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Strategic Report, Report of the Directors and |
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Audited Financial Statements |
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for the Year Ended 4 April 2017 |
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for |
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Glynhill Hotel Limited |
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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Audited Financial Statements |
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for the Year Ended 4 April 2017 |
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for |
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Glynhill Hotel Limited |
Glynhill Hotel Limited (Registered number: SC044852) |
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Contents of the Financial Statements |
for the Year Ended 4 April 2017 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 4 |
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Report of the Independent Auditors | 6 |
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Profit & Loss Account | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 10 |
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Cash Flow Statement | 11 |
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Notes to the Cash Flow Statement | 12 |
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Notes to the Financial Statements | 13 |
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Glynhill Hotel Limited |
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Company Information |
for the Year Ended 4 April 2017 |
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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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AUDITORS: |
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Statutory Auditors |
Chartered Accountants |
147 Bath Street |
Glasgow |
G2 4SN |
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BANKERS: |
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1 Moncrieff Street |
Paisley |
PA3 2AW |
Glynhill Hotel Limited (Registered number: SC044852) |
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Strategic Report |
for the Year Ended 4 April 2017 |
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The directors present their strategic report for the year ended 4 April 2017. |
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REVIEW OF BUSINESS |
The results for the year and financial position of the company are as shown in the annexed financial statements. |
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The directors remain satisfied with the financial performance and position of the company which should be considered in |
the light of the ongoing challenging economic climate in the UK and globally. |
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Turnover has remained relatively steady in comparison with last year, whilst gross profit has increased in both real and in |
percentage terms. The company continues to progress due to the investment made in the Hotel in recent years and the plans |
put in place by the directors and senior management. |
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Operating profits have fallen to £334,345 (2016 - £417,719) due in the main to the increased depreciation costs arising from |
capital expenditure purchased in the year on short-term finance leases, which must be amortised over the period of the |
lease. Without this increase, the operating profit would have been relatively constant, reflecting the controls exercised by |
the management over necessary overhead expenditure. |
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Going forward, the directors are confident that the strong financial position at the year end as reflected in the Balance Sheet |
stands the company in good stead for the future. The company's selective programme of refurbishment has continued in the |
year under review, with capital expenditure in the year being in excess of £520,000, demonstrating the Board's ongoing |
commitment to investment in the Hotel and their confidence in the long-term future of the business. |
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The business objectives for the year ended 4 April 2018 (i.e. to improve profitability by achieving higher occupancy levels, |
with improved room rates and controlling costs, whilst continuing to offer guests an improved standard of facilities and |
service) remain valid for future financial years. |
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Glynhill Hotel Limited (Registered number: SC044852) |
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Strategic Report |
for the Year Ended 4 April 2017 |
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PRINCIPAL RISKS AND UNCERTAINTIES |
Principal risks and uncertainties facing the business relate mainly to the overall economic factors facing the industry as a |
whole, together with prevailing local economic conditions, including increased competition.The sales plans in place and the |
targets set are indicative of the pro-active approach adopted by management in attaining the company's stated objectives. |
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Seasonality in the company's trade is also mitigated by the investments made in this and prior years, which seek to expand |
the range of activities on offer at the Hotel, whilst finance repayments are structured accordingly in line with anticipated |
cash flows. |
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Financial and cash flow risk is considered with the assistance of cash flow projections which are regularly reviewed and |
revisited in the light of subsequent events. The management team look to retain a level of reserves consistent with ongoing |
liabilities plus sufficient headroom to cover eventualities. |
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The directors recognise the risks associated with interest rate fluctuations on the loan finance in place and previously |
