Palm Springs Hotel Limited - Accounts to registrar (filleted) - small 18.2
Palm Springs Hotel Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2018 |
for |
Palm Springs Hotel Limited |
Palm Springs Hotel Limited (Registered number: 04824711) |
Contents of the Financial Statements |
for the Year Ended 31 May 2018 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Palm Springs Hotel Limited |
Company Information |
for the Year Ended 31 May 2018 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
69 High Street |
Bideford |
Devon |
EX39 2AT |
Palm Springs Hotel Limited (Registered number: 04824711) |
Abridged Balance Sheet |
31 May 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
Palm Springs Hotel Limited (Registered number: 04824711) |
Abridged Balance Sheet - continued |
31 May 2018 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director on |
Palm Springs Hotel Limited (Registered number: 04824711) |
Notes to the Financial Statements |
for the Year Ended 31 May 2018 |
1. | STATUTORY INFORMATION |
Palm Springs Hotel Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The principal accounting policies adopted in the preparation of the financial statements are set out below and |
remain unchanged from the previous period, and also have been consistently applied within the same accounts. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Goodwill |
Goodwill representing the excess of the purchase price over the fair value of the net assets of undertakings |
acquired is capitalised in the balance sheet and is amortised by equal annual instalments over the expected useful |
economic life of 5 years. |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and |
accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating |
as intended by management. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
Financial instruments |
Basic financial instruments with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in |
administrative expenses. Loans and borrowings are initially recognised at the transaction price including |
transaction costs. |
Palm Springs Hotel Limited (Registered number: 04824711) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2018 |
3. | ACCOUNTING POLICIES - continued |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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. |
Going concern |
Having regard to the company's anticipated future revenues and costs including repayment of debt where |
appropriate, together with the expected availability of working capital, the director considers that it is |
appropriate to prepare the financial statements on the going concern basis. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Palm Springs Hotel Limited (Registered number: 04824711) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2018 |
5. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 June 2017 |
and 31 May 2018 |
AMORTISATION |
At 1 June 2017 |
and 31 May 2018 |
NET BOOK VALUE |
At 31 May 2018 |
At 31 May 2017 |
6. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 June 2017 |
Additions |
At 31 May 2018 |
DEPRECIATION |
At 1 June 2017 |
Charge for year |
At 31 May 2018 |
NET BOOK VALUE |
At 31 May 2018 |
At 31 May 2017 |
Included in cost of land and buildings is freehold land of £ 325,000 (2017 - £ 325,000 ) which is not depreciated. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2018 | 2017 |
£ | £ |
Repayable by instalments |
Bank loans due after 5 years |
Palm Springs Hotel Limited (Registered number: 04824711) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2018 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2018 | 2017 |
£ | £ |
Bank loans |
The bank loan is secured by fixed and floating charges over the company's assets. |
Mr P S Bahia, the director, has given a personal guarantee of £250,000 relating to the company's bank |
borrowings. |
Durrant Hotel Ltd, a company in which Mr P S Bahia is a director and 50% shareholder, has also provided |
security over the company's bank loan. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |