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Registration number: 08046078

Hotel Invest Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 May 2020 to 28 February 2021

 

Hotel Invest Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Hotel Invest Limited

Company Information

Director

Mr Alan Forsyth

Registered office

15 Clarendon Street
Nottingham
NG1 5HR

 

Hotel Invest Limited

(Registration number: 08046078)
Balance Sheet as at 28 February 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

16,051

22,865

Investment property

5

360,000

360,000

 

376,051

382,865

Current assets

 

Debtors

6

52,540

17,821

Cash at bank and in hand

 

2,796

7

 

55,336

17,828

Creditors: Amounts falling due within one year

7

(205,451)

(39,685)

Net current liabilities

 

(150,115)

(21,857)

Total assets less current liabilities

 

225,936

361,008

Creditors: Amounts falling due after more than one year

7

(9,259)

(150,000)

Provisions for liabilities

(12,413)

(12,413)

Net assets

 

204,264

198,595

Capital and reserves

 

Called up share capital

1,000

1,000

Share premium reserve

108,369

108,369

Other reserves

89,646

89,646

Retained earnings

5,249

(420)

Shareholders' funds

 

204,264

198,595

For the financial period ending 28 February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Hotel Invest Limited

(Registration number: 08046078)
Balance Sheet as at 28 February 2021

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.

Approved and authorised by the director on 30 April 2021
 

.........................................
Mr Alan Forsyth
Director

 

Hotel Invest Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 28 February 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:
15 Clarendon Street
Nottingham
NG1 5HR
England

The principal place of business is:
Royal Hotel
Anchor Road
Barrow-in-Furness
Cumbria
LA14 2QW
England

These financial statements were authorised for issue by the director on 30 April 2021.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Hotel Invest Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 28 February 2021

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet 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

Fixtures and fittings

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Hotel Invest Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 28 February 2021

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.

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 the director) during the period, was 1 (2020 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2020

77,605

77,605

At 28 February 2021

77,605

77,605

Depreciation

At 1 May 2020

54,740

54,740

Charge for the period

6,814

6,814

At 28 February 2021

61,554

61,554

Carrying amount

At 28 February 2021

16,051

16,051

At 30 April 2020

22,865

22,865

 

Hotel Invest Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 28 February 2021

5

Investment properties

2021
£

At 1 May

360,000

At 28 February

360,000

The company’s investment property is shown at fair value as at 28 February 2021.

This valuation have been carried out by the director using his knowledge of the market and data available relating to property transactions in the surrounding area and professional contacts in specialist property markets.

6

Debtors

Current

Note

2021
£

2020
£

Amounts owed by related parties

9

25,571

5,874

Other debtors

 

26,969

11,947

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

8

150,741

-

Taxation and social security

 

22,440

22,436

Accruals and deferred income

 

19,527

4,506

Other creditors

 

12,743

12,743

 

205,451

39,685

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

8

9,259

150,000

 

Hotel Invest Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 28 February 2021

8

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

9,259

-

Other borrowings

-

150,000

9,259

150,000

2021
£

2020
£

Current loans and borrowings

Bank borrowings

741

-

Other borrowings

150,000

-

150,741

-

Bank borrowings

Bounce bank loan is denominated in pound sterling (£) with a nominal interest rate of Nil (rising to 2.5% from 5 June 2021)%, and the final instalment is due on 5 June 2030. The carrying amount at period end is £10,000 (2020 - £Nil).

Natwest Bank PLC have provided a bounce back loan to assist the company in dealing with the COVID-19 pandemic. There are no repayments or interest for the initial 12 month period at which point the company intends to opt for the pay as your grow option and extend the repayment terms to 10 years, meaning £1,111 per annum plus interest will be repayable.

Other borrowings

Private secured loan is denominated in pound sterling (£) with a nominal interest rate of 12%, and the final instalment is due on 12 November 2021. The carrying amount at period end is £150,000 (2020 - £150,000).

Don Investments Limited have provided the company with a private secured loan. This loan is for the benefit of the parent company Fast Property Sale Limited, who will be meeting all costs in relation to this facility. This facility is secured via a first charge against the property known as Royal Hotel, Anchor Road, Barrow-in-Furness, LA14 2QW (title number CU133955). The maximum term of this facility is 24 months from 12 November 2019.

 

Hotel Invest Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 28 February 2021

9

Related party transactions

Summary of transactions with parent

Fast Property Sale Limited is the parent company.

 Loans to or from the parent company are unsecured, non-interest bearing and repayable on demand.

 £25,571 (2020: £5,874) was receivable from Fast Property Sale Limited at 28 February 2021, which is included in 'amounts owed by group undertakings').

Since 12 November 2019 there has been a £150,000 loan secured against the investment property, Royal Hotel, Anchor Road, Barrow-In-Furness, LA14 2QW. This loan facility is for the benefit of the parent company Fast Property Sale Limited on the understanding that all costs and interest commitments associated with this loan are recharged in full. £15,021 (2020: £8,447) interest was recharged during the year.
 

10

Parent and ultimate parent undertaking

The company's immediate parent is Fast Property Sale Limited, incorporated in England & Wales.