Beamish Park Hotel Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Gibside Hotel, Front Street, Whickham, Newcastle upon Tyne, NE16 4JG.
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 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.
No depreciation has been provided on Freehold Buildings, which is a departure from the Companies Act 2006.
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.
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, 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.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Going Concern
The directors consider it appropriate to prepare the financial statements on the going concern basis.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of persons (including directors) employed by the company during the year was:
Loan Accounts
During the year the company operated a loan account with directors and participators as follows:
Mr W Walker- Director
As at 31 March 2022, Mr W Walker owed the company £121,970 (2021:£114,283)
During the year, Mr W Walker made withdrawals of £7,687.
The above transactions were at arms length, interest free and repayable on demand.
Mr M Walker- Director
As at 31 March 2022, Mr M Walker was owed £2,838 by the company (2021: £3,188)
During the year, Mr M Walker made withdrawals of £350.
The above transactions were at arms length, interest free and repayable on demand.
Mrs E Walker- Participator
As at 31 March 2022, Mrs E Walker was owed £3,738 by the company (2021: £3,738)
During the year, there was no movement in Mrs E Walkers Loan Account.
The above transactions were at arms length, interest free and repayable on demand.
Mrs T Walker- Participator
As at 31 March 2022, Mrs T Walker owed the company £97,893 (2021: £84,311)
During the year, Mrs T Walker made withdrawals of £13,582.
The above transactions were at arms length, interest free and repayable on demand.
Ms S Lilley- Participator
As at 31 March 2022, Ms S Lilley owed the company £12,089 (2021: £8,367)
During the year, Ms S Lilley withdrew £3,722.
The above transactions were at arms length, interest free and repayable on demand.
Related Parties
The directors are also directors and shareholders of Durham Inns Holdings Company Limited and The Gibside Hotel Limited.
Durham Inns Holdings Company Limited
During the year, the company entered into transactions with Durham Inns Holdings Limited.
At 31 March 2022 there is a net creditor of £654,164 (2021: net creditor of £654,164) owed to Durham Inns Holdings Company Limited.
The Gibside Hotel Limited
During the year, the company entered into transactions with The Gibside Hotel Limited,
At 31 March 2022 there is a net creditor of £197,453 (2021: net creditor of £194,030 owed to The Gibside Hotel Limited.