REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE PERIOD 29 JUNE 2020 TO 26 JUNE 2021 |
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PROPITEER HOTELS EXETER LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE PERIOD 29 JUNE 2020 TO 26 JUNE 2021 |
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FOR |
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PROPITEER HOTELS EXETER LIMITED |
PROPITEER HOTELS EXETER LIMITED (REGISTERED NUMBER: NI636916) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 29 JUNE 2020 TO 26 JUNE 2021 |
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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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PROPITEER HOTELS EXETER LIMITED |
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COMPANY INFORMATION |
FOR THE PERIOD 29 JUNE 2020 TO 26 JUNE 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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Chartered Accountants & Statutory Auditors |
1 Kings Avenue |
London |
N21 3NA |
PROPITEER HOTELS EXETER LIMITED (REGISTERED NUMBER: NI636916) |
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BALANCE SHEET |
26 JUNE 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 11 |
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Retained earnings | ( |
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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 and authorised for issue on
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PROPITEER HOTELS EXETER LIMITED (REGISTERED NUMBER: NI636916) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 29 JUNE 2020 TO 26 JUNE 2021 |
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1. | STATUTORY INFORMATION |
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Propiteer Hotels Exeter Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provision of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties, investment properties and certain financial instruments at fair value. |
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Preparation of consolidated financial statements |
The financial statements contain information about Propiteer Hotels Exeter Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Never What If group Limited, Olivers Barn, Maldon Road, Witham, Essex, United Kingdom, CM8 3HY.. |
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Significant judgements and estimates |
In the application of the company's accounting policies, the director is 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 relevant. Actual results may differ from these estimates. |
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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. |
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There are no significant judgements or estimates involved in the preparation of 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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Plant and machinery - 10% reducing balance |
Fixtures and fittings - 33% reducing balance |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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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 balance sheet date. |
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PROPITEER HOTELS EXETER LIMITED (REGISTERED NUMBER: NI636916) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 29 JUNE 2020 TO 26 JUNE 2021 |
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2. | ACCOUNTING POLICIES - continued |
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 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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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. |
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Cash and cash equivalent |
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. |
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Basic financial assets |
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. |
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Basic financial 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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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. |
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Going concern |
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The directors regard the foreseeable future as no less than twelve months following the publication of the company's annual financial statements. The directors have considered the company's balance sheet position as at the year end, its working capital forecasts and projections, continuing support from the company's parent undertaking and the impact of the current COVID 19 crisis, taking account of reasonably possible changes in trading performance and the current state of its operating market and are satisfied that the company has sufficient resources to remain in operational existence. Accordingly, they have adopted going concern basis in preparing these financial statements. |
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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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PROPITEER HOTELS EXETER LIMITED (REGISTERED NUMBER: NI636916) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 29 JUNE 2020 TO 26 JUNE 2021 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 29 June 2020 |
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Additions |
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At 26 June 2021 |
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DEPRECIATION |
At 29 June 2020 |
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Charge for period |
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At 26 June 2021 |
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NET BOOK VALUE |
At 26 June 2021 |
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At 28 June 2020 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 29 June 2020 |
and 26 June 2021 |
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NET BOOK VALUE |
At 26 June 2021 |
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At 28 June 2020 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 29 June 2020 |
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Revaluations | (353,837 | ) |
At 26 June 2021 |
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NET BOOK VALUE |
At 26 June 2021 |
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At 28 June 2020 |
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Fair value at 26 June 2021 is represented by: |
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Valuation in 2018 | 16,948,184 |
Valuation in 2020 | (2,694,347 | ) |
Valuation in 2021 | (353,837 | ) |
13,900,000 |
PROPITEER HOTELS EXETER LIMITED (REGISTERED NUMBER: NI636916) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 29 JUNE 2020 TO 26 JUNE 2021 |
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6. | INVESTMENT PROPERTY - continued |
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If investment property had not been revalued it would have been included at the following historical cost: |
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2021 | 2020 |
£ | £ |
Cost | 10,121,212 | 10,121,212 |
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Investment property was valued on an open market basis on 28 April 2021 by Lambert Smith Hampton . |
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The directors are of the opinion that the valuation at year end is similar to the above value. |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 12,083,897 | 12,089,219 |
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10. | SECURED DEBTS |
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The Governor and Company of the Bank of Ireland holds fixed charges in respect of the property Hampton by Hilton, Exeter Airport Industrial Estate and in respect of the shares in Exeter Airport Hotel Trading Limited. |
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Bank of Ireland also holds fixed charges of all its rights in respect of: plant and machinery, amounts standing to the credit of any account, all of its books and other debts, insurances, all relevant contracts and intellectual property. |
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Bank of Ireland also holds a floating charge on all Exeter Airport Hotel Trading Limited assets. |
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11. | RESERVES |
Revaluation |
reserve |
£ |
At 29 June 2020 |
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Movement in the period | (286,608 | ) |
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At 26 June 2021 |
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PROPITEER HOTELS EXETER LIMITED (REGISTERED NUMBER: NI636916) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 29 JUNE 2020 TO 26 JUNE 2021 |
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12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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13. | RELATED PARTY DISCLOSURES |
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Included in other debtors, due within one year, is an amount totalling £3,158,847 (2020: £4,077,800) due from connected companies. These loans are repayable on demand. |
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Included in other creditors, due within one year, is an amount totalling £3,678,699 (2020: £3,585,620) due to connected companies. These loans are repayable on demand. |
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14. | ULTIMATE CONTROLLING PARTY |
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The company's immediate parent undertaking is Propiteer Acquisitions Limited and ultimate controlling party is Never What If Group Limited. |
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The largest and smallest group in which the results of the company are consolidated is that headed by NeverWhat If Group Limited, which is incorporated in the United Kingdom. The consolidated financial statements of this company are available to the public and may be obtained from the company's registered office, beingOlivers Barn, Maldon Road, Witham, Essex, United Kingdom, CM8 3HY. |