ACCOUNTS - Final Accounts preparation

Company registration number SC227612


	ABOUKIR HOTEL LIMITED

	UNAUDITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 JANUARY 2017

ABOUKIR HOTEL LIMITED

COMPANY INFORMATION

Directors	David Scorgie
	Craig Ross (appointed 7 April 2016)


Company secretary	Karen Millar


Registered number	SC227612


Registered office	38 Ireland Street
	Carnoustie
	DD7 6AT


Accountants	Findlay & Company
	Chartered Accountants
	11 Dudhope Terrace
	Dundee
	DD3 6TS


Bankers	Royal Bank of Scotland
	97 High Street
	Carnoustie
	DD7 6YB

ABOUKIR HOTEL LIMITED

CONTENTS

	Page
Balance Sheet	1 - 2
Notes to the Financial Statements	3 - 8

ABOUKIR HOTEL LIMITED

REGISTERED NUMBER: SC227612

BALANCE SHEET

AS AT 31 JANUARY 2017

		2017		2016
Note		£		£


Fixed assets
Tangible assets	4		1,005,475		1,022,009
			1,005,475		1,022,009
Current assets
Stocks	5	7,901		10,163
Debtors: amounts falling due within one year	6	3,006		4,685
Cash at bank and in hand	7	28,964		7,764
		39,871		22,612
Creditors: amounts falling due within one year	8	(185,445)		(174,684)
Net current liabilities			(145,574)		(152,072)
Total assets less current liabilities			859,901		869,937

Creditors: amounts falling due after more than one year	9		(1,127,916)		(1,133,710)


Net liabilities			(268,015)		(263,773)

Capital and reserves
Called up share capital	2	2
Profit and loss account	(268,017)	(263,775)
	(268,015)	(263,773)

Page 1

ABOUKIR HOTEL LIMITED

REGISTERED NUMBER: SC227612

BALANCE SHEET (CONTINUED)

AS AT 31 JANUARY 2017

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 June 2017.

David Scorgie

Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

ABOUKIR HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

1.	General information

Aboukir Hotel Limited is a private company limited by shares, incorporated in Scotland within the United Kingdom (company number SC227612). The address of the registered office is given in the company information page of these financial statements.
The financial statements are presented in sterling which is the functional currency of the company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The directors of the company have given support throughout the year and will continue to support the company for the foreseeable future.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

ABOUKIR HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

2.Accounting policies (continued)

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation 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:

Land & buildings	-	50 years straight line. Land is not depreciared
Fixture & fittings	-	10% - 33% straight line basis
Equipment	-	10% - 20% straight line 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 the Statement of Income and Retained Earnings.

2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

ABOUKIR HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

2.Accounting policies (continued)

2.8

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings 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.

2.12

Borrowing costs

All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.

Employees

The average monthly number of employees, including directors, during the year was 15 (2016 - 15).

Page 5

ABOUKIR HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

4.	Tangible fixed assets

	Freehold property	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost or valuation
At 1 February 2016	1,112,681	49,780	62,038	1,224,499
Additions	-	-	2,000	2,000
At 31 January 2017	1,112,681	49,780	64,038	1,226,499
Depreciation
At 1 February 2016	120,100	31,031	51,359	202,490
Charge for the year on owned assets	12,035	2,918	3,581	18,534
At 31 January 2017	132,135	33,949	54,940	221,024
Net book value
At 31 January 2017	980,546	15,831	9,098	1,005,475
At 31 January 2016	992,581	18,749	10,679	1,022,009

5.	Stocks
		2017	2016
		£	£

Finished goods and goods for resale	7,901	10,163
	7,901	10,163

Debtors

					2017	2016
					£	£


Other debtors	-	1,861
Prepayments and accrued income	3,006	2,824
	3,006	4,685

Page 6

ABOUKIR HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

7.	Cash and cash equivalents
		2017	2016
		£	£

Cash at bank and in hand	28,964	7,764
	28,964	7,764

8.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Bank loans	6,640	7,400
Other loans	-	91,864
Trade creditors	16,364	18,112
Other taxation and social security	18,181	13,145
Other creditors	121,989	33,626
Accruals and deferred income	22,271	10,537
	185,445	174,684

9.	Creditors: Amounts falling due after more than one year
		2017	2016
		£	£

Bank loans	27,916	33,710
Other loans	1,100,000	1,100,000
	1,127,916	1,133,710

Secured loans

The company has provided security for £34,556 (2016 - £41,110) of bank loans. The security is in the form of a bond and floating charge over the assets of the company.

Page 7

ABOUKIR HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

10.	Financial instruments
		2017	2016
		£	£

Financial assets
Financial assets measured at fair value through profit or loss	28,964	7,764
	28,964	7,764

Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.

11.	Pension commitments

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 £1,053 (2016 - £0).

12.	First time adoption of FRS 102 The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

Page 8