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Registered number: 04814760









CONTEMPORARY HOTELS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2018

 
CONTEMPORARY HOTELS LIMITED
 
 
COMPANY INFORMATION


Directors
The Honourable Ambar Paul 
Mrs Gauri Paul 
Mr Akhil Paul 
Miss Anika Paul 




Registered number
04814760



Registered office
19 Ambika House
9B Portland Place

London

W1B 1PS




Independent auditors
WMT
Chartered Accountants and Statutory Auditors

Verulam Point

Station Way

St Albans

Hertfordshire

AL1 5HE





 
CONTEMPORARY HOTELS LIMITED
 

CONTENTS



Page
Statement of Financial Position
1
Statement of Changes in Equity
2
Notes to the Financial Statements
3 - 12


 
CONTEMPORARY HOTELS LIMITED
REGISTERED NUMBER: 04814760

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2018
2018
2017
Note
£
£

Fixed assets
  

Tangible assets

 5 

4,197,459
4,316,294

Current assets
  

Stocks
 6 
23,388
23,346

Debtors: amounts falling due within one year
 7 
257,867
225,556

Cash at bank and in hand
 8 
267,208
331,904

  
548,463
580,806

Creditors: amounts falling due within one year
 9 
(5,375,829)
(5,187,597)

Net current liabilities
  
 
 
(4,827,366)
 
 
(4,606,791)

Total assets less current liabilities
  
(629,907)
(290,497)

Creditors: amounts falling due after more than one year
 10 
(1,691,782)
(2,009,913)

Provisions for liabilities
  

Deferred tax
 12 
(124,087)
(104,725)

Net liabilities
  
(2,445,776)
(2,405,135)


Capital and reserves
  

Called up share capital 
 13 
50,000
50,000

Profit and loss account
  
(2,495,776)
(2,455,135)

  
(2,445,776)
(2,405,135)


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 comprehensive income 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 by: 

The Honourable Ambar Paul
Director

Date: 9 November 2018

The notes on pages 3 to 12 form part of these financial statements.
Page 1

 
CONTEMPORARY HOTELS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2018


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2016
50,000
(2,569,565)
(2,519,565)


Comprehensive income for the year

Profit for the year
-
114,430
114,430
Total comprehensive income for the year
-
114,430
114,430



At 1 April 2017
50,000
(2,455,135)
(2,405,135)


Comprehensive income for the year

Loss for the year
-
(40,641)
(40,641)
Total comprehensive income for the year
-
(40,641)
(40,641)


At 31 March 2018
50,000
(2,495,776)
(2,445,776)

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
CONTEMPORARY HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

1.


General information

Contemporary Hotels Limited is a company limited by shares, incorporated and registered in England and Wales. The address of the registered office is given on the company information page. The nature of the Company's operations and its principal activities are disclosed in the Directors' report.

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, relevant to a company following the small entity regime, Companies Act and FRC Abstracts.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis as, in the opinion of the Directors, the Group to which the Company belongs, and the Company itself, will continue to operate within its banking covenants and facilities and will be able to pay its debts as they fall due for the foreseeable future, being at least one year from the date of approval of these financial statements.
In arriving at this opinion the Directors have taken account of budgets and cash flow forecasts which have been drawn up taking account of the current uncertainty in the UK economy and its impact on consumer and corporate demand in the provincial hotel sector. However, the outlook for the sector over the next twelve to eighteen months is unclear. A prolonged period of significant sales decline could result in additional cash resources being required by the Company. In the event that such a decline did take place, the ultimate major shareholder and Director has confirmed he would make further funds available to the Company.
As with any company placing reliance on other entities for financial support, the Directors acknowledge that there can be no certainty that this support will continue, although at the date of approval of these financial statements, they have no reason to believe that it will not do so.
If the Company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amount and to provide for any additional liabilities that may arise.

Page 3

 
CONTEMPORARY HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

 
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.

 
2.4

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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.

 
2.6

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

Page 4

 
CONTEMPORARY HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 5

 
CONTEMPORARY HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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:

Freehold and leasehold property
-
2% straight line
Plant and machinery
-
10-20% straight line

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 Comprehensive Income.

Freehold land is not depreciated. Leasehold land is depreciated over the life of the lease. All other assets are depreciated from the date of commissioning or revaluation.

 
2.9

Stocks

Stocks are stated at the lower of cost or selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting 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

 
2.10

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.

 
2.11

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.
In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.12

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.

Page 6

 
CONTEMPORARY HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.14

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 and loans to related parties.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates. There are no judgments made that have a significant effect on the amounts recognised in the financial statements.


4.


Employees

The average monthly number of employees, including directors, during the year was 87 (2017 - 82).

Page 7

 
CONTEMPORARY HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

5.


