Company registration number 08106219 (England and Wales)
OLD AMERSHAM HOTELS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
OLD AMERSHAM HOTELS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
OLD AMERSHAM HOTELS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,504,241
2,424,988
2,504,241
2,424,988
Current assets
Stocks
41,937
39,139
Debtors
6
2,780,321
3,299,876
Cash at bank and in hand
298,070
225,523
3,120,328
3,564,538
Creditors: amounts falling due within one year
7
(5,630,696)
(5,961,102)
Net current liabilities
(2,510,368)
(2,396,564)
Total assets less current liabilities
(6,127)
28,424
Creditors: amounts falling due after more than one year
8
(250,000)
(250,000)
Provisions for liabilities
(182,263)
(158,406)
Net liabilities
(438,390)
(379,982)
Capital and reserves
Called up share capital
9
7
7
Profit and loss reserves
(438,397)
(379,989)
Total equity
(438,390)
(379,982)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
OLD AMERSHAM HOTELS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
B Bradley
Director
Company Registration No. 08106219
OLD AMERSHAM HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
Old Amersham Hotels Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kings Arms Hotel, 30 High Street, Amersham, Buckinghamshire, HP7 0DJ. The company number is 08106219.
1.1
Accounting convention
These financial statements have been prepared under the historical cost convention and in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable relating to bar and restaurants sales as well as accommodation, when utilised, net of VAT and trade discounts.
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of ten years.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets excluding land less their residual values over their useful lives on the following bases:
Land and buildings freehold
Buildings, not land, over 50 years straight line
Fixtures, fittings & equipment
3-10 years straight line
Motor vehicles
4 years straight line
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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment.
OLD AMERSHAM HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand
Cash at bank and in hand are basic financial assets.
1.7
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include other debtors and amounts owed from group undertakings, are measured at transaction price. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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
Basic financial liabilities, including creditors, bank loans, and amounts owed to group undertakings, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
OLD AMERSHAM HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.10
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. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
48
42
4
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
250,000
Amortisation and impairment
At 1 December 2022 and 30 November 2023
250,000
Carrying amount
At 30 November 2023
At 30 November 2022
OLD AMERSHAM HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2022
2,211,500
1,048,030
3,259,530
Additions
91,508
46,049
137,557
Disposals
(569,071)
(569,071)
At 30 November 2023
2,303,008
525,008
2,828,016
Depreciation and impairment
At 1 December 2022
834,542
834,542
Depreciation charged in the year
54,724
54,724
Eliminated in respect of disposals
(565,491)
(565,491)
At 30 November 2023
323,775
323,775
Carrying amount
At 30 November 2023
2,303,008
201,233
2,504,241
At 30 November 2022
2,211,500
213,488
2,424,988
Included in land and buildings above is land at a cost of £500,000 (2022: £500,000).
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,477,963
3,022,985
Other debtors
302,358
276,891
2,780,321
3,299,876
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
147,884
164,585
Amounts due to group undertakings
4,824,390
5,266,594
Other taxation and social security
165,080
179,335
Other creditors
360,817
250,194
Accruals and deferred income
132,525
100,394
5,630,696
5,961,102
OLD AMERSHAM HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other borrowings
250,000
250,000
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
7
7
7
7
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
13,500
13,500
11
Profit and loss reserves
During the year to 30 November 2020, the directors paid preference share dividends in expectation of profits which were not subsequently realised, due to the Coronavirus pandemic. This is a breach of section 830 of the Companies Act 2006. The directors are confident that the company will generate profits in future years, and as a result will be able to restore reserves back to a positive position. The directors confirm that no further distributions will be made until such time as there are sufficient reserves available.
12
Parent company
The immediate parent company is Old Amersham Hotels (Holdings) Limited, a company incorporated in England & Wales. The registered office is 30 High Street, Old Amersham, Buckinghamshire, HP7 0DJ.