REGISTERED NUMBER: 11335069 (England and Wales) |
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REPORT OF THE DIRECTORS AND |
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CONSOLIDATED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 APRIL 2021 |
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FOR |
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BGAM HOTELS (LX) LTD |
REGISTERED NUMBER: 11335069 (England and Wales) |
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REPORT OF THE DIRECTORS AND |
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CONSOLIDATED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 APRIL 2021 |
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FOR |
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BGAM HOTELS (LX) LTD |
BGAM HOTELS (LX) LTD (REGISTERED NUMBER: 11335069) |
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CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2021 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 4 |
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Consolidated Income Statement | 7 |
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Consolidated Balance Sheet | 8 |
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Company Balance Sheet | 9 |
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Notes to the Consolidated Financial Statements | 10 |
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BGAM HOTELS (LX) LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors and Chartered Accountants |
Rutland House |
90-92 Baxter Avenue |
Southend on Sea |
Essex |
SS2 6HZ |
BGAM HOTELS (LX) LTD (REGISTERED NUMBER: 11335069) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2021 |
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The directors present their report with the financial statements of the company and the group for the year ended 30 April 2021. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2020 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
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AUDITORS |
The auditors, Goldwyns Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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BGAM HOTELS (LX) LTD (REGISTERED NUMBER: 11335069) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2021 |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BGAM HOTELS (LX) LTD |
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Opinion |
We have audited the financial statements of BGAM Hotels (LX) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2021 which comprise the Consolidated Income Statement, Consolidated Balance Sheet, Company Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2021 and of the group's loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Material uncertainties related to going concern |
We draw attention to note 18 in the financial statements, which details the material uncertainties arising that may cast significant doubt on the group's ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BGAM HOTELS (LX) LTD |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BGAM HOTELS (LX) LTD |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. In order to address the risks of misstatements in respect of irregularities, including fraud, we have: |
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obtained an understanding of the key laws and regulations applicable to the company, including the
Companies Act 2006, and applicable taxation legislation; |
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assessed the company's own internal controls and systems for the prevention and detection of
irregularities and particularly the control environment within which they operate; |
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determined a materiality level and audit approach sufficient to identify most irregularities, including
fraud, that may occur; |
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considered our own involvement in the preparation of the company's statutory financial statements and
taxation returns; |
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conducted audit verification work, on a sample basis, on the key audit areas and risks we have
identified; and |
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reflected on the outcome of our work, and the likelihood that conclusions drawn may be indicative of
other areas of potential irregularity. |
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We therefore consider our audit approach has been sufficient to detect material irregularities, including fraud. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Statutory Auditors and Chartered Accountants |
Rutland House |
90-92 Baxter Avenue |
Southend on Sea |
Essex |
SS2 6HZ |
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BGAM HOTELS (LX) LTD (REGISTERED NUMBER: 11335069) |
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CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2021 |
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2021 | 2020 |
Notes | £ | £ |
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TURNOVER | 420,703 | 2,132,093 |
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Cost of sales | 410,862 | 1,067,120 |
GROSS PROFIT | 9,841 | 1,064,973 |
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Administrative expenses | 1,568,652 | 1,831,882 |
(1,558,811 | ) | (766,909 | ) |
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Other operating income | 150,974 | 38,950 |
OPERATING LOSS | 4 | (1,407,837 | ) | (727,959 | ) |
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Interest receivable and similar income | - | 21 |
(1,407,837 | ) | (727,938 | ) |
