Company Registration No. 08490746 (England and Wales)
OLD AMERSHAM HOTELS (CROWN) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
PAGES FOR FILING WITH REGISTRAR
OLD AMERSHAM HOTELS (CROWN) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
OLD AMERSHAM HOTELS (CROWN) LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2020
30 November 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
4
186,000
258,000
Tangible assets
5
2,920,868
3,015,001
Investment properties
6
760,199
760,199
3,867,067
4,033,200
Current assets
Stocks
30,205
30,205
Debtors
7
456,649
472,833
Cash at bank and in hand
72,554
291,789
559,408
794,827
Creditors: amounts falling due within one year
8
(4,029,920)
(1,073,847)
Net current liabilities
(3,470,512)
(279,020)
Total assets less current liabilities
396,555
3,754,180
Creditors: amounts falling due after more than one year
9
(450,000)
(3,609,916)
Provisions for liabilities
22,958
(13,069)
Net (liabilities)/assets
(30,487)
131,195
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(30,488)
131,194
Total equity
(30,487)
131,195
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.
OLD AMERSHAM HOTELS (CROWN) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2020
30 November 2020
- 2 -
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. 08490746
OLD AMERSHAM HOTELS (CROWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 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
Kings Arms Hotel, 30 High Street, 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.
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.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
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 relating to bar and restaurant sales as well as accommodation, when utilised, net of VAT and trade discounts.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
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
Computer equipment
3 years straight line
OLD AMERSHAM HOTELS (CROWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
1
Accounting policies
(Continued)
- 4 -
1.6
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.
1.7
Stocks
Stocks are stated at the lower of cost and
net realisable value
.
1.8
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
OLD AMERSHAM HOTELS (CROWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
1
Accounting policies
(Continued)
- 5 -
1.11
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.
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
5
5
4
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2019 and 30 November 2020
720,000
Amortisation and impairment
At 1 December 2019
462,000
Amortisation charged for the year
72,000
At 30 November 2020
534,000
Carrying amount
At 30 November 2020
186,000
At 30 November 2019
258,000
OLD AMERSHAM HOTELS (CROWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 6 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2019
2,600,043
983,231
3,583,274
Additions
5,802
5,802
At 30 November 2020
2,600,043
989,033
3,589,076
Depreciation and impairment
At 1 December 2019
568,273
568,273
Depreciation charged in the year
99,935
99,935
At 30 November 2020
668,208
668,208
Carrying amount
At 30 November 2020
2,600,043
320,825
2,920,868
At 30 November 2019
2,600,043
414,958
3,015,001
Included in land and buildings above is land at a cost of £600,000 (2019: £600,000).
OLD AMERSHAM HOTELS (CROWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 7 -
6
Investment property
2020
£
Fair value
At 1 December 2019 and 30 November 2020
760,199
The directors consider the fair value of the investment property to be a fair representation of its cost value.
7
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
194
(3,923)
Amounts owed by group undertakings
288,870
289,144
Other debtors
167,585
187,612
456,649
472,833
8
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
152,271
Trade creditors
36,145
19,090
Amounts due to group undertakings
3,819,854
596,774
Corporation tax
15,622
15,554
Other taxation and social security
217
72
Other creditors
158,082
290,086
4,029,920
1,073,847
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.
OLD AMERSHAM HOTELS (CROWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 8 -
9
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
2,259,916
Other borrowings
450,000
1,350,000
450,000
3,609,916
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.
Other borrowings attract an annual interest charge of 8% per annum.
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.