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Unaudited Financial Statements for the Year Ended 31 December 2019 |
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Hazledene Strawberrybank (Hotel) Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2019 |
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for |
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Hazledene Strawberrybank (Hotel) Limited |
Hazledene Strawberrybank (Hotel) Limited (Registered number: SC371642) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Hazledene Strawberrybank (Hotel) Limited |
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Company Information |
for the Year Ended 31 December 2019 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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BANKERS: |
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Bootle |
Merseyside |
L30 4GB |
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SOLICITORS: |
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The Ca'd'ora |
45 Gordon Street |
Glasgow |
G1 3PE |
Hazledene Strawberrybank (Hotel) Limited (Registered number: SC371642) |
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Statement of Financial Position |
31 December 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Prepayments and accrued income |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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( |
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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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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Hazledene Strawberrybank (Hotel) Limited (Registered number: SC371642) |
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Statement of Financial Position - continued |
31 December 2019 |
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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 director and authorised for issue on
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Hazledene Strawberrybank (Hotel) Limited (Registered number: SC371642) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Hazledene Strawberrybank (Hotel) Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The financial statements have been prepared on a going concern basis which assumes that the company will continue to meet its obligations as they fall due for at least 12 months from the date of approval of the financial statements. During the year the company made a loss of £501,864 and had net assets of £1,116,533 at the year end. |
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Hazledene Group Limited, the company's ultimate parent undertaking, has confirmed that, if required, it will support the working capital needs of the company for a period not less than 12 months from the date of the approval of these financial statements. Accordingly, the director considers that it is appropriate to prepare the financial statements on a going concern basis. |
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Current bank funding expires in January 2020. The director is in ongoing negotiations with funders and is confident that funding will be in place for not less than 12 months from approval of the financial statements. |
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The company's ability to continue as a going concern is dependent on its ability to obtain continued financing. The company's financial statements do not reflect adjustments to the carrying values and classification of assets and liabilities that might be necessary should the company be unable to continue as a going concern. Such adjustments may be material. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. There are no items in the financial statements where any significant judgements or estimates have been made. |
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Turnover |
Turnover is the total amount receivable by the company for goods supplied and services provided, excluding VAT and trade discounts. |
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Income from accommodation, room hire, food and beverage are all recognised as services are provided. Deposits received are not recognised in turnover until the service to which it relates has been carried out. Until that time, deposits received are held in creditors. |
Hazledene Strawberrybank (Hotel) Limited (Registered number: SC371642) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Long leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the 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 statement of financial position 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 |
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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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 |
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The average number of employees during the year was
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Hazledene Strawberrybank (Hotel) Limited (Registered number: SC371642) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Other creditors |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Due in more than 5 years |
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Hazledene Strawberrybank (Hotel) Limited (Registered number: SC371642) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank loans |
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The bank has a floating charge and a fixed standard security over the leasehold interest in the hotel. |
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The management company of the hotel has a second standard security over the leasehold interest in the hotel. |
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9. | POST BALANCE SHEET EVENTS |
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The Company has determined that the Covid 19 pandemic and the consequential economic slowdown are non-adjusting subsequent events. Accordingly, the financial position and results of operations as of, and for the year ended, 31 December 2019 have not been adjusted to reflect their impact. The duration and impact of the Covid 19 pandemic remains unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the Company for the future. It is anticipated that restrictions on movement will impact trade but full advantage will be taken of government support arrangements. |
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10. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Hazledene (Strawberrybank) Limited. |
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The ultimate controlling party is
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