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Interest payable and similar expenses | 464,479 | 466,016 |
LOSS BEFORE TAXATION | (1,872,316 | ) | (1,193,954 | ) |
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Tax on loss | (155,899 | ) | (30,115 | ) |
LOSS FOR THE FINANCIAL YEAR | ( |
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Loss attributable to: |
Owners of the parent | (1,716,417 | ) | (1,163,839 | ) |
BGAM HOTELS (LX) LTD (REGISTERED NUMBER: 11335069) |
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CONSOLIDATED BALANCE SHEET |
30 APRIL 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | 3,574,034 | 4,567,154 |
Tangible assets | 9 | 10,109,798 | 10,171,192 |
Investments | 10 | - | - |
13,683,832 | 14,738,346 |
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CURRENT ASSETS |
Stocks | 4,499 | 9,296 |
Debtors | 11 | 228,327 | 268,467 |
Cash at bank and in hand | 1,200 | 69,770 |
234,026 | 347,533 |
CREDITORS |
Amounts falling due within one year | 12 | 1,568,814 | 1,304,525 |
NET CURRENT LIABILITIES | (1,334,788 | ) | (956,992 | ) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
12,349,044 |
13,781,354 |
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CREDITORS |
Amounts falling due after more than one
year |
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(16,104,922 |
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(15,823,875 |
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PROVISIONS FOR LIABILITIES | 16 | (20,060 | ) | (17,000 | ) |
NET LIABILITIES | (3,775,938 | ) | (2,059,521 | ) |
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CAPITAL AND RESERVES |
Called up share capital | 5 | 5 |
Retained earnings | (3,775,943 | ) | (2,059,526 | ) |
(3,775,938 | ) | (2,059,521 | ) |
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
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The financial statements were approved by the Board of Directors and authorised for issue on 25 January 2022 and were signed on its behalf by: |
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J D Levy - Director |
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BGAM HOTELS (LX) LTD (REGISTERED NUMBER: 11335069) |
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COMPANY BALANCE SHEET |
30 APRIL 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | - | - |
Tangible assets | 9 |
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Investments | 10 |
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CREDITORS |
Amounts falling due within one year | 12 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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Company's loss for the financial year | - | (104,467 | ) |
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The financial statements were approved by the Board of Directors and authorised for issue on
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BGAM HOTELS (LX) LTD (REGISTERED NUMBER: 11335069) |
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2021 |
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1. | STATUTORY INFORMATION |
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BGAM Hotels (LX) Ltd is a
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The group operates from its premises in Leigh. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the income receivable by the group from its trading activities as a hotel. Sales encompass room hire, food and beverage income and all other associated ancillary hotel and guest services. Turnover is recognised in the period in which the physical goods are sold, as services are performed or otherwise as entitlement accrues to the group. |
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Goodwill |
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Other intangible assets |
Intangible assets, representing the book loss on the disposal of the group's property during 2019, are being amortised over the 175 year life of the replacement leasehold property interest. |
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Tangible fixed assets |
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Leasehold property | - |
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Equipment | - |
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Fixtures and fittings | - |
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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. | OPERATING LOSS |
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The operating loss is stated after charging: |
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2021 | 2020 |
£ | £ |
Other operating leases |
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Depreciation - owned assets |
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Depreciation - assets on finance leases |
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Goodwill amortisation |
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Other intangibles amortisation |
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BGAM HOTELS (LX) LTD (REGISTERED NUMBER: 11335069) |
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2021 |
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5. | AUDITORS' REMUNERATION |
2021 | 2020 |
£ | £ |
Fees payable to the company's auditors for the audit of the
company's financial statements |
12,500 |
12,441 |
Other non- audit services |
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6. | INDIVIDUAL INCOME STATEMENT |
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As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
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7. | GOVERNMENT GRANTS |
