Sandbanks Hotel Limited - Limited company accounts 20.1

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

SANDBANKS HOTEL LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

J G J Butterworth

J W E Barcellos

E J Adlem

SECRETARY:

J W E Barcellos

REGISTERED OFFICE:

5th Floor

Waverley House

115 - 119 Holdenhurst Road

Bournemouth

Dorset

BH8 8DY

BUSINESS ADDRESS:

Studland Suite

19-25 Boscombe Spa Road

Bournemouth

Dorset

BH5 1AX

REGISTERED NUMBER:

00556842 (England and Wales)

AUDITORS:

Schofields

Chartered Accountants and Statutory Auditors

5th Floor

Waverley House

115 - 119 Holdenhurst Road

Bournemouth

Dorset

BH8 8DY

The directors present their strategic report for the year ended 31 March 2020.

REVIEW OF BUSINESS

The company is managed on a unified basis with Arnewood Estates Limited trading as FJB Hotels, together owning and operating four very unique and different award winning hotels located in Bournemouth and Sandbanks, Poole.

The two companies have arrangements to provide intra group finance facilities to benefit the trading operation.

The results for the company are as follows:

2020

2019

2018

£'000

£'000

£'000

Turnover

12,135

13,904

15,069

Gross profit

5,177

6,243

6,830

Gross profit margin

42.7%

44.9%

45.3%

Overall group trading is at a similar level, and reported profit margins are consistent with expectations.

In measuring the performance of the hotels, the directors undertake a thorough and regular review of the following key performance indicators and comparisons to industry norms:

- Revpar (Revenue achieved per available room);

- Accommodation, food and beverage sales and gross profit achieved;

- Staff and other costs compared to total turnover.

The ever increasing popularity of Airbnb and Brexit was tough on the industry as a whole. The directors however continue to react quickly in all areas of the business to any changes in prevailing trading conditions through their years of knowledge and experience in running prestige hotels. The Board's policy is one of continual investment into facilities and staff to ensure an excellent customer offering and satisfactory operating margins.

As in previous years, the industry is expected to remain extremely competitive, more so following the current situation with the COVID-19 pandemic, the outcome of which is beyond the industry's control. The directors acknowledge it will be very challenging going forward, especially following the temporary closure the hotels following UK government guidelines. Group offerings are at the top end of the market, in unique locations, therefore operations are less affected than other hospitality businesses.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board consider risk assessment, identification of mitigating actions and internal control to be fundamental to the operation of the company. These are summarised as follows:

Reputational risk - The company prides itself of providing a first class customer service. Being AA quality assessed on an annual basis it must ensure that delivery of service and quality of surroundings and offering made meets both the standards expected and accommodates changes to market trends over time. The company continuously monitors and responds to guest feedback on online platforms such as Trip Advisor.

Staffing risk - The company must both attract and retain high quality staff to deliver excellent customer service.

Property deterioration - The hotels are constantly being maintained and refreshed to a high standard to provide excellent guest facilities and service. Changes and adaptations to the building and rooms are made in response to market/guest feedback.

Health and Safety, Fire and Environmental Health - The company has a separate Health and Safety officer and engages external consultants to ensure that its premises and practices comply with its statutory obligations and provides a safe environment for both guests and staff.

UK economic conditions - The level of guest demand is dictated by business sector confidence and consumer spending power. Operations and pricing are adjusted accordingly.

Financial risks - These principally reflect liquidity, credit and interest rate risks.

Liquidity risk- The company manages and monitors cashflow on a day to day basis against a rolling twelve month cashflow forecast to ensure that debts and obligations are met as they fall due.

Credit risk - Credit risk on cash balances are minimised by the Board adopting a policy of depositing funds with regulated institutions. Trade debtors are monitored closely and strict credit control procedures adopted to reduce the risk of bad debts arising.

SECTION 172(1) STATEMENT

Accountability and transparency with stakeholders is key to the long term success of the company. We consider our key stakeholders to be: customers, employees, shareholders, key operational suppliers, local authorities and the community.

