Plas Ynyshir Hall Hotel Limited 31/12/2018 iXBRL

PLAS YNYSHIR HALL HOTEL LIMITED - Company Information

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Company registration number: 07864646

Plas Ynyshir Hall Hotel Limited

Unaudited filleted financial statements

31 December 2018

Plas Ynyshir Hall Hotel Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

Plas Ynyshir Hall Hotel Limited

Directors and other information


	Directors	Mr John Andrew Talbot
		Mrs Jennifer Anne Talbot
		Miss Amelia Dora Eiriksson


	Company number	07864646


	Registered office	Ynyshir Hall
		Eglwysfach
		Machynlleth
		Powys
		SY20 8TA


	Business address	Ynyshir Hall
		Eglwysfach
		Machynlleth
		Powys
		SY20 8TA


	Accountants	Davies Lewis Baker
		31 Bridge Street
		Aberystwyth
		Ceredigion
		SY23 1QB

Plas Ynyshir Hall Hotel Limited

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Plas Ynyshir Hall Hotel Limited

Year ended 31 December 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Plas Ynyshir Hall Hotel Limited for the year ended 31 December 2018 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.

This report is made solely to the board of directors of Plas Ynyshir Hall Hotel Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Plas Ynyshir Hall Hotel Limited and state those matters that we have agreed to state to the board of directors of Plas Ynyshir Hall Hotel Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Plas Ynyshir Hall Hotel Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Plas Ynyshir Hall Hotel Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Plas Ynyshir Hall Hotel Limited. You consider that Plas Ynyshir Hall Hotel Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Plas Ynyshir Hall Hotel Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Davies Lewis Baker

Chartered Certified Accountants

31 Bridge Street

Aberystwyth

Ceredigion

SY23 1QB

27 September 2019

Plas Ynyshir Hall Hotel Limited

Statement of financial position

31 December 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Tangible assets	5	1,513,837		1,453,872
		_______		_______
			1,513,837		1,453,872

Current assets
Stocks		45,500		25,374
Debtors	6	36,088		13,260
Cash at bank and in hand		19,454		33,915
		_______		_______
		101,042		72,549
Creditors: amounts falling due
within one year	7	( 2,859,914)		( 2,527,845)
		_______		_______
Net current liabilities			( 2,758,872)		( 2,455,296)
			_______		_______
Total assets less current liabilities			( 1,245,035)		( 1,001,424)

Creditors: amounts falling due
after more than one year	8		( 223,263)		( 249,054)
			_______		_______
Net liabilities			( 1,468,298)		( 1,250,478)
			_______		_______

Capital and reserves
Called up share capital			1,100		1,100
Profit and loss account			( 1,469,398)		( 1,251,578)
			_______		_______
Shareholders deficit			( 1,468,298)		( 1,250,478)
			_______		_______

For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- 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 Act 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 26 September 2019 , and are signed on behalf of the board by:

Mr John Andrew Talbot

Director

Company registration number: 07864646

Plas Ynyshir Hall Hotel Limited

Notes to the financial statements

Year ended 31 December 2018

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Plas Ynyshir Hall Hotel Limited, Ynyshir Hall, Eglwysfach, Machynlleth, Powys, SY20 8TA.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold property	-	2 %	straight line
Kitchen and sundry equipment	-	20 %	reducing balance
Fittings fixtures and equipment	-	20 %	reducing balance
Office equipment	-	20 %	reducing balance
Computer equipment	-	50 %	reducing balance

No depreciation is provided on freehold property because the directors consider that the residual value will be higher than the original purchase cost.If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 15 (2017: 17 ).

5. Tangible assets

	Freehold property	Kitchen and sundry equipment	Fixtures, fittings and equipment	Office equipment	Computer equipment	Total
	£	£	£	£	£	£
Cost
At 1 January 2018	1,176,239	309,828	265,342	5,441	16,661	1,773,511
Additions	83,044	9,206	33,000	-	-	125,250
Disposals	-	-	( 2,043)	-	-	( 2,043)
	_______	_______	_______	_______	_______	_______
At 31 December 2018	1,259,283	319,034	296,299	5,441	16,661	1,896,718
	_______	_______	_______	_______	_______	_______
Depreciation
At 1 January 2018	-	168,529	132,473	3,572	15,066	319,640
Charge for the year	-	30,101	32,965	374	798	64,238
Disposals	-	-	( 997)	-	-	( 997)
	_______	_______	_______	_______	_______	_______
At 31 December 2018	-	198,630	164,441	3,946	15,864	382,881
	_______	_______	_______	_______	_______	_______
Carrying amount
At 31 December 2018	1,259,283	120,404	131,858	1,495	797	1,513,837
	_______	_______	_______	_______	_______	_______
At 31 December 2017	1,176,239	141,299	132,869	1,869	1,595	1,453,871
	_______	_______	_______	_______	_______	_______

6. Debtors

	2018	2017
	£	£
Other debtors	36,088	13,260
	_______	_______

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	26,106	25,654
Trade creditors	28,750	28,817
Social security and other taxes	26,935	17,059
Other creditors	2,778,123	2,456,315
	_______	_______
	2,859,914	2,527,845
	_______	_______

8. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	46,713	52,017
Other creditors	176,550	197,037
	_______	_______
	223,263	249,054
	_______	_______

Included within creditors: amounts falling due after more than one year is an amount of £ 107,971 (2017 £ 136,938 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Secured Debts Secured debts of £249,369 (2017: £274,708) are included within creditors. The bank borrowings are secured by a debenture on the Bank's standard form and a legal charge over the freehold property. The directors loans are secured by second fixed and floating charge covering the property and undertaking of the company.

9. Post balance sheet events

On 29 March 2019 the land and property assets were transferred to Ynyshir Hall Holdings Limited.

10. Going concern

The company is reliant on the continued support of it's directors for it's financial needs. In the opinion of the directors the company remains a going concern, and have confirmed in writing that they will continue to provide financial support to the company for the forseeable future as required.