REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2022 |
FOR |
THE MANOR HOTEL LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2022 |
FOR |
THE MANOR HOTEL LIMITED |
THE MANOR HOTEL LIMITED (REGISTERED NUMBER: 03838516) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
THE MANOR HOTEL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
38A High Street |
Northwood |
Middlesex |
HA6 1BN |
THE MANOR HOTEL LIMITED (REGISTERED NUMBER: 03838516) |
BALANCE SHEET |
28 FEBRUARY 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Revaluation reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
THE MANOR HOTEL LIMITED (REGISTERED NUMBER: 03838516) |
BALANCE SHEET - continued |
28 FEBRUARY 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
THE MANOR HOTEL LIMITED (REGISTERED NUMBER: 03838516) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2022 |
1. | STATUTORY INFORMATION |
The Manor Hotel Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Net current liabilities at the balance sheet date were £1,718,038. Accordingly, the company is dependent on support from the shareholders of the parent company in order to meet its liabilities as they fall due. The shareholders have committed to provide the company with financial support, if required, for a period of at least twelve months from the date the financial statements are approved. Accordingly, the directors consider that it is appropriate to prepare the financial statements on a going concern basis. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Land and buildings are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. The company had previously revalued its land and buildings with subsequent additions recorded at cost. The company has adopted the transition exemption under FRS 102 paragraph 35.10(d) and has elected to use the previous revaluation as deemed cost. |
Freehold land is not depreciated. All other assets are depreciated over their estimated useful lives as follows: |
Freehold buildings - 2% per annum straight line |
Fixtures and fittings - 15% per annum reducing balance |
The difference between depreciation based on the deemed cost charged in the profit and loss account and the asset's original cost is transferred from revaluation reserve to retained earnings. |
THE MANOR HOTEL LIMITED (REGISTERED NUMBER: 03838516) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2022 |
2. | ACCOUNTING POLICIES - continued |
Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. |
A grant that specifies performance conditions is recognised in income when the performance conditions are met. A grant received before the performance criteria are satisfied is recognised as a liability. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
THE MANOR HOTEL LIMITED (REGISTERED NUMBER: 03838516) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2022 |
4. | TANGIBLE FIXED ASSETS |
Freehold | Fixtures |
land and | and |
buildings | fittings | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 March 2021 |
Additions |
At 28 February 2022 |
DEPRECIATION |
At 1 March 2021 |
Charge for year |
At 28 February 2022 |
NET BOOK VALUE |
At 28 February 2022 |
At 28 February 2021 |
The company's hotel was valued at £4,900,000 being its market value for existing use, on 7 August 2002 by FPD Savills Commercial Limited, Chartered Surveyors. In accordance with FRS 102, this valuation has not been updated. |
Cost or valuation at 28 February 2022 is represented by: |
Freehold | Fixtures |
land and | and |
buildings | fittings | Totals |
£ | £ | £ |
Valuation in 2002 | 4,729,605 | - | 4,729,605 |
Cost | 224,478 | 653,260 | 877,738 |
4,954,083 | 653,260 | 5,607,343 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2022 | 2021 |
£ | £ |
Cost | 2,706,191 | 2,706,191 |
Aggregate depreciation | 766,005 | 729,129 |
THE MANOR HOTEL LIMITED (REGISTERED NUMBER: 03838516) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
8. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 171,000 | 171,000 |
Deferred |
tax |
£ |
Balance at 1 March 2021 |
Deferred tax on revaluation |
Balance at 28 February 2022 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
THE MANOR HOTEL LIMITED (REGISTERED NUMBER: 03838516) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2022 |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 March 2021 |
Transfer of amount equivalent to additional depreciation on revalued assets |
(14,910 |
) |
At 28 February 2022 |
11. | CONTINGENT LIABILITIES |
The company has given a guarantee supported by debentures over company assets in respect of the bank borrowings of its parent company, MG Hotels Limited. |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 28 February 2022 and 28 February 2021: |
2022 | 2021 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |