Applegarth Hotel Limited Filleted accounts for Companies House (small and micro)

APPLEGARTH HOTEL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04408931

Applegarth Hotel Limited

Filleted Unaudited Financial Statements

30 April 2019

Applegarth Hotel Limited

Financial Statements

Year ended 30 April 2019

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Applegarth Hotel Limited

Statement of Financial Position

30 April 2019

	2019		2018
Note	£	£	£

Fixed assets

Intangible assets	5	7,901	15,801
Tangible assets	6	1,327,071	1,439,247
		--------------	--------------
		1,334,972	1,455,048

Current assets

Stocks		10,000	10,000
Debtors	7	2,071	1,876
Cash at bank and in hand		87,120	41,153
		---------	---------
		99,191	53,029

Creditors: amounts falling due within one year	8	( 393,458)		( 472,337)
		-----------		-----------
Net current liabilities			( 294,267)	( 419,308)
			--------------	--------------
Total assets less current liabilities			1,040,705	1,035,740

Creditors: amounts falling due after more than one year	9		( 762,067)	( 791,203)

Provisions

Taxation including deferred tax	( 58,130)	( 65,595)
	--------------	--------------
Net assets	220,508	178,942
	--------------	--------------

Applegarth Hotel Limited

Statement of Financial Position (continued)

30 April 2019

	2019		2018
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	220,408	178,842
	-----------	-----------
Shareholders funds	220,508	178,942
	-----------	-----------

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.

For the year ending 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 25 November 2019 , and are signed on behalf of the board by:

Mrs S J Mumford
Director

Company registration number: 04408931

Applegarth Hotel Limited

Notes to the Financial Statements

Year ended 30 April 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Applegarth Villa, College Road, Windermere, Cumbria, LA23 1BU.

2. Statement of compliance

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

Revenue recognition

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 profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent 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:

Property Improvements	-	5% straight line
Fixtures & Fittings	-	25% reducing balance
Computer Equipment	-	25% reducing balance

Impairment of fixed assets

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.

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 stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in notes. Prepayments are not financial instruments. Cash at bank - is classified as a basic financial instrument and is measured at face value. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 13 (2018: 15 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 May 2018 and 30 April 2019	112,860
	-----------
Amortisation
At 1 May 2018	97,059
Charge for the year	7,900
	-----------
At 30 April 2019	104,959
	-----------
Carrying amount
At 30 April 2019	7,901
	-----------
At 30 April 2018	15,801
	-----------

6. Tangible assets

	Freehold property	Fixtures and fittings	Computer equipment	Total
	£	£	£	£
Cost
At 1 May 2018	1,642,307	663,127	2,631	2,308,065
Additions	–	11,725	–	11,725
Disposals	–	( 39,817)	–	( 39,817)
	--------------	-----------	--------	--------------
At 30 April 2019	1,642,307	635,035	2,631	2,279,973
	--------------	-----------	--------	--------------
Depreciation
At 1 May 2018	352,545	513,997	2,276	868,818
Charge for the year	82,121	39,734	89	121,944
Disposals	–	( 37,860)	–	( 37,860)
	--------------	-----------	--------	--------------
At 30 April 2019	434,666	515,871	2,365	952,902
	--------------	-----------	--------	--------------
Carrying amount
At 30 April 2019	1,207,641	119,164	266	1,327,071
	--------------	-----------	--------	--------------
At 30 April 2018	1,289,762	149,130	355	1,439,247
	--------------	-----------	--------	--------------

7. Debtors

	2019	2018
	£	£
Other debtors	2,071	1,876
	--------	--------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	34,062	33,252
Trade creditors	15,686	17,419
Corporation tax	51,844	37,702
Social security and other taxes	30,257	22,828
Other creditors	261,609	361,136
	-----------	-----------
	393,458	472,337
	-----------	-----------

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

	2019	2018
	£	£
Bank loans and overdrafts	762,067	791,203
	-----------	-----------

Included within creditors: amounts falling due after more than one year is an amount of £601,817 (2018: £691,459) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The company has one bank loan that is a commercial repayment loan at market rate. The repayments are monthly and interest is charged monthly by the lenders.

10. Director's advances, credits and guarantees

The directors were not advanced any amounts during the period.

11. Related party transactions

Included within other creditors due within one year is a balance owed to the director totalling £238,147 (2018: £336,530). The company operates from premises rented from the director. During the year rental totalling £40,000 (2018: £40,000) was paid. No transactions with related parties were undertaken, other than those disclosed in the notes, such as are required to be disclosed under the FRS102 Section 1A.