54 Queen's Gate Hotel Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04501688 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

54 QUEEN'S GATE HOTEL LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

M M M Ismail

S Locke

SECRETARY:

S Locke

REGISTERED OFFICE:

54 Queen's Gate

London

SW7 5JW

REGISTERED NUMBER:

04501688 (England and Wales)

AUDITORS:

Sage & Co

Chartered Accountants

& Statutory Auditors

38A High Street

Northwood

Middlesex

HA6 1BN

FIXED ASSETS

Intangible assets

4

10,771

13,521

Tangible assets

5

1,454,342

120,992

1,465,113

134,513

CURRENT ASSETS

Stocks

2,879

1,799

Debtors

6

615,431

442,455

Cash at bank and in hand

46,442

52,332

664,752

496,586

CREDITORS

Amounts falling due within one year

7

1,094,941

135,126

NET CURRENT (LIABILITIES)/ASSETS

(430,189

)

361,460

TOTAL ASSETS LESS CURRENT LIABILITIES

1,034,924

495,973

CREDITORS

Amounts falling due after more than one year

8

(1,058,508

)

-

PROVISIONS FOR LIABILITIES

(5,141

)

(5,141

)

NET (LIABILITIES)/ASSETS

(28,725

)

490,832

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

(28,727

)

490,830

SHAREHOLDERS' FUNDS

(28,725

)

490,832

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors on 26 September 2019 and were signed on its behalf by:

S Locke - Director

1.	STATUTORY INFORMATION

54 Queen's Gate Hotel 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The company has been funded by an interest free loan of £808,033, which is included in

current liabilities. There are no fixed repayment terms and the loan provider has agreed that the

company can make repayments when its cash flow allows. Due to this support from the loan

provider, the directors believe it is appropriate to continue preparing the financial statements on

a going concern basis.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting

Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland',

not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Revenue is recognised when rooms are occupied and food and beverages are sold.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

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

Improvements to property

-

over period of lease

Fixtures and fittings

-

10% on cost

Equipment

-

20% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated

impairment losses. Cost includes expenditure directly attributable to making the asset capable of

operating as intended.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not

reversed at the statement of financial position 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.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of

ownership remain with the lessor are charged against profits on a straight line basis over the

period of the lease.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be

impaired at each balance sheet date. If such indication exists, the recoverable amount of the

asset, or the asset's cash generating unit, is estimated and compared toe the carrying amount.

Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in

profit and loss unless the asset is carried at a revalued amount where the impairment loss is a

revaluation decrease.

Debtors and creditors receivable/payable within one year

Debtors and creditors 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.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction

costs. Subsequently, they are measured at amortised cost using the effective interest rate

method, less impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2018

and 31 December 2018

55,000

AMORTISATION

At 1 January 2018

41,479

Amortisation for year

2,750

At 31 December 2018

44,229

NET BOOK VALUE

At 31 December 2018

10,771

At 31 December 2017

13,521

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

property

fittings

Equipment

Totals

£

£

£

£

COST

At 1 January 2018

89,441

926,416

69,869

1,085,726

Additions

1,345,683

68,809

4,610

1,419,102

At 31 December 2018

1,435,124

995,225

74,479

2,504,828

DEPRECIATION

At 1 January 2018

-

909,908

54,826

964,734

Charge for year

71,756

8,860

5,136

85,752

At 31 December 2018

71,756

918,768

59,962

1,050,486

NET BOOK VALUE

At 31 December 2018

1,363,368

76,457

14,517

1,454,342

At 31 December 2017

89,441

16,508

15,043

120,992

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

31,375

7,405

Amounts owed by group undertakings

518,340

414,536

Other debtors

4,160

4,166

Prepayments

39,827

16,348

Tax

14,562

-

VAT

7,167

-

615,431

442,455

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

171,492

-

Trade creditors

44,424

10,139

Tax

-

14,562

VAT

-

14,478

Other creditors

810,927

50,255

Accruals and deferred income

68,098

45,692

1,094,941

135,126

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans - 1-2 years

235,537

-

Bank loans - 2-5 years

822,971

-

1,058,508

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

1,230,000

-

The bank loan is secured by a mortgage debenture over all assets of the company.

The group companies of 54 Queen's Gate Hotel Limited have provided an unlimited company

guarantee on this bank loan, together with a first legal charge over the hotel property.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

2

Ordinary

£1

2

2

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sunil Sangani FCA (Senior Statutory Auditor)

for and on behalf of Sage & Co

12.	CAPITAL COMMITMENTS

2018

2017

£

£

Contracted but not provided for in the

financial statements

-

730,260

13.	OTHER FINANCIAL COMMITMENTS

The company pays rent of £75,000 per annum on an ongoing basis to a group company.