELS (CROWN) 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
720,000
Amortisation and impairment
At 1 December 2016
246,000
Amortisation charged for the year
72,000
At 30 November 2017
318,000
Carrying amount
At 30 November 2017
402,000
At 30 November 2016
474,000
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2016
2,013,616
843,555
2,857,171
Additions
580,647
87,768
668,415
At 30 November 2017
2,594,263
931,323
3,525,586
Depreciation and impairment
At 1 December 2016
-
287,254
287,254
Depreciation charged in the year
-
90,466
90,466
At 30 November 2017
-
377,720
377,720
Carrying amount
At 30 November 2017
2,594,263
553,603
3,147,866
At 30 November 2016
2,013,616
556,301
2,569,917
5
Investment property
2017
£
Fair value
At 1 December 2016
-
Additions
672,500
At 30 November 2017
672,500
OLD AMERSHAM HOTELS (CROWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
5
Investment property
(Continued)
- 6 -
The directors consider the fair value of the investment property to be a fair representation of its cost value.
6
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
28,244
2,566
Amounts owed by group undertakings
275,513
163,040
Other debtors
215,810
221,678
519,567
387,284
Deferred tax asset
11,117
21,372
530,684
408,656
7
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
212,532
132,536
Trade creditors
84,677
107,479
Amounts due to group undertakings
474,116
404,689
Other taxation and social security
-
23,146
Other creditors
285,456
238,741
1,056,781
906,591
8
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
2,473,336
1,734,259
Other borrowings
1,350,000
1,000,000
3,823,336
2,734,259
The bank loans are secured by a fixed and floating charge over the assets of the company and a cross guarantee and debenture between, Old Amersham Hotels (Holdings) Limited, Old Amersham Hotels Limited and Old Amersham Chapel Limited.
Other borrowings attract an annual interest charge of 8% per annum.
OLD AMERSHAM HOTELS (CROWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 7 -
9
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
1
1
10
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.
11
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.