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FINANCIAL STATEMENTS |
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FOR THE PERIOD 12 JUNE 2017 TO 30 JUNE 2018 |
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NEWBURY PARK HOTELS LTD |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE PERIOD 12 JUNE 2017 TO 30 JUNE 2018 |
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FOR |
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NEWBURY PARK HOTELS LTD |
NEWBURY PARK HOTELS LTD (REGISTERED NUMBER: 10813947) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 12 JUNE 2017 TO 30 JUNE 2018 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Statement of Financial Position | 3 |
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Notes to the Financial Statements | 5 |
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NEWBURY PARK HOTELS LTD |
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COMPANY INFORMATION |
FOR THE PERIOD 12 JUNE 2017 TO 30 JUNE 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
NEWBURY PARK HOTELS LTD |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary |
statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Newbury Park Hotels Ltd for the period ended 30 June 2018 which comprise the Income |
Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's |
accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Newbury Park Hotels Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Newbury Park Hotels Ltd and state those matters that we have agreed to state to the Board of Directors of Newbury Park Hotels Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Newbury Park Hotels Ltd and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Newbury Park Hotels Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Newbury Park Hotels Ltd. You consider that Newbury Park Hotels Ltd is exempt from the statutory audit requirement for the period. |
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We have not been instructed to carry out an audit or a review of the financial statements of Newbury Park Hotels Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
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NEWBURY PARK HOTELS LTD (REGISTERED NUMBER: 10813947) |
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STATEMENT OF FINANCIAL POSITION |
30 JUNE 2018 |
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Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
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PROVISIONS FOR LIABILITIES | 10 | ( |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Retained earnings | 12 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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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. |
NEWBURY PARK HOTELS LTD (REGISTERED NUMBER: 10813947) |
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STATEMENT OF FINANCIAL POSITION - continued |
30 JUNE 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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NEWBURY PARK HOTELS LTD (REGISTERED NUMBER: 10813947) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 12 JUNE 2017 TO 30 JUNE 2018 |
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1. | STATUTORY INFORMATION |
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Newbury Park Hotels Ltd is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Long leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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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 period 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 statement of financial position 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 |
statement of financial position 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 period 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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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
NEWBURY PARK HOTELS LTD (REGISTERED NUMBER: 10813947) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 12 JUNE 2017 TO 30 JUNE 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
The financial statements have been prepared on the going concern basis, which despite the net liabilities of |
£187,624 the directors believe to be appropriate. The directors have formed a judgement at the time of approving |
the financial statements that the company has adequate resources to meet its obligations and continue its |
operational existence for the foreseeable future. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
Additions |
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At 30 June 2018 |
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DEPRECIATION |
Charge for period |
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At 30 June 2018 |
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NET BOOK VALUE |
At 30 June 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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Trade debtors |
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Amounts owed by participating interests |
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Other debtors |
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Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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Trade creditors |
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Amounts owed to participating interests | 1,371,663 |
Amounts owed to participating interests | 4,320,000 |
Tax |
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Social security and other taxes |
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VAT | 66,258 |
Other creditors |
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Accrued expenses |
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NEWBURY PARK HOTELS LTD (REGISTERED NUMBER: 10813947) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 12 JUNE 2017 TO 30 JUNE 2018 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
£ |
Bank loans (see note 8) |
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8. | LOANS |
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An analysis of the maturity of loans is given below: |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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Bank loans |
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The loan is secured by the way of fixed and floating charge over the leasehold property in the company, together |
with a personal guarantee from the directors. |
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Loan is repayable at the end of 5th year maturing on 1st December 2022, with the rate of interest being 4.7%. |
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10. | PROVISIONS FOR LIABILITIES |
£ |
Deferred tax | 7,246 |
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Deferred tax |
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Accelerated Capital Allowances | 7,246 |
Balance at 30 June 2018 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
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Ordinary | 1 | 100 |
NEWBURY PARK HOTELS LTD (REGISTERED NUMBER: 10813947) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 12 JUNE 2017 TO 30 JUNE 2018 |
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12. | RESERVES |
Retained |
earnings |
£ |
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Deficit for the period | ( |
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At 30 June 2018 | ( |
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13. | RELATED PARTY DISCLOSURES |
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At the balance sheet date, the company was owed £222,402 from Equator Corporation Ltd, a company in which |
one of the directors has participating interest. Furthermore, at the same balance sheet date, the company owed |
£4,320,000 to Equator Corporation Ltd in the form of deferred consideration payable for the acquisition of the |
business. |
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At the balance sheet date, the company owed £1,371,663 to Aquesta Limited, a company in which the directors |
have participating interest. |
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14. | ULTIMATE CONTROLLING PARTY |
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The director, H S Aktar, is the ultimate controller of the company as he holds all of the issued share capital of the |
company. |