minimised this with the use of base rate swap agreements with the company's bankers. The arrangements in place were the |
subject of a review by the bank which resulted in significant redress payments in 2015. Following this, no replacement |
agreements were put in place which the directors consider to be acceptable in view of the low rates of interest currently in |
force and anticipated for the foreseeable future. |
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These are the most significant risks that may adversely affect business strategy, financial position or future performance. |
Senior management (including the new General Manager appointed in the current financial year) meet regularly to identify |
risk factors which may affect the business, evaluating the risk of these materialising and the financial or strategic impact of |
such events, in order to apply relevant and effective mitigating factors. |
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ON BEHALF OF THE BOARD: |
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Glynhill Hotel Limited (Registered number: SC044852) |
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Report of the Directors |
for the Year Ended 4 April 2017 |
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The directors present their report with the financial statements of the company for the year ended 4 April 2017. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of hotel proprietors. |
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DIVIDENDS |
An interim dividend of £ |
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The total distribution of dividends for the year ended 4 April 2017 will be £
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FUTURE DEVELOPMENTS |
The company's specific plans for future development centre on the continuing refurbishment programme, designed to |
improve existing facilities and services on offer to both existing and new customers. Specific capital commitments for the |
forthcoming financial year are disclosed in the notes to the financial statements. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 5 April 2016 to the date of this report. |
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FIXED ASSETS |
The movement in fixed assets during the year are summarised in the notes to the financial statements. |
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No formal valuation has yet been made of the company's interests in land. However, the directors are of the opinion that the |
market value is substantially higher than the amount at which it is included in the balance sheet, and draw the attention of |
the members of the company to this fact in accordance with schedule 7, paragraph 1 (2) of the Companies Act 1985. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, 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), including Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company 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; |
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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 |
transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other |
irregularities. |
Glynhill Hotel Limited (Registered number: SC044852) |
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Report of the Directors |
for the Year Ended 4 April 2017 |
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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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have |
taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the |
company's auditors are aware of that information. |
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AUDITORS |
The auditors, Gillespie & Anderson, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Glynhill Hotel Limited |
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We have audited the financial statements of Glynhill Hotel Limited for the year ended 4 April 2017 on pages eight to |
twenty five. The financial reporting framework that has been applied in their preparation is applicable law and United |
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting |
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
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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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Respective responsibilities of directors and auditors |
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Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give |
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. |
This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have |
been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the |
directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial |
information in the Strategic Report and the Report of the Directors to identify material inconsistencies with the audited |
financial statements and to identify any information that is apparently materially incorrect based on, or materially |
inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent |
material misstatements or inconsistencies we consider the implications for our report. |
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Opinion on financial statements |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 4 April 2017 and of its profit for the year then ended; |
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of our audit, the information given in the Strategic Report and |
the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the |
financial statements, and has been prepared in accordance with applicable legal requirements. In the light of the knowledge |
and understanding of the company and its environment, we have not identified any material misstatements in the Strategic |
Report or the Report of the Directors. |
Report of the Independent Auditors to the Members of |
Glynhill Hotel Limited |
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Matters on which we are required to report by exception |
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: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches
not visited by us; or |
