Queens Hotel Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02803440 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

QUEENS HOTEL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D N Kambouris

Mrs E D Kambouri

Ms T P D Kambouri

SECRETARY:

Ms T P D Kambouri

REGISTERED OFFICE:

50 Seymour Street

London

W1H 7JG

REGISTERED NUMBER:

02803440 (England and Wales)

ACCOUNTANTS:

Civvals Limited

50 Seymour Street

London

W1H 7JG

FIXED ASSETS

Tangible assets

4

2,444,087

2,442,630

CURRENT ASSETS

Stocks

745

765

Debtors

5

13,941

17,445

Cash at bank and in hand

566,806

522,624

581,492

540,834

CREDITORS

Amounts falling due within one year

6

437,575

541,020

NET CURRENT ASSETS/(LIABILITIES)

143,917

(186

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,588,004

2,442,444

PROVISIONS FOR LIABILITIES

298,261

298,261

NET ASSETS

2,289,743

2,144,183

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

7

1,271,535

1,271,535

Retained earnings

1,018,108

872,548

SHAREHOLDERS' FUNDS

2,289,743

2,144,183

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 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 19 December 2019 and were signed on its behalf by:

D N Kambouris - Director

1.	STATUTORY INFORMATION

Queens 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 as modified by the revaluation of certain assets.

Significant judgements and estimates

The preparation of financial statements in conformity with FRS 102 requires management to make judgements,

estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities,

income and expenses. These estimates and associated assumptions are based on historical experience and various

other factors that are believed to be reasonable under the circumstances.

The estimates and underlying assumptions are reviewed on an ongoing basis. There has been no judgements

made by management in the application of FRS 102 that have had a significant effect on the financial statements

and estimates with a significant risk of material adjustment.

Turnover

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

value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Following a review of the company's freehold property for impairment in value, the directors are of the opinion

that the estimated remaining useful economic life of the property exceeds fifty years and that as a result it is not

appropriate to provide depreciation on this asset.

Stocks

At each reporting date, stocks are assessed to determine whether a provision for any impairment is required by

comparing the carrying amount of each item of stock (or group of similar items) with its selling price less costs to

sell.

If an item of stock (or group of similar items) is impaired, the carrying amount of the stock (or the group of

similar items) is reduced to its selling price less costs to sell. That reduction is an impairment loss and it is

recognised immediately in profit or loss

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.

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business. Trade

debtors are recognised at the undiscounted amount of cash receivable, which is normally the invoice price, less

any allowance for doubtful debts.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2018 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 April 2018

2,394,048

387,586

61,379

20,976

2,863,989

Additions

4,005

-

12,795

-

16,800

At 31 March 2019

2,398,053

387,586

74,174

20,976

2,880,789

DEPRECIATION

At 1 April 2018

-

348,421

56,463

16,475

421,359

Charge for year

-

9,791

4,427

1,125

15,343

At 31 March 2019

-

358,212

60,890

17,600

436,702

NET BOOK VALUE

At 31 March 2019

2,398,053

29,374

13,284

3,376

2,444,087

At 31 March 2018

2,394,048

39,165

4,916

4,501

2,442,630

Cost or valuation at 31 March 2019 is represented by:

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

Valuation in 2004

1,007,861

-

-

-

1,007,861

Valuation in 2010

561,936

-

-

-

561,936

Cost

828,256

387,586

74,174

20,976

1,310,992

2,398,053

387,586

74,174

20,976

2,880,789

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

6,052

8,550

Other debtors

7,889

8,895

13,941

17,445

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Tax

34,483

34,075

Social security and other taxes

3,015

1,637

VAT

15,292

18,241

Other creditors

342,347

417,678

Directors' current accounts

20,922

32,193

Accrued expenses

21,516

37,196

437,575

541,020

7.

RESERVES

Revaluation

reserve

£

At 1 April 2018

and 31 March 2019

1,271,535

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2019 and

31 March 2018:

2019

2018

£

£

D N Kambouris

Balance outstanding at start of year

(32,193

)

(59,652

)

Amounts advanced

22,272

60,159

Amounts repaid

(11,000

)

(32,700

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(20,921

)

(32,193

)

9.	RELATED PARTY DISCLOSURES

Other creditors include an amount of £315,424 (2018: £368,803) owed to companies in which the directors have

a participating interest.