Holiday At Home Limited Filleted accounts for Companies House (small and micro)

HOLIDAY AT HOME LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06488662

Holiday At Home Limited

Filleted Unaudited Financial Statements

For the Year Ending

31 December 2019

Holiday At Home Limited

Statement of Financial Position

31 December 2019

	2019		2018
Note	£	£	£

Fixed Assets

Intangible assets	5	5,241	6,613
Tangible assets	6	1,824,166	1,807,526
		------------	------------
		1,829,407	1,814,139

Current Assets

Stocks		18,113	–
Debtors	7	131,032	121,918
Cash at bank and in hand		47,126	50,316
		---------	---------
		196,271	172,234

Creditors: amounts falling due within one year	8	318,139		277,196
		---------		---------
Net Current Liabilities			121,868	104,962
			------------	------------
Total Assets Less Current Liabilities			1,707,539	1,709,177

Creditors: amounts falling due after more than one year	9		1,252,194	1,278,871

Provisions

Taxation including deferred tax	17,277	12,163
	------------	------------
Net Assets	438,068	418,143
	------------	------------

Capital and Reserves

Called up share capital	100	100
Revaluation reserve	( 38,850)	( 38,850)
Profit and loss account	476,818	456,893
	---------	---------
Shareholders Funds	438,068	418,143
	---------	---------

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 Section 1A of 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 comprehensive income has not been delivered.

For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

Holiday At Home Limited

Statement of Financial Position (continued)

31 December 2019

These financial statements were approved by the board of directors and authorised for issue on 9 September 2020 , and are signed on behalf of the board by:

Mrs C Denny	Mr W G Stephenson
Director	Director

Company registration number: 06488662

Holiday At Home Limited

Notes to the Financial Statements

Year Ended 31 December 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 Brompton Lakes, Easby, Richmond, North Yorkshire, DL10 7EJ.

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.

Judgements and Key Sources of Estimation Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The directors consider that there are no significant estimates or judgements affecting the financial statements.

Revenue Recognition

The turnover shown in the profit and loss account represents income earned from accommodation provided during the year and commission earned from third party properties, exclusive of Value Added Tax.

Income Tax

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.

Intangible Assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

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:

	Website	-	25 % 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. Freehold properties are carried at revalued amounts recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Equipment	-	20% reducing balance
Fixtures & Fittings	-	10% reducing balance
Motor vehicles	-	25% reducing balance

No depreciation is provided on freehold property as the properties are maintained to a high level such that any depreciation would be immaterial.

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.

Finance Leases and Hire Purchase Contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

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.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to 33 (2018: 40 ).

5. Intangible Assets

	Website
	£
Cost
At 1 January 2019	13,225
Additions	7,857
Disposals	( 13,225)
	--------
At 31 December 2019	7,857
	--------
Amortisation
At 1 January 2019	6,612
Charge for the year	3,720
Disposals	( 7,716)
	--------
At 31 December 2019	2,616
	--------
Carrying amount
At 31 December 2019	5,241
	--------
At 31 December 2018	6,613
	--------

6. Tangible Assets

	Land and buildings	Equipment	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2019	1,700,000	14,178	95,032	65,695	1,874,905
Additions	–	5,590	–	46,550	52,140
Disposals	–	–	( 12,123)	–	( 12,123)
	------------	--------	--------	---------	------------
At 31 December 2019	1,700,000	19,768	82,909	112,245	1,914,922
	------------	--------	--------	---------	------------
Depreciation
At 1 January 2019	–	6,919	32,682	27,778	67,379
Charge for the year	–	2,938	6,240	18,042	27,220
Disposals	–	–	( 3,843)	–	( 3,843)
	------------	--------	--------	---------	------------
At 31 December 2019	–	9,857	35,079	45,820	90,756
	------------	--------	--------	---------	------------
Carrying amount
At 31 December 2019	1,700,000	9,911	47,830	66,425	1,824,166
	------------	--------	--------	---------	------------
At 31 December 2018	1,700,000	7,259	62,350	37,917	1,807,526
	------------	--------	--------	---------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 December 2019	35,306
	--------
At 31 December 2018	28,301
	--------

7. Debtors

	2019	2018
	£	£
Trade debtors	26,032	27,287
Amounts owed by group undertakings	102,000	85,000
Other debtors	3,000	9,631
	---------	---------
	131,032	121,918
	---------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	49,289	27,565
Amounts owed to group undertakings	11,936	25,523
Accruals and deferred income	67,413	67,413
Corporation tax	6,205	11,549
Social security and other taxes	36,981	33,522
Obligations under finance leases and hire purchase contracts	7,309	7,917
Director loan accounts	100,000	100,000
Amounts owed by 3rd party properties	30,741	–
Other creditors	8,265	3,707
	---------	---------
	318,139	277,196
	---------	---------

The hire purchase creditors are secured by the assets to which they relate.

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

	2019	2018
	£	£
Obligations under finance leases and hire purchase contracts	26,511	15,586
Director loan accounts	1,225,683	1,263,285
	------------	------------
	1,252,194	1,278,871
	------------	------------

The hire purchase creditors are secured by the assets to which they relate.

10. Directors' Advances, Credits and Guarantees

At the year end the company owed £1,325,683 to the directors. This is interest free and repayable upon demand.

11. Related Party Transactions

Two directors, Mrs C Denny and Mr W G Stephenson , each own 49% of the company's issued share capital and so are the ultimate controlling party. The company receives commission from Brompton Lakes Limited for selling and administering holiday accommodation. It also recharges Brompton Lakes Limited for housekeeping and maintenance costs. All costs are recharged at the same rate that Holiday At Home charges other third party property owners. Brompton Lakes Limited is jointly owned by Mr R Stephenson, Mr W G Stephenson and Mrs C Denny who also own Holiday At Home Ltd. Roy, Will and Charlotte Stephenson. All three are directors of both companies. At the year end Holiday At Home Ltd owed Brompton Lakes Limited £11,936 (2018 - £25,523). Holiday At Home Ltd has also lent £102,000 to Brompton Lakes Limited as a long term interest free loan.