- | the 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. |
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for and on behalf of
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Statutory Auditors |
Chartered Accountants |
147 Bath Street |
Glasgow |
G2 4SN |
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Glynhill Hotel Limited (Registered number: SC044852) |
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Profit & Loss Account |
for the Year Ended 4 April 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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327,294 | 409,320 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Income from fixed asset investments | 5 |
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Interest receivable and similar income |
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59 | 588 |
334,404 | 418,307 |
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Interest payable and similar expenses | 6 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 7 |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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Glynhill Hotel Limited (Registered number: SC044852) |
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Balance Sheet |
4 April 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
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Investments | 10 |
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CURRENT ASSETS |
Stocks | 11 |
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Debtors | 12 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 13 |
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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 | 14 | ( |
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PROVISIONS FOR LIABILITIES | 19 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 20 |
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Capital redemption reserve | 21 |
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Retained earnings | 21 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
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Glynhill Hotel Limited (Registered number: SC044852) |
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Statement of Changes in Equity |
for the Year Ended 4 April 2017 |
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Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 5 April 2015 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 4 April 2016 |
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Changes in equity |
Dividends | - | ( |
) | - | ( |
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Total comprehensive income | - |
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Balance at 4 April 2017 |
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Glynhill Hotel Limited (Registered number: SC044852) |
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Cash Flow Statement |
for the Year Ended 4 April 2017 |
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2017 | 2016 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
) | ( |
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Interest element of finance lease payments
paid |
( |
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( |
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Tax paid | ( |
) | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Interest received |
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Dividends received |
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Net cash from investing activities | ( |
) | ( |
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Cash flows from financing activities |
New loans in year |
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Loan repayments in year | ( |
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Capital repayments in year | ( |
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Equity dividends paid | ( |
) | ( |
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Net cash from financing activities | ( |
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Decrease in cash and cash equivalents | ( |
) | ( |
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Cash and cash equivalents at beginning of
year |
2 |
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427,865 |
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Cash and cash equivalents at end of year | 2 | ( |
) | 190,798 |
Glynhill Hotel Limited (Registered number: SC044852) |
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Notes to the Cash Flow Statement |
for the Year Ended 4 April 2017 |
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1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2017 | 2016 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Finance costs | 63,190 | 50,942 |
Finance income | (59 | ) | (588 | ) |
692,000 | 684,187 |
Decrease/(increase) in stocks |
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( |
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Increase in trade and other debtors | ( |
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Decrease in trade and other creditors | ( |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these |
Balance Sheet amounts: |
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Year ended 4 April 2017 |
4.4.17 | 5.4.16 |
£ | £ |
Cash and cash equivalents | 150,964 | 190,798 |
Bank overdrafts | ( |
) |
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(277,687 | ) | 190,798 |
Year ended 4 April 2016 |
4.4.16 | 5.4.15 |
£ | £ |
Cash and cash equivalents | 190,798 | 427,865 |
Glynhill Hotel Limited (Registered number: SC044852) |
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Notes to the Financial Statements |
for the Year Ended 4 April 2017 |
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1. | STATUTORY INFORMATION |
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Glynhill Hotel Limited is a
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number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These individual financial statements of the company have been prepared in accordance with Financial Reporting |
Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies |
Act 2006. They are prepared under the going concern basis and under the historical cost convention, as modified by |
certain financial assets and liabilities measured at fair value through profit and loss. |
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Significant judgements and estimates |
In preparing the financial statements, management is required to make judgements, estimates and assumptions, |
based on historical experience and other relevant factors. Actual results may differ from these best estimates, which |
are reviewed on an ongoing basis. |
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The items in the financial statements where these judgements are required (and the factors in play) include trade |
debtors (likelihood of recovery), stock (impairment losses), accruals (likelihood & quantum of liability) and fixed |
assets (depreciation rates and capitalisation of expense). |
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Turnover |
Turnover represents net sales of goods and services, excluding value added tax, and recognised when the company |
becomes entitled to the income. |
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Tangible fixed assets |
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Land & buildings | - |
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Leisure complex plant | - |
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Heating installation | - |
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Electrical installation | - |
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Plant & fittings | - |
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Furnishings | - |
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Motor vehicles | - |
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As permitted by the Companies Act, crockery, glassware and linen have been stated at a fixed quantity and value |
since their quantity, value and composition is not subject to material variation and their overall value is not material |
to assessing the company's state of affairs. |
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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. |
Glynhill Hotel Limited (Registered number: SC044852) |
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Notes to the Financial Statements - continued |
for the Year Ended 4 April 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has chosen to adopt the provisions of sections 11 & 12 of FRS 102 and consider all financial assets |
and liabilities as falling within the definition of basic financial instruments. |
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Basic financial assets (such as trade & other debtors and cash & bank balances) are initially recognised at |
transaction price and subsequently carried at amortised cost using the effective interest method, subject to any |
provision for impairment. Fixed asset investments (being investments in non-puttable ordinary shares which are |
publicly traded) are measured at fair value through profit or loss. |
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Basic financial liabilities (including trade & other creditors, bank & other loans, finance leases and deposits) are |
initially recognised at transaction price and subsequently carried at amortised cost using the effective interest |
method. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance |
sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of |
transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are |
depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of |
the future payments is treated as a liability. |
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Rentals paid under operating lease are charged to the income statement on a straight line basis over the period of the |
lease. |
Glynhill Hotel Limited (Registered number: SC044852) |
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Notes to the Financial Statements - continued |
for the Year Ended 4 April 2017 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
2017 | 2016 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average monthly number of employees during the year was as follows: |
2017 | 2016 |
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Directors | 4 | 4 |
Administration | 17 | 18 |
Others | 142 | 135 |
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2017 | 2016 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2017 | 2016 |
£ | £ |
Depreciation - owned assets |
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Depreciation - assets on finance leases |
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Auditors' remuneration |
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Auditors' remuneration for non audit work |
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Exchange rate gains/(losses) |
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Rentals under operating leases - plant & machinery |
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Glynhill Hotel Limited (Registered number: SC044852) |
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Notes to the Financial Statements - continued |
for the Year Ended 4 April 2017 |
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5. | INCOME FROM FIXED ASSET INVESTMENTS |
2017 | 2016 |
£ | £ |
Franked investment income | 22 | 12 |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2017 | 2016 |
£ | £ |
Bank loan interest |
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Other interest charges |
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Leasing |
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7. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2017 | 2016 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax: |
Movement in timing differences | ( |
) |
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Tax on profit |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is |
explained below: |
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2017 | 2016 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2016 - |
