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Acorn Hotels Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2021

Registration number: 02162404

 

Acorn Hotels Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Acorn Hotels Limited

Company Information

Directors

R S Williams

K M Williams

Company secretary

K M Williams

Registered office

Keepers Field
Manscombe Road
Torquay
Devon
TQ2 6SP

Accountants

Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF

 

Acorn Hotels Limited

Balance Sheet

31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

5

65,000

81,250

Tangible assets

6

1,524,277

1,510,671

 

1,589,277

1,591,921

Current assets

 

Stocks

7,587

7,468

Debtors

7

72,334

47,270

Cash at bank and in hand

 

162,355

124,804

 

242,276

179,542

Creditors: Amounts falling due within one year

8

(46,873)

(159,473)

Net current assets

 

195,403

20,069

Net assets

 

1,784,680

1,611,990

Capital and reserves

 

Called up share capital

9

229,275

229,275

Profit and loss account

1,555,405

1,382,715

Shareholders' funds

 

1,784,680

1,611,990

 

Acorn Hotels Limited

Balance Sheet

31 December 2021

For the financial year ending 31 December 2021 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 year 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 August 2022 and signed on its behalf by:
 

.........................................
R S Williams
Director

   
     

Company Registration Number: 02162404

 

Acorn Hotels Limited

Notes to the Financial Statements

Year Ended 31 December 2021

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:
Keepers Field
Manscombe Road
Torquay
Devon
TQ2 6SP

The principal place of business is:
The Walnut Tree
North Petherton
South of Bridgwater
Somerset
TA6 6QA

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.

Revenue recognition

Generally, turnover is the value of goods and services sold to third parties as part of the company's trading activities, after deducting VAT.

The rental of rooms and food and beverage sales is recognised when rooms are occupied and food and beverages are sold.

Rental income is recognised when it is receivable.

Government grants

Grant income is accounted for using the accruals method. Revenue grants are recognised on a systematic basis over the periods to which the costs to which the grants relate are recognised. Capital grants are recognised over the useful life of the related asset on the same basis as depreciation is charged.

 

Acorn Hotels Limited

Notes to the Financial Statements

Year Ended 31 December 2021

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Hotel Facilities

10% straight line

Equipment

25% straight line

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

5% straight line

Defined contribution pension obligation

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

 

Acorn Hotels Limited

Notes to the Financial Statements

Year Ended 31 December 2021

Covid-19
The directors of Acorn Hotels Limited have considered the impact of COVID-19.

In the opinion of the directors, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.

3

Government grants

During the year the company received the following grants:

- £83,054 Coronavirus Job Retention Scheme
- £42,086 Coronavirus Support

The amount of grants recognised in the financial statements was £125,140 (2020 - £125,443).
 

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2020 - 26).

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2021

325,000

325,000

At 31 December 2021

325,000

325,000

Amortisation

At 1 January 2021

243,750

243,750

Amortisation charge

16,250

16,250

At 31 December 2021

260,000

260,000

Carrying amount

At 31 December 2021

65,000

65,000

At 31 December 2020

81,250

81,250

 

Acorn Hotels Limited

Notes to the Financial Statements

Year Ended 31 December 2021

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2021

1,500,000

352,800

1,852,800

Additions

-

17,743

17,743

At 31 December 2021

1,500,000

370,543

1,870,543

Depreciation

At 1 January 2021

-

342,129

342,129

Charge for the year

-

4,137

4,137

At 31 December 2021

-

346,266

346,266

Carrying amount

At 31 December 2021

1,500,000

24,277

1,524,277

At 31 December 2020

1,500,000

10,671

1,510,671

7

Debtors

2021
£

2020
£

Trade debtors

33,138

10,196

Prepayments

2,089

1,189

Other debtors

37,107

35,885

72,334

47,270

8

Creditors

Creditors: amounts falling due within one year

2021
 £

2020
 £

Due within one year

 

Loans and borrowings

-

125,000

Trade creditors

 

20,583

15,693

Social security and other taxes

 

22,842

16,375

Outstanding defined contribution pension costs

 

651

605

Accrued expenses

 

2,797

1,800

 

46,873

159,473

 

Acorn Hotels Limited

Notes to the Financial Statements

Year Ended 31 December 2021

9

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each

229,275

229,275

229,275

229,275

         

10

Related party transactions

Advances to directors

2021

At 1 January 2021
£

Advances to director
£

Repayments by director
£

At 31 December 2021
£

R S Williams and K M Williams

Interest charged at HMRC official rate

12,404

16,174

(10,385)

18,193

         
         

 

2020

At 1 January 2020
£

Advances to director
£

Repayments by director
£

At 31 December 2020
£

R S Williams and K M Williams

Interest charged at HMRC official rate

7,155

65,546

(60,297)

12,404