Registered number:
FOR THE YEAR ENDED 31 MARCH 2020
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CAVE HOTELS UK LIMITED
COMPANY INFORMATION
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CAVE HOTELS UK LIMITED
CONTENTS
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CAVE HOTELS UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2020
The directors present their strategic report and the financial statements for the year ended 31 March 2020.
The company completed the building of an hotel alongside the golf course and clubhouse and launched the new business in July. The directors were pleased with the growth in reservations and room occupancy rates and the hotel’s reputation and reviews were very favourable.
The company’s golf and hospitality business continued to thrive, and the addition of the hotel and a new restaurant provided more facilities for weddings and other events. Towards the end of the trading year, the arrival of Covid-19 meant that the business was closed in line with government guidelines, incurring unforeseen costs and interrupting the growth of the new ventures.
The arrival of Covid-19 in the UK has hampered the growth of the new ventures as well as impacting the current business model. The golf side of the business was able to open up in May 2021 and was overwhelmed with tee-time bookings. This is expected to continue as golf returns on 29th March 2021.
Even though there is currently a roadmap out of lockdown and back to normality in the UK, this is not guarenteed and the Company faces the risks and uncertanities of the hotel and restaurant being closed for a longer period of time than originally anticipated. This would again, incur unforseen costs and interrupt the growth of the new venture.
EBITDA:
EBITDA for the year was (£729,556) which is a decrease of 99% on the previous year (£365,917). Investing in staff: The total number of employees increased in the year by 65% from 48 to 79. This was in response to the hotel construction being completed and opening for business along with the Firepit Bar and Restaurant..
This report was approved by the board
and signed on its behalf.
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CAVE HOTELS UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2020
The directors present their report and the financial statements for the year ended 31 March 2020.
The directors are responsible for preparing the Strategic report, the Directors' report and the
financial statements in accordance with applicable law and regulations.
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 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'. 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:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
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 to 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.
The loss for the year, after taxation, amounted to £
1,075,691
(2019 -
loss
£
315,695
)
.
The directors do not recommend a dividend.
The directors who served during the year were:
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CAVE HOTELS UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
Relaxation of Covid-19 prevention restrictions in mid-2020 allowed golf and hotel operations to restart, as well as the restaurant, bar and events in a more limited way. Demand for tee-times on the golf course was overwhelming and the business achieved a higher turnover than before the closure.
Hotel booking also resumed successfully, with high room occupancy and added-value income. A resumption of government restrictions in December, however, closed the business again but at the time of this report there are plans to reopen each operation as guidance allows. The experience of the resumption in business in 2020 indicates that income from each part of the business will quickly reach the previous levels, and that the 2021/22 trading year will be profitable. The company benefitted from government assistance in the form of Job Retention Scheme payments and CBIL loan support.
Hotel and golf remained closed from late March 2020 due to COVID-19 restrictions and lockdown. See further detail in future development section above.
The auditors, Pure Audit Limited, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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CAVE HOTELS UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAVE HOTELS UK LIMITED
We have audited the financial statements of Cave Hotels UK Limited (the 'Company') for the year ended 31 March 2020, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We were unable to obtain sufficient appropriate audit evidence on completeness and validity of income as the evidence available to us was limited.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We draw attention to note 2.2 in the financial statements, which indicates that material uncertainties exist as a consequence of COVID-19 pandemic. The hotel and restaurants remained closed for several months during the year ending 31 March 2021 due to COVID-19 restrictions and lockdowns. The restrictions and lockdowns have had a significant impact on the ability of the company to continue as a going concern. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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CAVE HOTELS UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAVE HOTELS UK LIMITED (CONTINUED)
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
In respect solely of the limitation on our work relating to income, described above:
• we have not received all the information and explanations that we considered necessary for the purpose of our audit.
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CAVE HOTELS UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAVE HOTELS UK LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' report.
The comparative financial statements are unaudited.
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 an Auditors' report 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.
for and on behalf of
Chartered Certified Accountants
76 Canterbury Innovation Centre
Kent
CT2 7FG
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CAVE HOTELS UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2020
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CAVE HOTELS UK LIMITED
REGISTERED NUMBER:
03163780
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 13 to 30 form part of these financial statements.