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During the year, the group was in receipt of Government support, specifically in relation to the Covid-19 pandemic. Within other operating income is £150,974 (2020 - £38,950) in respect of the Coronavirus Job Retention Scheme and other grants. |
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8. | INTANGIBLE FIXED ASSETS |
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Group |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1 May 2020 |
and 30 April 2021 |
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AMORTISATION |
At 1 May 2020 |
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Charge for year |
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At 30 April 2021 |
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NET BOOK VALUE |
At 30 April 2021 |
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At 30 April 2020 |
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BGAM HOTELS (LX) LTD (REGISTERED NUMBER: 11335069) |
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2021 |
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9. | TANGIBLE FIXED ASSETS |
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Group |
Fixtures |
Leasehold | and |
property | Equipment | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2020 |
and 30 April 2021 | 10,275,000 | 1,809 | 9,181 | 10,285,990 |
DEPRECIATION |
At 1 May 2020 | 112,536 | 233 | 2,029 | 114,798 |
Charge for year | 58,714 | 269 | 2,411 | 61,394 |
At 30 April 2021 | 171,250 | 502 | 4,440 | 176,192 |
NET BOOK VALUE |
At 30 April 2021 | 10,103,750 | 1,307 | 4,741 | 10,109,798 |
At 30 April 2020 | 10,162,464 | 1,576 | 7,152 | 10,171,192 |
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On 7 June 2018 the group entered into agreement to sell and then leaseback the property from which it trades, over a period of 175 years. This lease substantially amounts to a financing lease, as the group will derive benefit from the property throughout a major part of its useful life, and has been recognised accordingly. |
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The disposal event created an accounting loss which has been recognised as an intangible fixed asset (above) and is being written down over the same period as the property. |
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Fixed assets, included in the above, which are held under finance leases are as follows: |
Leasehold |
property |
£ |
COST |
At 1 May 2020 |
and 30 April 2021 | 10,275,000 |
DEPRECIATION |
At 1 May 2020 | 112,536 |
Charge for year | 58,714 |
At 30 April 2021 | 171,250 |
NET BOOK VALUE |
At 30 April 2021 | 10,103,750 |
At 30 April 2020 | 10,162,464 |
BGAM HOTELS (LX) LTD (REGISTERED NUMBER: 11335069) |
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2021 |
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10. | FIXED ASSET INVESTMENTS |
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Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2020 |
and 30 April 2021 |
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NET BOOK VALUE |
At 30 April 2021 |
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At 30 April 2020 |
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The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Subsidiary |
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Registered office: Greenhill House, 90/93 Cowcross Street, London, EC1M 6BF |
Nature of business:
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Class of shares: | holding |
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The company acquired the entire issued share capital of Leigh Hotels Limited on 7 June 2018. A proportion of the purchase price was attributed to repaying the subsidiary's debt at that time, with the rest representing the cost of shares acquired. |
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11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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Group |
2021 | 2020 |
£ | £ |
Trade debtors | 15,088 | 12,955 |
Other debtors | 213,239 | 255,512 |
228,327 | 268,467 |
BGAM HOTELS (LX) LTD (REGISTERED NUMBER: 11335069) |
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2021 |
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12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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Group | Company |
2021 | 2020 | 2021 | 2020 |
£ | £ | £ | £ |
Bank loans and overdrafts | 166,074 | 120,500 |
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Trade creditors | 151,403 | 165,129 |
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Amounts owed to group undertakings | - | - |
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Taxation and social security | 132,010 | 310,527 |
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Other creditors | 1,119,327 | 708,369 |
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1,568,814 | 1,304,525 |
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13. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
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Group |
£ |
Bank loans | 5,404,500 |
Finance leases (see note 13) | 10,327,728 |
15,732,288 |
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Group |
£ |
Amounts falling due in more than five years: |
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Repayable by installments |
Finance leases | 10,327,728 |
10,327,728 |
BGAM HOTELS (LX) LTD (REGISTERED NUMBER: 11335069) |
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2021 |
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14. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Group |
Finance leases |
2021 | 2020 |
£ | £ |
Gross obligations repayable: |
Within one year | 271,601 | 264,893 |
Between one and five years | 1,111,335 | 1,083,214 |
