Plas Ynyshir Hall Hotel Limited 31/12/2019 iXBRL

Plas Ynyshir Hall Hotel Limited 31/12/2019 iXBRL

PLAS YNYSHIR HALL HOTEL LIMITED - Company Information

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Company registration number: 07864646
Plas Ynyshir Hall Hotel Limited
Unaudited filleted financial statements
31 December 2019
Plas Ynyshir Hall Hotel Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Plas Ynyshir Hall Hotel Limited
Directors and other information
Directors Mr John Andrew Talbot
Mrs Jennifer Anne Talbot
Miss Amelia Dora Eiriksson
Company number 07864646
Registered office Ynyshir Hall
Eglwysfach
Machynlleth
Powys
SY20 8TA
Business address Ynyshir Hall
Eglwysfach
Machynlleth
Powys
SY20 8TA
Accountants Davies Lewis Baker
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB
Plas Ynyshir Hall Hotel Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Plas Ynyshir Hall Hotel Limited
Year ended 31 December 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Plas Ynyshir Hall Hotel Limited for the year ended 31 December 2019 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
This report is made solely to the board of directors of Plas Ynyshir Hall Hotel Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Plas Ynyshir Hall Hotel Limited and state those matters that we have agreed to state to the board of directors of Plas Ynyshir Hall Hotel Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Plas Ynyshir Hall Hotel Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Plas Ynyshir Hall Hotel Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Plas Ynyshir Hall Hotel Limited. You consider that Plas Ynyshir Hall Hotel Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Plas Ynyshir Hall Hotel Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Davies Lewis Baker
Chartered Certified Accountants
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB
7 December 2020
Plas Ynyshir Hall Hotel Limited
Statement of financial position
31 December 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 5 1,200 -
Tangible assets 558,312 1,513,837
_______ _______
559,512 1,513,837
Current assets
Stocks 60,515 45,500
Debtors 7 8,196 36,088
Cash at bank and in hand 251,833 19,454
_______ _______
320,544 101,042
Creditors: amounts falling due
within one year 8 ( 2,456,913) ( 2,859,914)
_______ _______
Net current liabilities ( 2,136,369) ( 2,758,872)
_______ _______
Total assets less current liabilities ( 1,576,857) ( 1,245,035)
Creditors: amounts falling due
after more than one year 9 - ( 223,263)
_______ _______
Net liabilities ( 1,576,857) ( 1,468,298)
_______ _______
Capital and reserves
Called up share capital 1,100 1,100
Profit and loss account ( 1,577,957) ( 1,469,398)
_______ _______
Shareholders deficit ( 1,576,857) ( 1,468,298)
_______ _______
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.
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.
These financial statements were approved by the board of directors and authorised for issue on 22 November 2020 , and are signed on behalf of the board by:
Mr John Andrew Talbot
Director
Company registration number: 07864646
Plas Ynyshir Hall Hotel 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 & Wales. The address of the registered office is Plas Ynyshir Hall Hotel Limited, Ynyshir Hall, Eglwysfach, Machynlleth, Powys, SY20 8TA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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 a revalued amount, 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 recorded at the fair value at the acquisition date.
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 - 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 is subsequently stated at cost less any accumulated depreciation and any 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:
Freehold and leasehold properties - 4 % straight line
Kitchen and sundry equipment - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Office equipment - 20 % reducing balance
Computer equipment - 50 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2018: 15 ).
5. Intangible assets
Website Total
£ £
Cost
At 1 January 2019 - -
Additions 1,500 1,500
_______ _______
At 31 December 2019 1,500 1,500
_______ _______
Amortisation
At 1 January 2019 - -
Charge for the year 300 300
_______ _______
At 31 December 2019 300 300
_______ _______
Carrying amount
At 31 December 2019 1,200 1,200
_______ _______
At 31 December 2018 - -
_______ _______
6. Tangible assets
Freehold and leasehold properties Kitchen and sundry equipement Fixtures, fittings and equipment Office equipment Computer equipment Total
£ £ £ £ £ £
Cost
At 1 January 2019 1,259,283 319,034 296,299 5,441 16,661 1,896,718
Additions - 21,565 49,594 - 2,137 73,296
Disposals ( 950,000) - - - - ( 950,000)
Transfers - - - - - -
_______ _______ _______ _______ _______ _______
At 31 December 2019 309,283 340,599 345,893 5,441 18,798 1,020,014
_______ _______ _______ _______ _______ _______
Depreciation
At 1 January 2019 - 198,630 164,441 3,946 15,864 382,881
Charge for the year 12,371 28,394 36,290 299 1,467 78,821
_______ _______ _______ _______ _______ _______
At 31 December 2019 12,371 227,024 200,731 4,245 17,331 461,702
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 December 2019 296,912 113,575 145,162 1,196 1,467 558,312
_______ _______ _______ _______ _______ _______
At 31 December 2018 1,259,283 120,404 131,858 1,495 797 1,513,837
_______ _______ _______ _______ _______ _______
7. Debtors
2019 2018
£ £
Other debtors 8,196 36,088
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 81 26,106
Trade creditors 37,761 28,750
Amounts owed to group undertakings and undertakings in which the company has a participating interest 195,439 -
Social security and other taxes 32,820 26,935
Other creditors 2,190,812 2,778,123
_______ _______
2,456,913 2,859,914
_______ _______
9. Creditors: amounts falling due after more than one year
2019 2018
£ £
Bank loans and overdrafts - 46,713
Other creditors - 176,550
_______ _______
- 223,263
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ - (2018 £ 107,971 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Secured Debts Secured debts of £NIL (2018: £249,369) are included within creditors.
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 60,000 -
Later than 1 year and not later than 5 years 240,000 -
Later than 5 years 1,155,000 -
_______ _______
1,455,000 -
_______ _______
The company entered into an agreement to lease the property from the holding company on 29.03.19 at a rate of £60,000 p.a. over a period of 25 years.
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2019 2018 2019 2018
£ £ £ £
Ynyshir Hall Holdings Limited - - (195,439) -
Rent payable 45,000 - - -
Interest payable - - - -
_______ _______ _______ _______
Plas Ynyshir Hall Hotel Limited is the wholly owned subsiduary of Ynyshir Hall Holdings Limited, of Ynyshir Hall, Eglwys Fach, Machynlleth, Powys, SY20 8TA. Plas Ynyshir Hall Hotel Limited leases the property at Ynyshir Hall from Ynyshir Hall Holdings Limited for a sum of £60,000 per annum. As at 31 December there was an accrual for rent payable of £ 45,000 .
12. Controlling party
The company is controlled by Mr JA Talbot and Mrs JA Talbot, the directors of the holding company, Plas Ynyshir Hall Hotel Limited.
13. Going concern
The company is financially dependent upon it's holding company and a loan from one of it's directors.