All company directors have a duty to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. In doing so they have regard for:

- the likely consequences of any decision in the long term

- the interests of the company's employees

- the need to foster the company's business relationships with suppliers, customers and others

- the impact of the company's operations on the community and the environment

- the desirability of the company maintaining a reputation for high standards of business conduct

- the need to act fairly as between members of the company

The new reporting legislation around stakeholder engagement is welcomed by the Board. The following statements for each key stakeholder set out the engagement undertaken by the Board during the year and how this helps the Board to factor potential impacts on stakeholders in the decision making process.

Customers

The company aims to engage extensively with its customers to understand their needs and trends, and to get feedback on their stay. A variety of customer feedback tools are used including asking customers to complete inhouse feedback forms and compiling TripAdvisor reviews. The findings of these are used to improve customer experience and engagement, with knowledge being shared across the business. The provision of a high level of customer service enables the business to add value to customers, encouraging a high level of repeat business.

Employees

The company employs approximately 270 colleagues across the four hotels. Employees are engaged in a number of ways primarily through open communication, training and development, promoting healthy work environments and giving feedback on performance via formal appraisal processes. The Board actively encourage inhouse progression and like to promote existing staff where possible.

Community

The company actively seeks to engage with local councils and the community to ensure policies and procedures are appropriate and fit for the current economic and social landscape. The directors are always thinking of new green alternatives and recently installed vehicle electric chargers at their hotels to promote a better future for everyone. The company is actively involved charitable events and annually supports the Cash for Kids scheme.

The directors have identified key decisions made during the year. These have been identified by those which are of strategic importance to the company. The long-term effect of the company's decisions and strategies during the financial year, together with impact on key stakeholders is described below.

Variety of operational improvement initiatives:

Customers - improve guest experience through IT developments to booking processes and website enhancements.

Employees - streamline processes to improve productivity allowing more time to engage with customers.

Shareholders - initiatives to improve profitability.

Continue investing profits into infrastructure:

Customers - improve guest experience through modern surroundings with up to date equipment and facilities.

Employees - better working environment.

Shareholders - maintain the value of assets within the company.

FIXED ASSETS

The changes are reported in notes 7 to 9.

The directors consider that the market value of the Group's land and buildings is greater than the net book value, but in the absence of a professional valuation the directors are unable to report upon this further.

ON BEHALF OF THE BOARD:

J G J Butterworth - Director

21 December 2020

The directors present their report with the financial statements of the company for the year ended 31 March 2020.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of hoteliers.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2020.

FUTURE DEVELOPMENTS

The company continues to maintain and develop the guest offering. Due to the ongoing global Covid-19 pandemic the company is monitoring the current situation and assessing the impact on a daily basis as the situation develops.

The directors consider that trading will continue to be influenced by customer spending trends influenced by post Brexit events and general economic confidence given the current global pandemic.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2019 to the date of this report.

J G J Butterworth

J W E Barcellos

E J Adlem

ENGAGEMENT WITH EMPLOYEES

It is company policy to engage, train and promote employees on the basis of their capabilities, qualifications and experience. The company will not discriminate, nor will it condone discrimination, pressure to discriminate, or harassment by its employees or others acting on its behalf in respect of sexual orientation, gender and trans-sexuality, race, marital status, nationality, disabilities, political or religious beliefs, age, or on any other grounds which may be specified as unlawful under the Equality Act 2010. Breach of this policy by its employees will result in disciplinary action, which may lead to dismissal.

The company operates a policy of providing employees with information, including information relating to the economic and financial factors affecting the performance of the company. This is circulated through regular communications in which employees are also encouraged to present their suggestions and views on the company's performance. Regular meetings are held between management and employees to allow free flow of information and ideas.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The directors consider any potential impacts and risks to its suppliers and customers before making any final decisions at Board level, whilst also taking into account the best interests of the company and its employees.

