Cypress Ltd - Accounts to registrar (filleted) - small 18.2
Cypress Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 August 2019 |
| for |
| Cypress Ltd |
| Cypress Ltd (Registered number: 08777953) |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Cypress Ltd |
| Company Information |
| for the Year Ended 31 August 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 173 Cleveland Street |
| London |
| W1T 6QR |
| Cypress Ltd (Registered number: 08777953) |
| Balance Sheet |
| 31 August 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Equity contribution reserve |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| 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. |
| Cypress Ltd (Registered number: 08777953) |
| Balance Sheet - continued |
| 31 August 2019 |
| 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 and authorised for issue on signed on its behalf by: |
| Cypress Ltd (Registered number: 08777953) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2019 |
| 1. | STATUTORY INFORMATION |
| Cypress Ltd is a |
| registered number and registered office address can be found on the Company Information page. |
| 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 preparing the financial statements |
| The financial statements have been prepared on the historical cost basis. |
| The financial statements are prepared in sterling, which is the functional currency of the entity. |
| Turnover |
| Revenue comprises income from the operation of the hotel which is recognised as turnover at the point at which |
| accommodation and related services are provided. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| 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 - amortised over 5 years |
| 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 fixed assets |
| All fixed assets are initially recorded at cost. |
| Depreciation |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
| life. |
| Plant and machinery - 20% on reducing balance |
| Fixtures and fittings - 20% on reducing balance |
| Computer equipments - 20% on reducing balance |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
| slow moving items. |
| Cypress Ltd (Registered number: 08777953) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2019 |
| 3. | ACCOUNTING POLICIES - continued |
| 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. |
| Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment |
| at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised |
| in profit or loss immediately. |
| Borrowings classified as basic financial instruments. |
| Borrowings are recognised initially at the present value of future payments discounted at a market rate of |
| interest. Subsequent to initial recognition, borrowings are stated at amortised cost using the effective interest |
| method, less any impairment losses. |
| 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. |
| Going concern |
| The company has the net liabilities of £155,703 (2018: £228,892). The directors believe that the company has |
| adequate resources available to continue its operation for the foreseeable future as its parent company has |
| indicated that it will provide sufficient funding to the company to enable it to meet its liabilities as they fall due. |
| Accordingly, the going concern basis has been applied in preparing the financial statements. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Cypress Ltd (Registered number: 08777953) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2019 |
| 5. | INTANGIBLE FIXED ASSETS |
| Development |
| Goodwill | costs | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2018 |
| and 31 August 2019 |
| AMORTISATION |
| At 1 September 2018 |
| Amortisation for year |
| At 31 August 2019 |
| NET BOOK VALUE |
| At 31 August 2019 |
| At 31 August 2018 |
| 6. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Computer |
| machinery | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 September 2018 |
| Additions |
| At 31 August 2019 |
| DEPRECIATION |
| At 1 September 2018 |
| Charge for year |
| At 31 August 2019 |
| NET BOOK VALUE |
| At 31 August 2019 |
| At 31 August 2018 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Cypress Ltd (Registered number: 08777953) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2019 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Amounts owed to group undertakings |
| 10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 August 2019 and |
| 31 August 2018: |
| 2019 | 2018 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 11. | RELATED PARTY DISCLOSURES |
| The company was charged rent of £236,428 (2018: £236,000) by its parent company, Rainey Properties Ltd for |
| the year. |
| The company has also received an interest free loan of £664,604 (2018: £715,081) from the parent company, |
| which is available for a period of 5 years from 01 September 2015. |
| 12. | CONTROLLING PARTY |
| The company is a wholly owned subsidiary of Rainey Properties Ltd, a company registered in British Virgin |
| Islands. |