Tangible fixed assets





Hotel freehold property
Hotel leasehold property
Plant and machinery
Total

£
£
£
£



Cost or valuation


At 1 April 2017
5,510,063
1,775,538
1,081,970
8,367,571


Additions
45,487
-
100,093
145,580


Disposals
-
-
(100,031)
(100,031)



At 31 March 2018

5,555,550
1,775,538
1,082,032
8,413,120



Depreciation


At 1 April 2017
1,756,304
1,339,114
955,859
4,051,277


Charge for the year on owned assets
172,348
30,853
61,214
264,415


Disposals
-
-
(100,031)
(100,031)



At 31 March 2018

1,928,652
1,369,967
917,042
4,215,661



Net book value



At 31 March 2018
3,626,898
405,571
164,990
4,197,459



At 31 March 2017
3,753,759
436,424
126,111
4,316,294




The net book value of land and buildings may be further analysed as follows:


2018
2017
£
£

Freehold
3,626,899
3,753,760

Long leasehold
405,571
436,423

4,032,470
4,190,183


Page 8

 
CONTEMPORARY HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

6.


Stocks

2018
2017
£
£

Raw materials and consumables
23,388
23,346



7.


Debtors

2018
2017
£
£


Trade debtors
66,514
12,570

Other debtors
-
400

Prepayments and accrued income
191,353
212,586

257,867
225,556



8.


Cash and cash equivalents

2018
2017
£
£

Cash at bank and in hand
267,208
331,904



9.


Creditors: Amounts falling due within one year

2018
2017
£
£

Bank loans
315,663
306,687

Trade creditors
224,921
251,023

Amounts owed to group undertakings
2,329,347
2,329,347

Corporation tax
16,643
82,997

Other taxation and social security
107,740
125,060

Other creditors
2,268,808
1,990,120

Accruals and deferred income
112,707
102,363

5,375,829
5,187,597


Page 9

 
CONTEMPORARY HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

10.


Creditors: Amounts falling due after more than one year

2018
2017
£
£

Bank loans
1,691,782
2,009,913


Secured loans
The bank loans are secured by a first legal charge over the Company's hotel premises and by a fixed and floating charge over all other assets of the Company. 
Interest on the bank loans are split between fixed and floating interest rates. The fixed rate is 3.77% 
(2017: 3.77%) and the floating rate is 1.75% (2017: 1.75%) plus the Bank of England's base rate. 
The Director's loan has no set date for repayment, but will not be demanded until the Company is in a position to pay it. In addition the Company has received confirmation that the Director will make available further funds if required. 


11.


Loans


Analysis of the maturity of loans is given below:


2018
2017
£
£

Amounts falling due within one year

Bank loans
315,663
306,687

Amounts falling due 1-2 years

Bank loans
323,642
314,338

Amounts falling due 2-5 years

Bank loans
1,021,141
991,743

Amounts falling due after more than 5 years

Bank loans
346,999
703,831

2,007,445
2,316,599


Page 10

 
CONTEMPORARY HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

12.


Deferred taxation




2018
2017


£

£






At beginning of year
(104,725)
(112,305)


Charged to profit or loss
(19,362)
7,580



At end of year
(124,087)
(104,725)

The provision for deferred taxation is made up as follows:

2018
2017
£
£


Accelerated capital allowances
(124,087)
(105,748)

Short term timing differences
-
1,023

(124,087)
(104,725)


13.


Share capital

2018
2017
£
£
Allotted, called up and fully paid



50,000 Ordinary shares of £1 each
50,000
50,000


14.


Commitments under operating leases

At 31 March 2018 the Company had future minimum lease payments under non-cancellable operating leases as follows:

2018
2017
£
£


Not later than 1 year
26,000
26,000

Later than 1 year and not later than 5 years
104,000
104,000

Later than 5 years
1,846,000
1,872,000

1,976,000
2,002,000

Page 11

 
CONTEMPORARY HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

15.


Related party transactions

Caparo Hotels Limited is a related party by virtue common ownership. During the year the Company was charged management charges from Caparo Hotels Limited of 29,000 (2017: 29,000). The Company also charged management fees of £17,500 (2017: £17,500) to Caparo Hotels Limited. At the year end, the Company was owed £4,074 (2017: £5,311).  All transaction were made at commercial rates.
Caparo Industries Plc is a related party by virtue of common ownership. At the year end, the Company owed Caparo Industries Plc £nil 
(2017: £37,336).
Bondset Limited is a related party by virtue of common ownership. At the year end, the Company owed Bondset Limited £340,000 (2017: £100,000)
At the year end the Company was owed £568,164 (2017: £568,164) by its fellow subsidiary, Contemporary Hotels Management Services Limited. At the year end a provision of £568,164 (2017: £568,164) exists against the debtor balance.
At the year end the Company owed £2,329,347 
(2017: £2,329,347) to its ultimate parent company, Contemporary Holdings Limited.
At the year end the Company owed a Director, £1,812,798 
(2017: £1,772,562).


16.


Controlling party

In both the current and comparative year, the immediate and ultimate parent of the Company is Contemporary Holdings Limited, a company registered in Jersey.
In both the current and comparative year, the ultimate controlling party is The Honourable Ambar Paul, by virtue of his majority shareholding.


17.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2018 was unqualified.

The audit report was signed on 12 November 2018 by Graham Wintle (Senior Statutory Auditor) on behalf of WMT.

 
Page 12