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Effects of: |
Expenses not deductible for tax purposes |
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Income not taxable for tax purposes | ( |
) | ( |
) |
Capital allowances in excess of depreciation | - | ( |
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Depreciation in excess of capital allowances |
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- |
Reduced tax rate for FY 2017 | ( |
) |
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Deferred tax movements | ( |
) |
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Total tax charge | 57,074 | 98,033 |
Glynhill Hotel Limited (Registered number: SC044852) |
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Notes to the Financial Statements - continued |
for the Year Ended 4 April 2017 |
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8. | DIVIDENDS |
2017 | 2016 |
£ | £ |
Ordinary Shares shares of £1 each |
Interim |
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9. | TANGIBLE FIXED ASSETS |
Leisure |
Land & | complex | Heating | Electrical |
buildings | plant | installation | installation |
£ | £ | £ | £ |
COST |
At 5 April 2016 |
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Additions |
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At 4 April 2017 |
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DEPRECIATION |
At 5 April 2016 |
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Charge for year |
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At 4 April 2017 |
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NET BOOK VALUE |
At 4 April 2017 |
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At 4 April 2016 |
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Crockery, |
Plant & | Motor | glassware, |
fittings | Furnishings | vehicles | linen | Totals |
£ | £ | £ | £ | £ |
COST |
At 5 April 2016 |
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Additions |
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At 4 April 2017 |
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DEPRECIATION |
At 5 April 2016 |
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|
Charge for year |
|
|
|
|
|
At 4 April 2017 |
|
|
|
|
|
NET BOOK VALUE |
At 4 April 2017 |
|
|
|
|
|
At 4 April 2016 |
|
|
|
|
|
|
All buildings owned by the company are classed as freehold property. |
Glynhill Hotel Limited (Registered number: SC044852) |
|
Notes to the Financial Statements - continued |
for the Year Ended 4 April 2017 |
|
9. | TANGIBLE FIXED ASSETS - continued |
|
Fixed assets, included in the above, which are held under finance leases are as follows: |
Leisure |
Land & | complex | Heating |
buildings | plant | installation |
£ | £ | £ |
COST |
At 5 April 2016 |
|
|
|
Additions |
|
6,755 | 11,202 |
At 4 April 2017 |
|
6,755 | 20,088 |
DEPRECIATION |
At 5 April 2016 |
|
- | 889 |
Charge for year |
|
3,659 | 8,919 |
Transfer to ownership | - | - | - |
At 4 April 2017 |
|
3,659 | 9,808 |
NET BOOK VALUE |
At 4 April 2017 |
|
3,096 | 10,280 |
At 4 April 2016 |
|
- | 7,997 |
Plant & |
fittings | Furnishings | Totals |
£ | £ | £ |
COST |
At 5 April 2016 |
|
|
|
Additions |
|
|
|
Transfer to ownership | (67,899 | ) | - | (67,899 | ) |
At 4 April 2017 |
|
|
|
DEPRECIATION |
At 5 April 2016 |
|
|
|
Charge for year |
|
|
|
Transfer to ownership | (67,895 | ) | - | (67,895 | ) |
At 4 April 2017 |
|
|
|
NET BOOK VALUE |
At 4 April 2017 |
|
|
|
At 4 April 2016 |
|
|
|
Glynhill Hotel Limited (Registered number: SC044852) |
|
Notes to the Financial Statements - continued |
for the Year Ended 4 April 2017 |
|
10. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
COST |
At 5 April 2016 |
and 4 April 2017 |
|
NET BOOK VALUE |
At 4 April 2017 |
|
At 4 April 2016 |
|
|
11. | STOCKS |
2017 | 2016 |
£ | £ |
Goods for resale |
|
|
|
Stock recognised as an expense in the period amounted to £842,355 (2016 - £868,999), net of supplier discounts |
received. |
|
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
|
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts (see note 15) |
|
|
Other loans (see note 15) |
|
|
Finance leases (see note 16) |
|
|
Trade creditors |
|
|
Corporation tax |
|
|
Social security and other taxes |
|
|
VAT |
|
|
Leisure complex subscriptions prepaid | 5,882 | 6,880 |
Deposits |
|
|
Accrued expenses |
|
|
|
|
Glynhill Hotel Limited (Registered number: SC044852) |
|
Notes to the Financial Statements - continued |
for the Year Ended 4 April 2017 |
|
14. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans (see note 15) |
|
|
Other loans (see note 15) |
|
|
Finance leases (see note 16) |
|
|
|
|
|
15. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2017 | 2016 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
Bank loans |
|
|
Loan - Carbon Trust | - | 6,262 |
Heineken loan | 2,667 | 4,000 |
|
|
|
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
|
|
Heineken loan | - | 2,667 |
|
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank loans more than 5 years | 584,564 | 686,212 |
Glynhill Hotel Limited (Registered number: SC044852) |
|
Notes to the Financial Statements - continued |
for the Year Ended 4 April 2017 |
|
15. | LOANS - continued |
|
The company entered into a fifteen year term loan with the Royal Bank of Scotland plc in 2005, interest being |
levied at base plus 1.75% per annum on an initial advance to £1,300,000. Monthly repayments following |
restructuring in 2014/15 are £6,362 with the loan due to expire in December 2019. |
|
In 2008, the bank advanced a further loan of £1,500,000, repayable over ten years, with interest again being levied |
at base plus 1.75% p.a. Monthly repayments following restructuring in 2014/15 are £8,402 with the loan due to |
expire in December 2017. |
|
In 2012, the bank advanced £200,000 repayable over five years, with interest levied on the fixed rate basis at 5.27% |
p.a. (monthly repayments of £3,853).This loan was repaid in the year under review. |
|
In 2015, the bank advanced two further loans to the company. The first of these was a loan of £250,000 repayable |
over twelve years, with interest being levied at base plus 2.25% and monthly repayments of £2,040, due to expire in |
