Registration number:
Caer Rhun Hotel Management Ltd
for the Year Ended 31 March 2017
5 Woodside
Church Lawton
Stoke on Trent
Staffordshire
ST7 3BU
Caer Rhun Hotel Management Ltd
Contents
Company Information |
|
Accountants' Report |
|
Balance Sheet |
|
Notes to the Financial Statements |
Caer Rhun Hotel Management Ltd
Company Information
Directors |
Mrs Juliette Louise Donovan Mr Christopher Andrew Evans |
Registered office |
|
Accountants |
|
Page 1 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Caer Rhun Hotel Management Ltd
for the Year Ended 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Caer Rhun Hotel Management Ltd for the year ended 31 March 2017 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Caer Rhun Hotel Management Ltd, as a body, in accordance with the terms of our engagement letter dated 26 February 2016. Our work has been undertaken solely to prepare for your approval the accounts of Caer Rhun Hotel Management Ltd and state those matters that we have agreed to state to the Board of Directors of Caer Rhun Hotel Management Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Caer Rhun Hotel Management Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Caer Rhun Hotel Management Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Caer Rhun Hotel Management Ltd. You consider that Caer Rhun Hotel Management Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Caer Rhun Hotel Management Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Church Lawton
Stoke on Trent
Staffordshire
ST7 3BU
Page 2 |
Caer Rhun Hotel Management Ltd
(Registration number: 09760520)
Balance Sheet as at 31 March 2017
Note |
2017 |
2016 |
|
Fixed assets |
|||
Tangible assets |
|
- |
|
Current assets |
|||
Stocks |
|
- |
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
( |
( |
|
Provisions for liabilities |
|
- |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
( |
|
Total equity |
( |
( |
For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
Mrs Juliette Louise Donovan
Director
Page 3 |
Caer Rhun Hotel Management Ltd
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Page 4 |
Caer Rhun Hotel Management Ltd
Notes to the Financial Statements for the Year Ended 31 March 2017
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% Reducing balance method |
Fixtures and fittings |
20% Reducing balance method |
Office equipment |
33% Straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 5 |
Caer Rhun Hotel Management Ltd
Notes to the Financial Statements for the Year Ended 31 March 2017
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Loss before tax |
Arrived at after charging/(crediting)
2017 |
2016 |
|
Depreciation expense |
|
- |
Page 6 |
Caer Rhun Hotel Management Ltd
Notes to the Financial Statements for the Year Ended 31 March 2017
Tangible assets |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
|
Cost or valuation |
|||
Additions |
|
|
|
At 31 March 2017 |
|
|
|
Depreciation |
|||
Charge for the period |
|
|
|
At 31 March 2017 |
|
|
|
Carrying amount |
|||
At 31 March 2017 |
|
|
|
Stocks |
2017 |
2016 |
|
Other inventories |
|
- |
Debtors |
Note |
2017 |
2016 |
|
Trade debtors |
|
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
- |
|
Other debtors |
|
|
|
Total current trade and other debtors |
|
|
Creditors |
Note |
2017 |
2016 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
Page 7 |
Caer Rhun Hotel Management Ltd
Notes to the Financial Statements for the Year Ended 31 March 2017
Loans and borrowings |
2017 |
2016 |
|
Current loans and borrowings |
Related party transactions |
Summary of transactions with other related parties
During the period the company made the following related party transactions:
Gavin Woodhouse holds shares in Caer Rhun Hotel Management Ltd and the following companies which had
intercompany loans all repayable on demand with Caer Rhun Hotel Management Ltd:
At the balance sheet date the amount due to LBHS Management Ltd was - £108,856 (2016 - £17,697).
At the balance sheet date the amount due to MBI Consulting UK Ltd was nil (2016 - £129).
At the balance sheet date the amount due to Giant Hospitality Ltd was - £80,429 (2016 - £8,640).
At the balance sheet date the amount due to Caer Rhun Hall Hotel Ltd was - £45,510 (2016 - nil).
At the balance sheet date the amount due to Queens Hotel (Llandudno) Management Ltd was - £20,054 (2016 - nil).
At the balance sheet date the amount due from Northern Powerhouse Developments Ltd was - £9,239 (2016 - nil).
Loans to related parties
2017 |
Other related parties |
Advanced |
|
2016 |
Loans from related parties
2017 |
Other related parties |
At start of period |
|
Advanced |
|
At end of period |
|
2016 |
Other related parties |
Advanced |
|
Page 8 |
Caer Rhun Hotel Management Ltd
Notes to the Financial Statements for the Year Ended 31 March 2017
Transition to FRS 102 |
Balance Sheet at 3 September 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Capital and reserves |
|||||
Total equity |
- |
- |
- |
- |
Page 9 |
Caer Rhun Hotel Management Ltd
Notes to the Financial Statements for the Year Ended 31 March 2017
Balance Sheet at 31 March 2016
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Current assets |
|||||
Debtors |
6,659 |
- |
- |
6,659 |
|
Cash at bank and in hand |
100 |
- |
- |
100 |
|
6,759 |
- |
- |
6,759 |
||
Creditors: Amounts falling due within one year |
(45,639) |
- |
- |
(45,639) |
|
Net liabilities |
(38,880) |
- |
- |
(38,880) |
|
Capital and reserves |
|||||
Share premium reserve |
1 |
- |
- |
1 |
|
Profit and loss account |
(38,881) |
- |
- |
(38,881) |
|
Total equity |
(38,880) |
- |
- |
(38,880) |
Page 10 |
Caer Rhun Hotel Management Ltd
Notes to the Financial Statements for the Year Ended 31 March 2017
Profit and Loss Account for the period from 3 September 2015 to 31 March 2016
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Turnover |
737 |
- |
- |
737 |
|
Cost of sales |
(274) |
- |
- |
(274) |
|
Gross profit |
463 |
- |
- |
463 |
|
Administrative expenses |
(39,544) |
- |
- |
(39,544) |
|
Other operating income |
200 |
- |
- |
200 |
|
Operating loss |
(38,881) |
- |
- |
(38,881) |
|
Loss before tax |
(38,881) |
- |
- |
(38,881) |
|
Loss for the financial year |
(38,881) |
- |
- |
(38,881) |
Page 11 |