The company works closely with its suppliers, choosing, where possible, to trade with local businesses thus helping to support the local community and provide quality and freshness to its customers.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Schofields, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J W E Barcellos - Secretary

21 December 2020

Opinion

We have audited the financial statements of Sandbanks Hotel Limited (the 'company') for the year ended 31 March 2020 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2020 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr P J Schofield FCA (Senior Statutory Auditor)

for and on behalf of Schofields

Chartered Accountants and Statutory Auditors

5th Floor

Waverley House

115 - 119 Holdenhurst Road

Bournemouth

Dorset

BH8 8DY

21 December 2020

TURNOVER

3

12,135,366

13,903,715

Cost of sales

(6,958,552

)

(7,660,226

)

GROSS PROFIT

5,176,814

6,243,489

Administrative expenses

(5,134,007

)

(5,752,789

)

42,807

490,700

Other operating income

73,168

40,000

OPERATING PROFIT

5

115,975

530,700

Income from fixed asset investments

1,330

1,239

PROFIT BEFORE TAXATION

117,305

531,939

Tax on profit

6

(20,325

)

(64,604

)

PROFIT FOR THE FINANCIAL YEAR

96,980

467,335

FIXED ASSETS

Intangible assets

7

10,100

10,100

Tangible assets

8

40,568,754

40,577,551

Investments

9

37,928

37,928

40,616,782

40,625,579

CURRENT ASSETS

Stocks

10

184,437

199,059

Debtors

11

262,237

217,996

Cash at bank and in hand

85,665

340,704

532,339

757,759

CREDITORS

Amounts falling due within one year

12

2,088,795

2,478,389

NET CURRENT LIABILITIES

(1,556,456

)

(1,720,630

)

TOTAL ASSETS LESS CURRENT LIABILITIES

39,060,326

38,904,949

CREDITORS

Amounts falling due after more than one year

13

(11,940,000

)

(11,900,000

)

PROVISIONS FOR LIABILITIES

15

(310,311

)

(291,914

)

NET ASSETS

26,810,015

26,713,035

CAPITAL AND RESERVES

Called up share capital

16

200

200

Revaluation reserve

17

9,936,545

9,936,545

Retained earnings

17

16,873,270

16,776,290

SHAREHOLDERS' FUNDS

26,810,015

26,713,035

The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2020 and were signed on its behalf by:

J G J Butterworth - Director

J W E Barcellos - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2018

200

16,308,955

9,936,545

26,245,700

Changes in equity

Profit for the year

-

467,335

-

467,335

Total comprehensive income

-

467,335

-

467,335

Balance at 31 March 2019

200

16,776,290

9,936,545

26,713,035

Changes in equity

Profit for the year

-

96,980

-

96,980

Total comprehensive income

-

96,980

-

96,980

Balance at 31 March 2020

200

16,873,270

9,936,545

26,810,015

1.	STATUTORY INFORMATION

Sandbanks Hotel 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7, not to prepare a Statement of Cash Flows;

- certain requirements of Section 11 on Financial Instruments measured at amortised cost, or cost less impairment;

- the requirement of Section 33 Related Party Disclosures in respect of key management personnel compensation.

The above exemptions have been adopted on the grounds that it is a wholly owned subsidiary and that it and it's subsidiary undertakings are incorporated within the published consolidated financial statements of the ultimate parent company FJB Hotels Limited, a copy of which can be obtained from its registered office.

Preparation of consolidated financial statements

The financial statements contain information about Sandbanks Hotel Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, FJB Hotels Limited, 5th Floor, Waverley House, 115-119 Holdenhurst Road, Bournemouth, BH8 8DY.

Turnover

Turnover represents the provision of hotel and related services, excluding value added tax.

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.

Fixed assets

Depreciation is provided on tangible fixed assets, at rates calculated to write off the cost less estimated residual value of each asset evenly over its expected useful life, as follows:

Fixtures, fittings and equipment - over 10 to 20 years

The carrying values of tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. Any impairment in the value will be charged to profit and loss account.

Government grants

Grants relating to revenue are recognised as income on a systemic basis over the periods in which the related costs are intended to compensate. Grants relating to assets are recognised as income on a systemic basis over the expected useful life of the asset.

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 Statement of Comprehensive Income, 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.

Operating leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit as incurred.

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.

Investments

Listed investments are recognised at their market value annually. Any market value surpluses are taken to the revaluation reserve.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured as amortised cost using the effective interest rate method, less impairment.

