Belfast SLG Two Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kingsway House, Hatton Garden, Liverpool, L3 2AJ.
These financial statements have been prepared 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
As at 31 March 201 8 the company has net current liabilities of £4,855,524 and net liabilities of £584,563 . Included within liabilities due within one year is an amount of £ 7,016,169 owed to companies in the same group headed by Signature Living Hotel Limited. The directors of the group compan ies have undertaken, via a written confirmation, not to demand payment of th ese amount s until such time that all third party creditors have been satisfactorily settled. Taking th is into account the directors consider it appropriate to prepare these financial statements on a going concern basis.
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.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
Amounts owed by group undertakings are interest free, have no fixed date of repayment and are repayable upon demand.
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006 :
The auditor's report was unqualified.
The parent company is Signature Living Hotel Limited, a company incorporated in Great Britain and registered in England and Wales. The registered office is Kingsway House, Hatton Garden, Liverpool, L3 2AJ. Signature Living Hotel Limited prepares consolidated financial statements which includes Belfast SLG2 Limited.
The smallest and largest group into which the results of this entity are consolidated is that headed by Signature Living Hotel Limited.
Signature Living Hotel Limited is controlled by Mr L Kenwright.