Ameeco Hotels Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02600881 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2019

FOR

AMEECO HOTELS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr K S Kanani

REGISTERED OFFICE:

Comfort Inn

Victoria Parade

East Cliff

Ramsgate

Kent

CT11 8DT

REGISTERED NUMBER:

02600881 (England and Wales)

ACCOUNTANTS:

MMP Limited

Chartered Certified Accountants

64 High Street

Broadstairs

Kent

CT10 1JT

FIXED ASSETS

Intangible assets

4

-

1,250

Tangible assets

5

3,236,940

3,471,834

3,236,940

3,473,084

CURRENT ASSETS

Stocks

11,750

12,500

Debtors

6

235,186

95,880

Cash at bank and in hand

66

11,232

247,002

119,612

CREDITORS

Amounts falling due within one year

7

382,652

321,036

NET CURRENT LIABILITIES

(135,650

)

(201,424

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,101,290

3,271,660

CREDITORS

Amounts falling due after more than one year

8

(1,044,649

)

(1,278,750

)

PROVISIONS FOR LIABILITIES

(29,963

)

(31,233

)

NET ASSETS

2,026,678

1,961,677

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

2,026,578

1,961,577

SHAREHOLDERS' FUNDS

2,026,678

1,961,677

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 13 August 2019 and were signed by:

Mr K S Kanani - Director

1.	STATUTORY INFORMATION

Ameeco Hotels Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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, being the amount paid in connection with the acquisition of a business in 1996, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at

cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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 20 (2018 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2018

and 30 April 2019

25,000

AMORTISATION

At 1 May 2018

23,750

Amortisation for year

1,250

At 30 April 2019

25,000

NET BOOK VALUE

At 30 April 2019

-

At 30 April 2018

1,250

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 May 2018

3,316,962

895,569

60,187

81,114

4,353,832

Additions

74,598

12,236

-

1,932

88,766

Disposals

(300,000

)

-

-

-

(300,000

)

At 30 April 2019

3,091,560

907,805

60,187

83,046

4,142,598

DEPRECIATION

At 1 May 2018

56,962

701,813

48,437

74,786

881,998

Charge for year

(12,240

)

30,898

2,937

2,065

23,660

At 30 April 2019

44,722

732,711

51,374

76,851

905,658

NET BOOK VALUE

At 30 April 2019

3,046,838

175,094

8,813

6,195

3,236,940

At 30 April 2018

3,260,000

193,756

11,750

6,328

3,471,834

The company has continued to invest in property improvements.

In June 2016 a valuation was provided by Knightsbridge plc and valued the company as a going concern

at £4.5 million.

Within this valuation is a value placed on the Freehold Property owned by the company at £3 million.

The remaining fixed assets of the company have not been revalued in the accounts but the directors have

considered their value and are satisfied that their aggregate value is not less than their net book value

shown in the accounts.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Trade debtors

41,814

17,139

Amounts owed by associates

179,000

75,000

Other debtors

14,372

3,741

235,186

95,880

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Bank loans and overdrafts

171,429

122,115

Hire purchase contracts

2,500

4,163

Trade creditors

82,319

96,000

Taxation and social security

36,806

33,384

Other creditors

89,598

65,374

382,652

321,036

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.19

30.4.18

£

£

Bank loans

1,041,315

1,114,788

Hire purchase contracts

3,334

5,833

Other creditors

-

158,129

1,044,649

1,278,750

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.19

30.4.18

£

£

Bank overdraft

73,714

-

Bank loans

1,139,030

1,236,903

1,212,744

1,236,903

The bank loan is secured by a first legal charge over the freehold property.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.19

30.4.18

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Retained

earnings

£

At 1 May 2018

1,961,577

Profit for the year

105,001

Dividends

(40,000

)

At 30 April 2019

2,026,578

12.	RELATED PARTY DISCLOSURES

Mr K Kanani has personally guaranteed the company's overdraft facilities, with guarantees of £30,000 for

Lloyds Bank plc and £50,000 for National Westminster plc.