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CAVE HOTELS UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 MARCH 2020
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CAVE HOTELS UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 MARCH 2019
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CAVE HOTELS UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2020
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CAVE HOTELS UK LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2020
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CAVE HOTELS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Cave Hotels UK Ltd is a private company, limited by shares, incorporated in England & Wales, registered
number 03163780. The Company's registered office is: The Estate Office, Etchinghill Golf, Etchinghill, Folkestone, Kent, CT18 8FA. The Company's principal place of business is: Brickfield Lane, Boughton, Boughton-under-Blean, Kent, ME13 9AJ.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The restrictions on operations of the Covid-19 precautions in 2020 and early 2021 have reduced the company’s ability to gain a return on the capital invested in the business. Due to the restrictions imposed by the UK Government, the hotel and restaurant have remained closed for much of 2020 and 2021 but as there is considerable headroom with the bank’s facilities the directors believe that the company is a viable going concern.
The loans provided by the major shareholder and by an associated company are repayable at the borrowing company’s request and it is not expected that this will occur until the company has traded profitably for some years. As a consequence, the company has financial resources and access to further funding, and the directors consider that the company is in a strong position to manage its business risks and to take advantage of the market conditions as the sector recovers after Covid-19. Consequently they continue to adopt the going concern basis in preparing the annual report and accounts. The directors have reviewed the company’s business and consider that there are no liabilities that have not been shown in the balance sheet.
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CAVE HOTELS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.
Accounting policies (continued)
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CAVE HOTELS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.
Accounting policies (continued)
Defined contribution pension plan
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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CAVE HOTELS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.
Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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CAVE HOTELS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.
Accounting policies (continued)
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CAVE HOTELS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.
Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
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CAVE HOTELS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.
Accounting policies (continued)
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CAVE HOTELS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.
Accounting policies (continued)
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form.
Financial liabilities within the scope of IAS 39 are initially classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
The Group determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value and in the case of loans and borrowings, plus directly attributable transaction costs. Subsequently, the measurement of financial liabilities depends on their classification as follows: After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Gains and losses arising on the repurchase, settlement or otherwise cancellation of liabilities are recognised respectively in finance revenue and finance cost. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such as an exchange or modification, this is treated as a derecognition of the original liability, such that the difference in the respective carrying amounts together with any costs or fees incurred are recognised in profit or loss.
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CAVE HOTELS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined below: Useful economic lives of tangible fixed assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets.
Analysis of turnover by country of destination:
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CAVE HOTELS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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CAVE HOTELS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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CAVE HOTELS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
10.
Tangible fixed assets (continued)
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CAVE HOTELS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
10.
Tangible fixed assets (continued)
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CAVE HOTELS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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CAVE HOTELS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
The long term loan is repayable in 60 monthly instalments from November 2019. Interest is charged at 2.07% above base rate. The Company's bank, Natwest Bank Plc, has secured loan by way of legal charges over the Company as listed below:
i) A fixed and floating charge covering all property or undertaking of Cave Hotels UK Ltd dated 2 March 2017. The charge contains a negative pledge. ii) A fixed charge over the land at Boughton Golf Course, Brickfield Lane, Boughton Under Blean, Faversham registered under title numbers K683475, K714796 & K795340. The charge contains a negative pledge.
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CAVE HOTELS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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CAVE HOTELS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
19.
Deferred taxation (continued)
Profit and loss account
Prior year adjustment – fixed asset:
Plant and machinery cost and accumulated depreciation was understated by £15,188 and £87,871 in previous year’s financial statements. This has been adjusted by increasing plant and machinery cost and accumulated depreciation by £15,188 and £87,871 respectively. The above adjusted has increased net loss for previous year from £249,015 to £315,695. The loss carried forward as at 31 March 2019 has increased from £1,858,989 to £1,925,669.
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CAVE HOTELS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £27,121. Contributions totalling £7,419 (2019 - £2,872) were payable to the fund at the reporting date and are included in creditors.
Post year end, the Company took out a Coronavirus Business Interruption Loan (CBIL) with NatWest.
J N Tory is the ultimate controlling party by virtue of his majority shareholding in the Company.
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