In more than five years | 90,294,988 | 78,087,305 |
91,677,924 | 79,435,412 |
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Finance charges repayable: |
Within one year | 271,601 | 264,893 |
Between one and five years | 1,111,335 | 1,083,214 |
In more than five years | 79,569,697 | 67,626,907 |
80,952,633 | 68,975,014 |
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Net obligations repayable: |
In more than five years | 10,725,291 | 10,460,398 |
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On 7 June 2018 the group entered into an agreement to lease the property from which it trades for a period of 175 years. This transaction amounts to a finance lease and has been recognised accordingly. The group is liable for an annual rent of £173,000, adjusted for changes in the retail price index but subject to a minimum of 1% and a maximum of 4% increase per year. |
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Throughout the initial period of the lease the annual interest arising will exceed the rental payments due and therefore the group's recognised finance liability will continue to increase. |
BGAM HOTELS (LX) LTD (REGISTERED NUMBER: 11335069) |
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2021 |
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15. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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Group |
2021 | 2020 |
£ | £ |
Bank overdraft | 45,574 | - |
Bank loans | 5,500,131 | 5,483,977 |
Finance leases | 10,725,291 | 10,460,398 |
16,270,996 | 15,944,375 |
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Bank loans are secured using fixed and floating charges over all of the subsidiary's assets (including its interests in the leasehold property and its tangible fixed assets). |
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The subsidiary has also given cross-guarantees in respect of other associated companies' debts. At the balance sheet date, those companies' liabilities to the bank totalled £9,554,175 (2020 - £9,491,513). |
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The subsidiary has given fixed and floating charges over all of its interest in the property (and any proceeds arising therefrom) as security for its bank loans, and its cross-guarantee. |
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Finance lease liabilities are secured on the assets to which they relate. |
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Bank overdraft is guaranteed by the other associated companies. |
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16. | PROVISIONS FOR LIABILITIES |
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At the balance sheet date the group had recognised provisions totalling £20,060 (2020 - £17,000) in respect of other commercial disputes. |
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17. | RELATED PARTY DISCLOSURES |
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The group works closely with a portfolio of four other hotels and their respective companies, all under similar (but not identical) control. Further, the whole portfolio is managed by BGAM Limited, a hotel management enterprise, again with ownership similarities and common directors. These close working relationships enables all businesses to access necessary trading expertise when needed, negotiate beneficial relationships with suppliers and leverage various economies of scale for mutual benefit. |
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During the course of the year, the group incurred management costs totalling £52,988 (2020 - £53,862) to BGAM Limited. |
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In aggregate at the balance sheet date, the group was owed £38,000 by, and owed £1,023,278 to, these associated companies (2020 - £93,000 and £585,330 respectively). |
BGAM HOTELS (LX) LTD (REGISTERED NUMBER: 11335069) |
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2021 |
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18. | GOING CONCERN |
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The consolidated income statement reports a loss for the period of £1,715,296 and the consolidated balance sheet a deficiency of net assets amounting to £3,774,817. The directors do not consider these reported results to be indicative of a going concern issue however, due to the strength of the underlying trade and the underlying subsidiary which at 30 April 2021 had distributable reserves of over £4m. |
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Furthermore in March 2020 the UK was struck by the Covid-19 pandemic which resulted in the widespread restriction of free movement and an enforced closure of hotels such as the group's. Whilst the group has since been able to start re-opening, it has been adversely affected by a substantial period of very low turnover (particularly in early 2021). The group is reliant upon trading to return after the lockdowns are lifted. However, the Government's adherence to their roadmap out of lockdown proves encouraging, as does the rapidly advancing vaccination programme. |
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Furthermore, the directors acted quickly to mitigate the short-term damage to the group but the protracted timescales of the restrictions have been damaging to its reserves. Consequently, the group is somewhat reliant upon its creditors' continued support to manage its liabilities as they fall due, which seems to remain forthcoming. |
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These both represent uncertainties beyond the group's control, albeit current indications are positive. The financial statements are therefore still drawn up on a going concern basis. |