REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 31 December 2020 |
|
for |
|
C.Tsangarides & Co.Limited |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 31 December 2020 |
|
for |
|
C.Tsangarides & Co.Limited |
C.Tsangarides & Co.Limited (Registered number: 00831767) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the year ended 31 December 2020 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Statement of Financial Position | 2 |
|
Notes to the Financial Statements | 4 |
|
C.Tsangarides & Co.Limited |
|
Company Information |
for the year ended 31 December 2020 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Certified Accountants |
Global House |
303 Ballards Lane |
London |
N12 8NP |
C.Tsangarides & Co.Limited (Registered number: 00831767) |
|
Statement of Financial Position |
31 December 2020 |
|
31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
|
|
Tangible assets | 5 |
|
|
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 6 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
PROVISIONS FOR LIABILITIES | 8 |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 9 |
|
|
Revaluation reserve |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The directors acknowledge their 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. |
C.Tsangarides & Co.Limited (Registered number: 00831767) |
|
Statement of Financial Position - continued |
31 December 2020 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
|
|
|
C.Tsangarides & Co.Limited (Registered number: 00831767) |
|
Notes to the Financial Statements |
for the year ended 31 December 2020 |
|
1. | STATUTORY INFORMATION |
|
C.Tsangarides & Co.Limited is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Turnover |
Turnover represents sales of services net of VAT and trade discounts. Turnover is recognised when the services are provided to the customer. |
|
Goodwill |
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life. |
|
Tangible fixed assets |
|
Land and buildings | - |
|
Fixtures and fittings | - |
|
Motor vehicles | - |
|
Computer equipment | - |
|
|
Government grants |
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. |
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure. |
|
Stocks |
Stock is valued at the lower of cost and net realisable value. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost. |
|
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. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
C.Tsangarides & Co.Limited (Registered number: 00831767) |
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
|
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2020 |
and 31 December 2020 |
|
AMORTISATION |
At 1 January 2020 |
and 31 December 2020 |
|
NET BOOK VALUE |
At 31 December 2020 |
|
At 31 December 2019 |
|
|
5. | TANGIBLE ASSETS |
Fixtures |
Land and | and | Motor | Computer |
buildings | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2020 |
|
|
|
|
|
Additions |
|
|
|
|
|
At 31 December 2020 |
|
|
|
|
|
DEPRECIATION |
At 1 January 2020 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
At 31 December 2020 |
|
|
|
|
|
NET BOOK VALUE |
At 31 December 2020 |
|
|
|
|
|
At 31 December 2019 |
|
|
|
|
|
C.Tsangarides & Co.Limited (Registered number: 00831767) |
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
|
5. | TANGIBLE ASSETS - continued |
|
Cost or valuation at 31 December 2020 is represented by: |
|
Fixtures |
Land and | and | Motor | Computer |
buildings | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2018 | 18,440,000 | - | - | - | 18,440,000 |
Valuation in 2014 | 1,160,000 | - | - | - | 1,160,000 |
Valuation in 2012 | 4,840,864 | - | - | - | 4,840,864 |
Valuation in 1988 | 1,050,176 | - | - | - | 1,050,176 |
Valuation in 1985 | 150,145 | - | - | - | 150,145 |
Cost | 2,958,815 | 619,230 | 54,130 | 12,814 | 3,644,989 |
28,600,000 | 619,230 | 54,130 | 12,814 | 29,286,174 |
|
If the properties had not been revalued they would have been included at the following historical cost: |
|
31.12.20 | 31.12.19 |
£ | £ |
Cost | 2,958,815 | 2,958,815 |
|
The properties were valued on an open market basis on 5 September 2019 by Sloan Property Services Limited . |
|
The fair value of the properties at December 2020 has been arrived at on the basis of the above valuation. The directors believe the market conditions of this valuation existed at the year end. Market evidence consists of transaction prices for similar hotel properties in the location and taking into account the rental yield in the area where the properties are situated. |
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
C.Tsangarides & Co.Limited (Registered number: 00831767) |
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
|
8. | PROVISIONS FOR LIABILITIES |
31.12.20 | 31.12.19 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
|
|
Deferred tax | 3,735,600 | 3,735,600 |
3,742,174 | 3,737,580 |
|
Deferred |
tax |
£ |
Balance at 1 January 2020 |
|
Provided during year |
|
Balance at 31 December 2020 |
|
|
9. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.20 | 31.12.19 |
value: | £ | £ |
|
Ordinary | £1 | 1,000 | 1,000 |
|
Ordinary A | £1 | 2,620,000 | 2,620,000 |
2,621,000 | 2,621,000 |
|
10. | POST BALANCE SHEET EVENTS |
|
The COVID-19 pandemic has developed rapidly throughout 2020. The outbreak of the coronavirus disease has led the world economy into an unprecedented health care crisis and caused considerable global disruption in business activities and everyday life. In its effort to contain and limit the spread of Covid 19, the U.K. like most countries in the world, imposed strict measures including travel restrictions, strict quarantine and suspension of normal business operations. |
|
The resulting impact of the virus on the operations and measures taken by various governments to contain the virus have negatively affected the company's results in the reporting period. |
|
At this stage, the full impact of the current crisis on global economy and overall business activities cannot be estimated with reasonable certainty. At this point in time the lockdown restrictions have been extended to June 2021. |
|
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As part of their review, the directors have considered the likely impact of factors such as the COVID-19 pandemic and Brexit. Accordingly, the company has continued to adopt the going concern basis of accounting in the preparation of these financial statements. |