Company registration number 08490746 (England and Wales)
OLD AMERSHAM HOTELS (CROWN) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
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 2022
30 November 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
42,000
114,000
Tangible assets
5
2,809,571
2,864,370
Investment properties
6
760,199
2,851,571
3,738,569
Current assets
Stocks
30,205
30,205
Debtors
7
467,584
442,784
Cash at bank and in hand
315,035
524,514
812,824
997,503
Creditors: amounts falling due within one year
8
(3,271,005)
(3,905,876)
Net current liabilities
(2,458,181)
(2,908,373)
Total assets less current liabilities
393,390
830,196
Creditors: amounts falling due after more than one year
9
(410,000)
Provisions for liabilities
(36,765)
(53,602)
Net assets
356,625
366,594
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
356,624
366,593
Total equity
356,625
366,594
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 2022 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.
The 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 2022
30 November 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 November 2023 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 2022
- 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 amounts 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
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
Computer equipment
3 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 at 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.
1.7
Cash at bank and in hand
Cash at bank and in hand are basic financial assets.
OLD AMERSHAM HOTELS (CROWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 4 -
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 price. 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 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. Amounts 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 tax currently payable and 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.
1.10
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.11
Government grants
Government grants are recognised at the fair value of the asset received 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.
OLD AMERSHAM HOTELS (CROWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 5 -
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:
2022
2021
Number
Number
Total
18
5
4
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2021 and 30 November 2022
720,000
Amortisation and impairment
At 1 December 2021
606,000
Amortisation charged for the year
72,000
At 30 November 2022
678,000
Carrying amount
At 30 November 2022
42,000
At 30 November 2021
114,000
OLD AMERSHAM HOTELS (CROWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 6 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2021
2,600,043
1,037,556
3,637,599
Additions
11,671
11,671
Disposals
(6,780)
(4,133)
(10,913)
Transfers
50,000
50,000
At 30 November 2022
2,643,263
1,045,094
3,688,357
Depreciation and impairment
At 1 December 2021
773,229
773,229
Depreciation charged in the year
105,970
105,970
Eliminated in respect of disposals
(413)
(413)
At 30 November 2022
878,786
878,786
Carrying amount
At 30 November 2022
2,643,263
166,308
2,809,571
At 30 November 2021
2,600,043
264,327
2,864,370
Included in land and buildings above is land at a cost of £600,000 (2021: £600,000).
6
Investment property
2022
£
Fair value
At 1 December 2021
760,199
Transfers
(50,000)
Disposals
(710,199)
At 30 November 2022
The investment property was disposed on 18 March 2022.
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
288,870
288,870
Other debtors
178,714
153,914
467,584
442,784
OLD AMERSHAM HOTELS (CROWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 7 -
8
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
50,854
64,428
Amounts due to group undertakings
3,158,713
3,652,212
Corporation tax
9,059
1,323
Other creditors
52,379
187,913
3,271,005
3,905,876
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other borrowings
410,000
Other borrowings attract an annual interest charge of 8% per annum.
10
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
11
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.