May 2026. The second loan advanced in the year amounted to £400,000 repayable over twelve years, with interest |
being levied at base plus 2.04% and monthly repayments of £3,224, due to expire in February 2027. |
|
In the prior year, the bank advanced £500,000 to the company, with interest being levied at base plus 2.25% and |
monthly repayments of £4,079. The loan has a committed term of five years (expiring February 2021) but a |
repayment profile of 12 years. As there is a mutual expectancy that the loan will extend beyond the committed term, |
and that repayments will fall in line with the repayment profile, the liability has been disclosed in the accounts as |
being repayable over twelve years. |
|
All loans with the company's bankers are secured by the existing security held by the bank and disclosed elsewhere |
in the financial statements. |
|
In addition, the company entered into an unsecured five year loan with the Carbon Trust in 2012 for £75,149 |
(monthly repayments of £1,536) in 2012 which has been repaid in full in the year under review. Another unsecured |
five year loan of £20,000 was received in 2013 from Heineken UK (monthly repayments of £333), with conditions |
attached in relation to the minimum purchase of products from the provider. |
Glynhill Hotel Limited (Registered number: SC044852) |
|
Notes to the Financial Statements - continued |
for the Year Ended 4 April 2017 |
|
16. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Finance leases |
2017 | 2016 |
£ | £ |
Gross obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Finance charges repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Non-cancellable operating |
leases |
2017 | 2016 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
Glynhill Hotel Limited (Registered number: SC044852) |
|
Notes to the Financial Statements - continued |
for the Year Ended 4 April 2017 |
|
17. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2017 | 2016 |
£ | £ |
Bank overdraft |
|
|
Bank loans |
|
|
Finance leases | 179,895 | 193,224 |
|
|
|
The Royal Bank of Scotland plc holds a standard security over the Glynhill Hotel, 169 Paisley Road, Renfrew, |
dated 26/7/79, together with a bond and floating charge over the company's whole assets and undertakings, dated |
7/6/72. |
|
Finance lease creditors are secured over the assets to which the finance relates. |
|
18. | FINANCIAL INSTRUMENTS |
|
2017 | 2016 |
£ | £ |
FINANCIAL ASSETS |
Measured at fair value | 414 | 414 |
Measured at amortised cost | 337,127 | 363,224 |
|
FINANCIAL LIABILITIES |
Measured at amortised cost | 2,271,391 | 2,254,744 |
|
19. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 310,300 | 331,233 |
|
Deferred |
tax |
£ |
Balance at 5 April 2016 |
|
Movement in timing differences | ( |
) |
Balance at 4 April 2017 |
|
|
20. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
|
Ordinary Shares | £1 | 77,800 | 77,800 |
Glynhill Hotel Limited (Registered number: SC044852) |
|
Notes to the Financial Statements - continued |
for the Year Ended 4 April 2017 |
|
20. | CALLED UP SHARE CAPITAL - continued |
|
All shares in issue have full rights in relation to voting, dividends and distribution of capital, ranking pari passu. |
|
21. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
|
At 5 April 2016 |
|
|
3,357,520 |
Profit for the year |
|
|
Dividends | ( |
) | ( |
) |
At 4 April 2017 |
|
|
3,493,860 |
|
22. | PENSION COMMITMENTS |
|
The company operates three pension schemes. The executive pension scheme is a defined contribution scheme |
containing two employees, while the other two schemes are group personal pensions for other staff - the most recent |
scheme was set up in the prior year in response to the requirements of auto enrolment. |
|
The assets of the schemes are held separately from those of the company in independently administered funds.The |
pension cost charge represents contributions payable by the company to all funds and amounted to £128,208 in the |
current year (2016 - £146,838). |
|
There were no accrued or prepaid pension contributions in either the current or previous financial year. |
|
23. | CAPITAL COMMITMENTS |
|
The directors anticipate that the rolling programme of selective capital expenditure will continue in 2017/18. |
|
Specifically, the company have committed to making capital expenditure in 2017/18 totalling approximately |
£300,000 in relation to the refurbishment of bedrooms in the White Wing and in the Club Wing, with the work |
starting in late 2017. |
|
24. | OTHER FINANCIAL COMMITMENTS |
|
Subsequent to the year-end but in advance of the finalisation date of these financial statements, the company have |
declared and paid dividends totalling £155,600 (equating to £2 per share). |
|
Furthermore, all things being equal, it is the intention of the directors to declare a further dividend of £1 per share in |
March 2018, in keeping with the dividend policy adopted in recent years. |
|
25. | RELATED PARTY DISCLOSURES |
|
During the year, total dividends of £77,800 (2016 - £155,600) were paid to the directors . |
Glynhill Hotel Limited (Registered number: SC044852) |
|
Notes to the Financial Statements - continued |
for the Year Ended 4 April 2017 |
|
25. | RELATED PARTY DISCLOSURES - continued |
|
During the course of the year under review, the company made related party sales of £1,105 (2016 - £2,733) to the |
Harry Nicholas Charitable Trust. This charitable body is regarded as a related party since three of its trustees are |
also directors of the company. No related party balance existed in this regard at this or the prior financial year end. |
|
Disclosure of all related party emoluments and pension contributions are disclosed elsewhere in the notes to the |
financial statements - the directors are considered to be the only employees falling within the definition of related |
parties contained within FRS 102. |
|
26. | ULTIMATE CONTROLLING PARTY |
|
The company is privately owned - Miss M Nicholas & Mr A H Nicholas both own 29,600 shares with the |
remaining 18,600 shares being owned by Mr R Nicholas - all shareholders are also directors of the company. |