Going concern

As a result of the global COVID-19 pandemic activities ceased from 23 March 2020 and restarted on 4 July 2020. The directors in performing their assessment of going concern have considered the availability of intra-group loan and support arrangements for access to cash flows necessary for the day to day running of the company's operations.

Having assessed the principal risks the directors consider it appropriate for the accounts to be prepared on a going concern basis.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2020

2019

£

£

Hotel and related services

12,135,366

13,903,715

12,135,366

13,903,715

4.	EMPLOYEES AND DIRECTORS

2020

2019

£

£

Wages and salaries

4,883,739

5,183,471

Social security costs

344,211

357,778

Other pension costs

101,929

81,657

5,329,879

5,622,906

The average number of employees during the year was as follows:

2020

2019

Hotels

252

254

Management and marketing

15

17

267

271

2020

2019

£

£

Directors' remuneration

121,846

116,149

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

5.	OPERATING PROFIT

The operating profit is stated after charging:

2020

2019

£

£

Hire of plant and machinery

53,212

51,224

Depreciation - owned assets

94,608

129,600

Auditors' remuneration

16,350

15,900

Disclosure of remuneration receivable by auditors for other services has been disclosed in the group accounts of the parent company.

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2020

2019

£

£

Current tax:

UK corporation tax

1,928

44,281

Deferred tax

18,397

20,323

Tax on profit

20,325

64,604

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2020

2019

£

£

Profit before tax

117,305

531,939

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2019 - 19%)

22,288

101,068

Effects of:

Income not taxable for tax purposes

(253

)

(235

)

Capital allowances in excess of depreciation

(18,397

)

(20,323

)

Utilisation of tax losses

(1,710

)

(36,229

)

Movement in deferred tax

18,397

20,323

Total tax charge

20,325

64,604

7.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

and 31 March 2020

10,100

NET BOOK VALUE

At 31 March 2020

10,100

At 31 March 2019

10,100

Goodwill is not amortised because the Directors feel that its fixed goodwill attaching to the freehold property.

8.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST

At 1 April 2019

40,013,839

4,073,162

44,087,001

Additions

85,811

-

85,811

At 31 March 2020

40,099,650

4,073,162

44,172,812

DEPRECIATION

At 1 April 2019

-

3,509,450

3,509,450

Charge for year

-

94,608

94,608

At 31 March 2020

-

3,604,058

3,604,058

NET BOOK VALUE

At 31 March 2020

40,099,650

469,104

40,568,754

At 31 March 2019

40,013,839

563,712

40,577,551

9.	FIXED ASSET INVESTMENTS

Shares in

group

Listed

undertakings

investments

Totals

£

£

£

COST OR VALUATION

At 1 April 2019

and 31 March 2020

4,698

33,230

37,928

NET BOOK VALUE

At 31 March 2020

4,698

33,230

37,928

At 31 March 2019

4,698

33,230

37,928

Cost or valuation at 31 March 2020 is represented by:

Shares in

group

Listed

undertakings

investments

Totals

£

£

£

Valuation in 2020

-

33,230

33,230

Cost

4,698

-

4,698

4,698

33,230

37,928

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Nature of business

Class of shares

% holding

Grosvenor Marine Services Limited

Sailing and Watersports

Ordinary

100.00

FJB Hotels (Majorca) Limited

Dormant

Ordinary

100.00

Kilburn Varieties Limited

Dormant

Ordinary

98.00

Norfolk Hotel (Richmond Hill) Limited

Dormant

Ordinary

89.90

The registered office of the above subsidiary companies is 5th Floor, Waverley House, 115-119 Holdenhurst Road, Bournemouth, BH8 8DY.

10.

STOCKS

2020

2019

£

£

Food and beverages

184,437

199,059

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

83,931

93,547

Prepayments and accrued income

178,306

124,449

262,237

217,996

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

386,785

513,472

Amounts owed to group companies

285,555

265,577

Corporation tax

45,601

120,388

Social security and other taxes

195,019

266,734

Other creditors

844,343

869,985

Accruals and deferred income

331,492

442,233

2,088,795

2,478,389

13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Amounts owed to group companies

11,940,000

11,900,000

14.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

53,212

51,224

15.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

310,311

291,914