Heymaa Watford Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02911868 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

FOR

HEYMAA WATFORD LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J V Patel

Mr S V Patel

Mr S S Patel

Ms Y J Patel

REGISTERED OFFICE:

Best Western

Whitehouse Hotel

27-31 Upton Road

Watford

Hertfordshire

WD18 0JF

REGISTERED NUMBER:

02911868 (England and Wales)

ACCOUNTANTS:

Macalvins Limited

Chartered Accountants

7 St John's Road

Harrow

Middlesex

HA1 2EY

FIXED ASSETS

Intangible assets

4

-

12,600

Tangible assets

5

2,826,091

2,901,658

2,826,091

2,914,258

CURRENT ASSETS

Stocks

1,100

2,275

Debtors

6

17,201

20,030

Cash at bank and in hand

369,883

429,721

388,184

452,026

CREDITORS

Amounts falling due within one year

7

795,273

861,787

NET CURRENT LIABILITIES

(407,089

)

(409,761

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,419,002

2,504,497

CREDITORS

Amounts falling due after more than one year

8

(1,212,713

)

(1,310,053

)

PROVISIONS FOR LIABILITIES

(58,488

)

(62,232

)

NET ASSETS

1,147,801

1,132,212

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

1,146,801

1,131,212

1,147,801

1,132,212

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 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 and authorised for issue on 17 January 2021 and were signed on its behalf by:

Mr S V Patel - Director

Mr J V Patel - Director

1.	STATUTORY INFORMATION

Heymaa Watford 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.

Turnover

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

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of five years.

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.

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

-

15% reducing balance

Fixtures and fittings

-

15% reducing balance

Integral features

-

15% reducing balance

Government grants

Amounts received under The Coronavirus Job Retention Scheme (CJRS) Grant are recognised as income based

on the accrual model. During the year the company has recognised £99,096 as income in the profit and loss

account.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2019 - 21 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2019

and 30 June 2020

70,000

AMORTISATION

At 1 July 2019

57,400

Charge for year

12,600

At 30 June 2020

70,000

NET BOOK VALUE

At 30 June 2020

-

At 30 June 2019

12,600

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Integral

property

machinery

fittings

features

Totals

£

£

£

£

£

COST

At 1 July 2019

2,846,552

126,764

381,835

44,108

3,399,259

Additions

-

-

-

35,874

35,874

At 30 June 2020

2,846,552

126,764

381,835

79,982

3,435,133

DEPRECIATION

At 1 July 2019

272,427

40,688

172,246

12,240

497,601

Charge for year

56,931

12,911

31,438

10,161

111,441

At 30 June 2020

329,358

53,599

203,684

22,401

609,042

NET BOOK VALUE

At 30 June 2020

2,517,194

73,165

178,151

57,581

2,826,091

At 30 June 2019

2,574,125

86,076

209,589

31,868

2,901,658

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 June

2020 by the directors of the company. The valuation was made on an open market value basis by reference to

market evidence of transaction prices for similar properties.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

1,541

5,506

Other debtors

1,291

1,291

Prepayments and accrued income

14,369

13,233

17,201

20,030

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

81,482

68,648

Trade creditors

22,656

48,707

Amounts owed to group undertakings

607,197

595,814

Corporation Tax payable

27,332

68,096

Social security and other taxes

2,751

-

VAT

45,855

56,344

Other creditors

-

16,000

Director's current account

5,000

-

Accrued expenses

3,000

8,178

795,273

861,787

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - more than 1 year

1,212,713

1,310,053

Included within creditors: amounts falling due after more than one year is an amount of £1,212,713 (2019:

£1,310,053) in respect of liabilities payable or repayable by instalments which fall due for payment after more

than five years from the reporting date.

The bank loan is secured by way of first legal charge over BW Buckingham Hotel, Buckingham Road,

Buckingham, Bucks, MK18 1RY and BW White House Hotel, 27-31 Upton Road, Watford, Herts, WD18 OJF.

The BW Buckingham Hotel is owned by Heymaa Partnership LLP. Four of the partners in the LLP are also

directors of Heymaa Watford Limited and Heymaa Limited. There is also a cross guarantee and debenture

between Heymaa Partnership LLP, Heymaa Watford Limited and Heymaa Limited.

9.	RELATED PARTY DISCLOSURES

Included in creditors is an amount of £586,085 (2019: £595,814) due to Heymaa Limited, a company which is

controlled by the same directors of Heymaa Watford Limited.

Included in creditors is an amount of £21,112 (2019: £nil) due to Heymaa Partnership LLP, LLP in which all

the directors of Heymaa Watford Limited have material interest.

Included in creditors is an amount of £5,000 (2019: £nil) due to the directors of the company.

There are no terms as to interest or repayment in respect of these balances.

10.	ULTIMATE CONTROLLING PARTY

The directors and their families control the company by virtue of their shareholdings.