ACCOUNTS - Final Accounts preparation

FORT ROAD HOTEL LTD - Company Information

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Registered number: 11412775

FORT ROAD HOTEL LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 JUNE 2019

FORT ROAD HOTEL LTD

REGISTERED NUMBER: 11412775

BALANCE SHEET

AS AT 30 JUNE 2019

		2019
Note		£

Fixed assets
Tangible assets	4		1,224
Investment property			460,698
			461,922
Current assets
Debtors: amounts falling due within one year	6	3,791
Cash at bank and in hand		35,804
		39,595
Creditors: amounts falling due within one year	7	(515,348)
Net current (liabilities)/assets			(475,753)
Total assets less current liabilities			(13,831)

Net (liabilities)/assets			(13,831)

Capital and reserves
Called up share capital			3
Profit and loss account			(13,834)
			(13,831)

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FORT ROAD HOTEL LTD

REGISTERED NUMBER: 11412775

BALANCE SHEET (CONTINUED)

AS AT 30 JUNE 2019

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

T Gidley

Director

Date: 12 March 2020

The notes on pages 3 to 6 form part of these financial statements.

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FORT ROAD HOTEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2019

1.	General information

The principal activity of Fort Road Hotel Ltd ("the Company") is that of a hotelier.
The Company is a private company limited by shares and is incorporated in England and Wales.
The Registered Office address is 35 Ballards Lane, London N3 1XW.
The Company incorporated on 13th June 2018 and began trading on the 9th October 2018.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings

25%

straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

2.3

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.

2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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FORT ROAD HOTEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2019

2.Accounting policies (continued)

2.5

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, [loans from banks and other third parties, loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restriction
(ii) Financial liabilities
Basic financial liabilities, including trade [and other] creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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FORT ROAD HOTEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2019

Employees

The average monthly number of employees, including directors, during the period was 3.

4.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost or valuation
	Additions	1,250
	At 30 June 2019	1,250
	Depreciation
	Charge for the period on owned assets	26
	At 30 June 2019	26
	Net book value
	At 30 June 2019	1,224

5.	Investment property

		Property under construc-tion
		£
	Valuation
	Additions at cost	460,698
	At 30 June 2019	460,698

The 2019 valuations were made by the directors, on an open market value for existing use basis.

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FORT ROAD HOTEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2019

Debtors

					2019
					£


	Other debtors	3,791

7.	Creditors: Amounts falling due within one year
		2019
		£

	Trade creditors	11,539
	Other creditors	501,059
	Accruals and deferred income	2,750
		515,348

8.	Share capital
		2019
		£

		Allotted, called up and fully paid

		3 Ordinary shares of £1 each	3

Upon incorporation the Company issued 3 Ordinary share at £1 which were fully taken up.

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