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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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ANDOVER LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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FOR |
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ANDOVER LIMITED |
ANDOVER LIMITED (REGISTERED NUMBER: 03470406) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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ANDOVER LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
and Statutory Auditors |
7 St John's Road |
Harrow |
Middlesex |
HA1 2EY |
ANDOVER LIMITED (REGISTERED NUMBER: 03470406) |
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BALANCE SHEET |
31 DECEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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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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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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( |
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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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ANDOVER LIMITED (REGISTERED NUMBER: 03470406) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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1. | STATUTORY INFORMATION |
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Andover Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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No significant judgements or key assumptions have been made by the director in preparing these financial statements. |
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The presentation currency is the pound sterling, and the figures in the financial statements have been rounded to the nearest pound. |
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Preparation of consolidated financial statements |
The financial statements contain information about Andover Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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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 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. |
ANDOVER LIMITED (REGISTERED NUMBER: 03470406) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Cash and cash equivalents |
Cash and cash equivalents include monies held in bank accounts |
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Fixed asset investments |
Fixed asset investments are recorded at cost and reviewed for any permanent diminution in value. |
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Debtors |
Short term debtors are measured at transaction price less any impairment. |
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Creditors |
Short term creditors are measured at the transaction price. |
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Going concern |
Where total liabilities exceed current assets the director considers the ability of the company to meet its liabilities from liquid assets when they fall due. The director also considers the support given to the company by its subsidiary, group members and creditors. |
If the director is of the opinion that the company can meet its liabilities as they fall due, and has sufficient support from its subsidiary, group members and creditors, the financial statements are prepared on a going concern basis. |
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3. | EMPLOYEES |
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The average number of employees during the year was NIL (2019 - NIL). |
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4. | FIXED ASSET INVESTMENTS |
Investment |
in |
Subsidiary |
Compa ny |
£ |
COST |
At 1 January 2020 |
and 31 December 2020 |
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PROVISIONS |
At 1 January 2020 | 180,000 |
Provision for year | 106,000 |
At 31 December 2020 | 286,000 |
NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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ANDOVER LIMITED (REGISTERED NUMBER: 03470406) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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4. | FIXED ASSET INVESTMENTS - continued |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: Spain |
Nature of business:
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Class of shares: | holding |
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2020 | 2019 |
£ | £ |
Aggregate capital and reserves |
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Loss for the year | ( |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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8. | RELATED PARTY DISCLOSURES |
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At December 2020, Andover Limited was owed £821,221 (2019: £723,901) by Andover Promociones de Baleares, the 100% subsidiary of the company. Interest of 6% per annum is receivable on the total amount of the intercompany loan amounted to £47,650 for the year (2019: £44,925). As at 31 December 2020 interest totalling £47,650 was due to the company (2019: £44,925) and is included in other debtors. |
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At 31 December 2020 Andover Limited owed Phoenix Hotel Investment Limited , its parent company £1,260,335 (2019: £1,179,924). Amounts owed to the parent company are interest free with no fixed terms of repayment and are repayable on demand. |
ANDOVER LIMITED (REGISTERED NUMBER: 03470406) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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9. | POST BALANCE SHEET EVENTS |
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There were no significant events after the reporting year to be adjusted or reported in the financial statements. |
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10. | ULTIMATE CONTROLLING PARTY |
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The ultimate parent undertaking is Phoenix Hotel Investment Limited, incorporated in Malta. |
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The ultimate controlling party is Financial Trustees Limited of British Virgin Islands in its capacity as Trustee of the Atlantic Trust. |
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11. | GOING CONCERN |
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The financial statements have been prepared on a going concern basis notwithstanding the fact that the company had net current liabilities of £437,704 at 31 December 2020 (2019: £449,081). |
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Within creditors is a loan from the parent company of £1,260,335 (2019: £1,179,924). Whilst the loan is repayable on demand, the parent company has indicated that it will not seek repayment of all or part of the loan within the next twelve months. |
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Accordingly, the director considers that there is no material uncertainty in relation to going concern, and that it is appropriate to prepare the financial statements on a going concern basis. |