Oban Queens Management Ltd 10959011 false 2017-09-12 2018-03-31 2018-03-31 The principal activity of the company is hotel management Digita Accounts Production Advanced 6.20.8420.1 Software true 10959011 2017-09-12 2018-03-31 10959011 2018-03-31 10959011 core:RetainedEarningsAccumulatedLosses 2018-03-31 10959011 core:ShareCapital 2018-03-31 10959011 core:CurrentFinancialInstruments 2018-03-31 10959011 core:CurrentFinancialInstruments core:WithinOneYear 2018-03-31 10959011 core:Non-currentFinancialInstruments 2018-03-31 10959011 core:Non-currentFinancialInstruments core:AfterOneYear 2018-03-31 10959011 core:Goodwill 2018-03-31 10959011 core:FurnitureFittingsToolsEquipment 2018-03-31 10959011 core:OtherPropertyPlantEquipment 2018-03-31 10959011 bus:SmallEntities 2017-09-12 2018-03-31 10959011 bus:AuditExemptWithAccountantsReport 2017-09-12 2018-03-31 10959011 bus:FullAccounts 2017-09-12 2018-03-31 10959011 bus:RegisteredOffice 2017-09-12 2018-03-31 10959011 bus:Director1 2017-09-12 2018-03-31 10959011 bus:Director2 2017-09-12 2018-03-31 10959011 bus:Director3 2017-09-12 2018-03-31 10959011 bus:PrivateLimitedCompanyLtd 2017-09-12 2018-03-31 10959011 bus:Agent1 2017-09-12 2018-03-31 10959011 core:RetainedEarningsAccumulatedLosses 2017-09-12 2018-03-31 10959011 core:ShareCapital 2017-09-12 2018-03-31 10959011 core:Goodwill 2017-09-12 2018-03-31 10959011 core:CommercialMotorVehicles 2017-09-12 2018-03-31 10959011 core:FurnitureFittings 2017-09-12 2018-03-31 10959011 core:FurnitureFittingsToolsEquipment 2017-09-12 2018-03-31 10959011 core:OtherPropertyPlantEquipment 2017-09-12 2018-03-31 10959011 core:PlantMachinery 2017-09-12 2018-03-31 10959011 countries:AllCountries 2017-09-12 2018-03-31 iso4217:GBP xbrli:pure

Registration number: 10959011

Oban Queens Management Ltd

Annual Report and Unaudited Financial Statements

for the Period from 12 September 2017 to 31 March 2018

Tahas & Co Ltd
Suite 3, Second Floor
760 Eastern Avenue
Newbury Park
London
IG2 7HU

 

Oban Queens Management Ltd

Contents

Company Information

1

Accountants' Report

2

Statement of Comprehensive Income

3

Balance Sheet

4 to 5

Statement of Changes in Equity

6

Notes to the Financial Statements

7 to 11

 

Oban Queens Management Ltd

Company Information

Directors

Mr Chidambaram Arumugam

Mr Ravi Venkatraman

Ms Monicca Nivetha Maran

Registered office

Belstead Brook Muthu Hotel
Belstead
Ipswich
IP2 9HB

Accountants

Tahas & Co Ltd
Suite 3, Second Floor
760 Eastern Avenue
Newbury Park
London
IG2 7HU

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Oban Queens Management Ltd
for the Period Ended 31 March 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Oban Queens Management Ltd for the period ended 31 March 2018 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Oban Queens Management Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Oban Queens Management Ltd and state those matters that we have agreed to state to the Board of Directors of Oban Queens Management Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Oban Queens Management Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Oban Queens 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 profit of Oban Queens Management Ltd. You consider that Oban Queens Management Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Oban Queens 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.

......................................

Tahas & Co Ltd
Suite 3, Second Floor
760 Eastern Avenue
Newbury Park
London
IG2 7HU

26 September 2018

 

Oban Queens Management Ltd

Statement of Comprehensive Income for the Period from 12 September 2017 to 31 March 2018

Note

2018
£

Profit for the period

 

34,257

Total comprehensive income for the period

 

34,257

 

Oban Queens Management Ltd

(Registration number: 10959011)
Balance Sheet as at 31 March 2018

Note

2018
£

Fixed assets

 

Intangible assets

4

426,458

Tangible assets

5

288,642

 

715,100

Current assets

 

Debtors

6

263,194

Cash at bank and in hand

 

68,377

 

331,571

Creditors: Amounts falling due within one year

7

(75,263)

Net current assets

 

256,308

Total assets less current liabilities

 

971,408

Creditors: Amounts falling due after more than one year

7

(922,128)

Provisions for liabilities

(15,022)

Net assets

 

34,258

Capital and reserves

 

Called up share capital

1

Profit and loss account

34,257

Total equity

 

34,258

For the financial period ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Oban Queens Management Ltd

(Registration number: 10959011)
Balance Sheet as at 31 March 2018

Approved and authorised by the Board on 26 September 2018 and signed on its behalf by:
 

.........................................

Mr Chidambaram Arumugam

Director

 

Oban Queens Management Ltd

Statement of Changes in Equity for the Period from 12 September 2017 to 31 March 2018

Share capital
£

Profit and loss account
£

Total
£

Profit for the period

-

34,257

34,257

Total comprehensive income

-

34,257

34,257

New share capital subscribed

1

-

1

At 31 March 2018

1

34,257

34,258

 

Oban Queens Management Ltd

Notes to the Financial Statements for the Period from 12 September 2017 to 31 March 2018

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Belstead Brook Muthu Hotel
Belstead
Ipswich
IP2 9HB
United Kingdom

These financial statements were authorised for issue by the Board on 26 September 2018.

2

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.

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

Furniture and fittings

25% on reducing balance

Plant and machinery

25% on reducing balance

Bus and coaches

10% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Oban Queens Management Ltd

Notes to the Financial Statements for the Period from 12 September 2017 to 31 March 2018

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

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.

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.

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.

 

Oban Queens Management Ltd

Notes to the Financial Statements for the Period from 12 September 2017 to 31 March 2018

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 12.

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

445,000

445,000

At 31 March 2018

445,000

445,000

Amortisation

Amortisation charge

18,542

18,542

At 31 March 2018

18,542

18,542

Carrying amount

At 31 March 2018

426,458

426,458

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil.
 

 

Oban Queens Management Ltd

Notes to the Financial Statements for the Period from 12 September 2017 to 31 March 2018

5

Tangible assets

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

Additions

80,000

216,975

296,975

At 31 March 2018

80,000

216,975

296,975

Depreciation

Charge for the

8,333

-

8,333

At 31 March 2018

8,333

-

8,333

Carrying amount

At 31 March 2018

71,667

216,975

288,642

6

Debtors

2018
£

Trade debtors

237,845

Other debtors

25,349

Total current trade and other debtors

263,194

7

Creditors

Note

2018
£

Due within one year

 

Trade creditors

 

39,246

Taxation and social security

 

5,616

Other creditors

 

30,401

 

75,263

Due after one year

 

Loans and borrowings

8

188,846

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

733,282

 

922,128

 

Oban Queens Management Ltd

Notes to the Financial Statements for the Period from 12 September 2017 to 31 March 2018

8

Loans and borrowings

2018
£

Non-current loans and borrowings

Finance lease liabilities

188,846