Company registration number 08490735 (England and Wales)
OLD AMERSHAM HOTELS (HOLDINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
OLD AMERSHAM HOTELS (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
OLD AMERSHAM HOTELS (HOLDINGS) LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
7
7
Current assets
Debtors
6
6,388,250
5,990,456
Creditors: amounts falling due within one year
7
(292,741)
(50,291)
Net current assets
6,095,509
5,940,165
Total assets less current liabilities
6,095,516
5,940,172
Creditors: amounts falling due after more than one year
8
(4,555,868)
(4,881,344)
Net assets
1,539,648
1,058,828
Capital and reserves
Called up share capital
9
1,550,007
1,550,007
Profit and loss reserves
(10,359)
(491,179)
Total equity
1,539,648
1,058,828
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 number 08490735 (England and Wales)
OLD AMERSHAM HOTELS (HOLDINGS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2021
1,570,007
(429,832)
1,140,175
Year ended 30 November 2022:
Loss and total comprehensive income
-
(1,732)
(1,732)
Dividends
-
(59,615)
(59,615)
Other movements
10
(20,000)
-
(20,000)
Balance at 30 November 2022
1,550,007
(491,179)
1,058,828
Year ended 30 November 2023:
Profit and total comprehensive income
-
510,628
510,628
Dividends
-
(29,808)
(29,808)
Other movements
10
-
-
-
Balance at 30 November 2023
1,550,007
(10,359)
1,539,648
OLD AMERSHAM HOTELS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
Old Amersham Hotels (Holdings) 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 08490735.
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.
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 for management services net of VAT.
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
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 amounts due from group undertakings, are measured at transaction price. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and amounts due to group undertakings, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
1.6
The financial statements present information about the company as an individual undertaking and not about the group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
OLD AMERSHAM HOTELS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
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
1
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
7
7
OLD AMERSHAM HOTELS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
5
Subsidiaries
Details of the company's subsidiaries at 30 November 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Old Amersham Chapel Limited
England
Ordinary shares of £1
100.00
Old Amersham Hotels (Crown) Limited
England
Ordinary shares of £1
100.00
Old Amersham Hotels Limited
England
Ordinary shares of £1
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Old Amersham Chapel Limited
2,178
174,392
Old Amersham Hotels (Crown) Limited
1,836
205,211
Old Amersham Hotels Limited
(438,390)
(58,408)
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
6,388,250
5,990,456
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
282,602
41,248
Trade creditors
3,465
Other creditors
10,139
5,578
292,741
50,291
The bank loans are secured via a cross-guarantee with all group companies.
OLD AMERSHAM HOTELS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
4,535,868
4,861,344
Other creditors
20,000
20,000
4,555,868
4,881,344
The bank loans are secured via a cross-guarantee with all group companies.
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
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
1,550,000
1,550,000
1,550,000
1,550,000
Preference shares classified as equity
1,550,000
1,550,000
Total equity share capital
1,550,007
1,550,007
Holders of preference shares are entitled to receive in respect of each financial year a cumulative dividend of 8% per annum, which accrues daily, on the paid up amount on each share and on any rolled up dividends thereon. However, these dividends are only declared and paid at the discretion of the directors.
10
Financial commitments, guarantees and contingent liabilities
The company is party to a cross-corporate guarantee and debenture, including a fixed and floating charge over the assets of the company, for the borrowings of some of its subsidiary entities. As at the date of approval of the accounts, no amounts are due under these arrangements.
11
Profit and loss reserves
During the year ended 30 November 2023, the directors paid preference share dividends in expectation of profits which were not subsequently realised. This is a breach of section 830 of the Companies Act 2006. The directors are confident that reserves will be restored back to a positive position in future years. The directors confirm that no further distributions will be made until such time as there are sufficient reserves available.
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