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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2019 |
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SPIRES HOSPITALITY (DEAL) LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2019 |
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FOR |
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SPIRES HOSPITALITY (DEAL) LTD |
SPIRES HOSPITALITY (DEAL) LTD (REGISTERED NUMBER: 09284641) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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SPIRES HOSPITALITY (DEAL) LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Charlton House |
Dour Street |
DOVER |
Kent |
CT16 1BL |
SPIRES HOSPITALITY (DEAL) LTD (REGISTERED NUMBER: 09284641) |
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BALANCE SHEET |
31 OCTOBER 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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SPIRES HOSPITALITY (DEAL) LTD (REGISTERED NUMBER: 09284641) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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1. | STATUTORY INFORMATION |
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Spires Hospitality (Deal) Ltd is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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The company's business address is The Landmark Centre, 129 High Street, Deal, Kent, CT14 6BB. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents invoiced sales of goods and memberships which are accounted for when received. |
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The company uses the VAT Flat Rate Scheme. As a result, the turnover represents invoiced sales of goods less the flat rate VAT liability and expenses are recorded gross of VAT. |
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Tangible fixed assets |
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Furniture and equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
SPIRES HOSPITALITY (DEAL) LTD (REGISTERED NUMBER: 09284641) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Furniture |
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equipment |
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COST |
At 1 November 2018 |
and 31 October 2019 |
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DEPRECIATION |
At 1 November 2018 |
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Charge for year |
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At 31 October 2019 |
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NET BOOK VALUE |
At 31 October 2019 |
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At 31 October 2018 |
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5. | STOCKS |
2019 | 2018 |
£ | £ |
Stocks |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
VAT |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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VAT | 3,729 | - |
Other creditors |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £10 |
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10 |
SPIRES HOSPITALITY (DEAL) LTD (REGISTERED NUMBER: 09284641) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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9. | RELATED PARTY DISCLOSURES |
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During the year amounts totalling £12,000 (2018 - £12,000) were payable to Deal and Walmer Community Association, its parent company. At the year end £59,504 (2018 - £50,355) was owed by the company to Deal and Walmer Community Association. |
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10. | POST BALANCE SHEET EVENTS |
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From late March 2020 the company was impacted by COVID-19 and the resultant lockdown. However, intensive business development before and after lockdown have had a positive impact on cashflow. Although COVID-19 will have a financial impact on 2019/20, no adjustments are considered necessary in the year to 31 October 2019 and the directors believe that the company remains a going concern. |
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11. | PARENT COMPANY |
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The company is a wholly owned subsidiary of Deal and Walmer Community Association. |
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The registered office address of Deal and Walmer Community Association is the same as Spires Hospitality (Deal) Ltd, which can be found on the Company Information page. |
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12. | GOING CONCERN |
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The financial statements have been prepared on a going concern basis. This basis is considered to be appropriate as the company has the continuing support of its parent company. |