Company Registration No. 04187670 (England and Wales)
ABBOTS BARTON HOTEL LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
PAGES FOR FILING WITH REGISTRAR
LB GROUP
Number One
Vicarage Lane
Stratford
London
England
E15 4HF
ABBOTS BARTON HOTEL LIMITED
COMPANY INFORMATION
Directors
Mr A Sangiuseppe
Mr D A Sangiuseppe
Company number
04187670
Registered office
3-5 Earls Avenue
Folkestone
Kent
UK
CT20 2HR
Accountants
LB Group (Stratford)
Number One
Vicarage Lane
Stratford
London
England
E15 4HF
ABBOTS BARTON HOTEL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ABBOTS BARTON HOTEL LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2017
31 August 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
177,184
165,447
Current assets
Stocks
12,329
10,796
Debtors
4
797,779
693,122
Cash at bank and in hand
100,800
144,529
910,908
848,447
Creditors: amounts falling due within one year
5
(683,167)
(672,957)
Net current assets
227,741
175,490
Total assets less current liabilities
404,925
340,937
Creditors: amounts falling due after more than one year
6
(97,669)
(80,560)
Net assets
307,256
260,377
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
307,254
260,375
Total equity
307,256
260,377

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

ABBOTS BARTON HOTEL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2017
31 August 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 May 2018 and are signed on its behalf by:
Mr A Sangiuseppe
Director
Company Registration No. 04187670
ABBOTS BARTON HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
- 3 -
1
Accounting policies
Company information

Abbots Barton Hotel Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3-5 Earls Avenue, Folkestone, Kent, UK, CT20 2HR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 August 2017 are the first financial statements of Abbots Barton Hotel Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 September 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Turnover

Turnover represents amounts receivable in respect of the provision of hotel accommodation, conference facilities and meals during the year, excluding value added tax. Income for accommodation is recognised on a daily basis of the customers use of the hotel. Income relating to conference facilities is recognised on an invoice basis issued after the end of the use of the facility. Food and beverage income is recognised at the point of sale to the customer.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold Property Improvements
10% straight line
Plant & machinery
20% straight line
Fixtures & fittings
20% straight line
Equipment
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

ABBOTS BARTON HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

ABBOTS BARTON HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ABBOTS BARTON HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.12

Financial Instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

1.13

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 43 (2016 - 44).

ABBOTS BARTON HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
- 7 -
3
Tangible fixed assets
Leasehold Property Improvements
Plant & machinery
Fixtures & fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 September 2016
36,333
5,040
168,046
30,853
240,272
Additions
-
58,512
1,570
3,835
63,917
Disposals
-
-
(3,200)
-
(3,200)
At 31 August 2017
36,333
63,552
166,416
34,688
300,989
Depreciation and impairment
At 1 September 2016
23,466
4,879
26,293
20,188
74,826
Depreciation charged in the year
3,633
6,013
32,395
6,938
48,979
At 31 August 2017
27,099
10,892
58,688
27,126
123,805
Carrying amount
At 31 August 2017
9,234
52,660
107,728
7,562
177,184
At 31 August 2016
12,867
161
141,754
10,665
165,447

The net book value of other tangible fixed assets includes £138,121 (2016 £109,309) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £29,700 (2016 £9,937) for the year.

4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Amounts owed by related undertakings
790,157
685,875
Other debtors
7,622
7,247
797,779
693,122
ABBOTS BARTON HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
- 8 -
5
Creditors: amounts falling due within one year
2017
2016
Notes
£
£
Bank loans and overdrafts
13,151
-
Obligations under finance leases
40,321
28,619
Payments received on account
151,734
102,810
Trade creditors
158,376
391,166
Corporation tax
22,827
-
Other taxation and social security
46,059
50,779
Other creditors
244,379
86,534
Accruals and deferred income
6,320
13,049
683,167
672,957
6
Creditors: amounts falling due after more than one year
2017
2016
Notes
£
£
Obligations under finance leases
97,669
80,560
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2
8
Financial commitments, guarantees and contingent liabilities

The company has a cross-company guarantee with Anglo-World Finance Limited in connection with the bank loan in Anglo-World Finance Limited.

9
Events after the reporting date

Subsequent to the year end, a group structure resulted in Castlewood Hotels Holdings Limited being the ultimate parent company. There was no change in the ultimate controlling party.

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