1 August 2016 false Taxfiler 2018.3.Web 3399021business:PrivateLimitedCompanyLtd2016-08-012017-07-31 33990212016-07-31 33990212016-08-012017-07-31 3399021business:AuditExemptWithAccountantsReport2016-08-012017-07-31 3399021business:FullAccounts2016-08-012017-07-31 33990212017-07-31 3399021business:Director12016-08-012017-07-31 3399021business:CompanySecretary12016-08-012017-07-31 3399021business:RegisteredOffice2016-08-012017-07-31 33990212016-07-31 3399021core:WithinOneYear2017-07-31 3399021core:WithinOneYear2016-07-31 3399021core:AfterOneYear2017-07-31 3399021core:AfterOneYear2016-07-31 3399021core:ShareCapital2017-07-31 3399021core:ShareCapital2016-07-31 3399021core:RetainedEarningsAccumulatedLosses2017-07-31 3399021core:RetainedEarningsAccumulatedLosses2016-07-31 3399021business:SmallEntities2016-08-012017-07-31 3399021countries:EnglandWales2016-08-012017-07-31 3399021core:LandBuildings2016-08-012017-07-31 3399021core:MotorVehicles2016-08-012017-07-31 3399021core:FurnitureFittings2016-08-012017-07-31 3399021core:LandBuildings2016-07-31 3399021core:MotorVehicles2016-07-31 3399021core:FurnitureFittings2016-07-31 3399021core:LandBuildings2017-07-31 3399021core:MotorVehicles2017-07-31 3399021core:FurnitureFittings2017-07-31 3399021business:OrdinaryShareClass12016-08-012017-07-31 3399021business:OrdinaryShareClass12015-08-012016-07-31 33990212015-08-012016-07-31 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. 3399021 (England and Wales)
ABERYSTWYTH PARK LODGE LTD Unaudited accounts for the year ended 31 July 2017
ABERYSTWYTH PARK LODGE LTD Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
- 2 -
ABERYSTWYTH PARK LODGE LTD Company Information for the year ended 31 July 2017
Director
Mr J D V Morgans
Secretary
Alison Morgans
Company Number
3399021 (England and Wales)
Registered Office
THE OLD CONVENT LLANBADARN ROAD ABERYSTWYTH CEREDIGION SY23 1WX
Accountants
Kyffin & Co The Old Convent Llanbadarn Road Aberystwyth Ceredigion SY23 1WX
- 3 -
ABERYSTWYTH PARK LODGE LTD Statement of financial position as at 31 July 2017
2017 
2016 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
3,489,480 
3,566,453 
Current assets
Inventories
5
45,500 
45,500 
Debtors
6
61,671 
65,869 
Cash at bank and in hand
22,808 
31,114 
129,979 
142,483 
Creditors: amounts falling due within one year
7
(805,182)
(810,156)
Net current liabilities
(675,203)
(667,673)
Total assets less current liabilities
2,814,277 
2,898,780 
Creditors: amounts falling due after more than one year
8
(2,050,033)
(2,182,823)
Net assets
764,244 
715,957 
Capital and reserves
Called up share capital
9
2 
2 
Profit and loss account
764,242 
715,955 
Shareholders' funds
764,244 
715,957 
For the year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 24 April 2018.
Mr J D V Morgans Director Company Registration No. 3399021
- 4 -
ABERYSTWYTH PARK LODGE LTD Notes to the Accounts for the year ended 31 July 2017
1
Statutory information
ABERYSTWYTH PARK LODGE LTD is a private company, limited by shares, registered in England and Wales, registration number 3399021. The registered office is THE OLD CONVENT, LLANBADARN ROAD, ABERYSTWYTH, CEREDIGION, SY23 1WX. The principal place of business is Parc Y Llyn, Aberystwyth , Ceredigion, SY23 3TL.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% on Cost
Motor vehicles
20% on Reducing Balance
Fixtures & fittings
15% on Reducing Balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Government Grant
Government grants are recognised in the Profit and Loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute. Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the asset concerned. All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
- 5 -
ABERYSTWYTH PARK LODGE LTD Notes to the Accounts for the year ended 31 July 2017
4
Tangible fixed assets
Land & buildings 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 August 2016
3,805,040 
106,145 
927,997 
4,839,182 
Additions
- 
13,250 
12,389 
25,639 
At 31 July 2017
3,805,040 
119,395 
940,386 
4,864,821 
Depreciation
At 1 August 2016
512,799 
43,795 
716,135 
1,272,729 
Charge for the year
53,854 
15,120 
33,638 
102,612 
At 31 July 2017
566,653 
58,915 
749,773 
1,375,341 
Net book value
At 31 July 2017
3,238,387 
60,480 
190,613 
3,489,480 
At 31 July 2016
3,292,241 
62,350 
211,862 
3,566,453 
5
Inventories
2017 
2016 
£ 
£ 
Raw materials
45,500 
45,500 
45,500 
45,500 
6
Debtors
2017 
2016 
£ 
£ 
Trade debtors
13,066 
27,637 
Accrued income and prepayments
48,605 
38,232 
61,671 
65,869 
7
Creditors: amounts falling due within one year
2017 
2016 
£ 
£ 
Bank loans and overdrafts
152,655 
177,446 
Trade creditors
154,676 
232,800 
Taxes and social security
244,210 
244,369 
Other creditors
4,662 
16,598 
Loans from directors
203,776 
91,645 
Accruals
45,203 
47,298 
805,182 
810,156 
8
Creditors: amounts falling due after more than one year
2017 
2016 
£ 
£ 
Bank loans
2,050,033 
2,182,823 
- 6 -
ABERYSTWYTH PARK LODGE LTD Notes to the Accounts for the year ended 31 July 2017
9
Share capital
2017 
2016 
£ 
£ 
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2 
2 
10
Transactions with related parties
During the year the Company paid a consultancy fees of £ 23,105 to the Company Secretary Mrs A Morgans. SECURED DEBTS The following secured debts are included within creditors: Bank overdrafts and loans in the sum of £2,145,855 (2016 - £2,303,437) are secured by: First legal charge over Aberystwyth Park Lodge Hotel, Parc y Llyn, Aberystwyth First legal charge over land adjoining Aberystwyth Park Lodge hotel, Parc y Llyn, Aberystwyth known as the University Fields. A personal guarantee for £750,000 given by J D V Morgans supported by a first legal charge over St Padarns Convent (AKA The Old Convent) Llanbadarn Road, Aberystwyth.
11
Controlling party
In the opinion of the Director, the ultimate controlling party of the Company is Mr J D V Morgans by virtue of his 100% shareholding.
12
Average number of employees
During the year the average number of employees was 35 (2016: 35).
- 7 -