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Registered number: 10662627
APARTHOTEL SERVICES (DUNDEE) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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APARTHOTEL SERVICES (DUNDEE) LIMITED
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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APARTHOTEL SERVICES (DUNDEE) LIMITED
REGISTERED NUMBER:10662627
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STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 March 2021.
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APARTHOTEL SERVICES (DUNDEE) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
The company's legal form is that of a limited company incorporated in England & Wales. The company's trading address is Lower Dens Mill, Dens Street/ Constable Street, Dundee DD4 6AD and its registered office is at 5 Elstree Gate, Elstree way, Borehamwood, Hertfordshire, WD6 1JD.
The principal activity of the Company is the operation of a hotel.
The Company's functional and presentational currency is £ Sterling.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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COVID-19 and going concern
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In early 2020 COVID-19 was declared a global pandemic. In order to try to stem the spread of the virus the British Government took drastic steps which included the compulsory closure of many businesses including hotels and restaurants in March 2020. These initial strict lockdown protocols were gradually eased which allowed hotels to reopen in July 2020 but a second wave of the virus led to further lockdown closures and travel restrictions being imposed at the end of 2020 with a full lifting of restrictions not expected until the summer of 2021. There is therefore an inherently high degree of uncertainty in the future outlook and forecasts of the Company and the directors expect a material adverse impact on the Company's profitability, cash flows and financial position for the remainder of 2021.
In addition, the Company had net liabilities amounting to £448,695 (£2019 - £264,276) at the Statement of Financial Position date.
The Company has taken advantage of the UK Government's furlough and Coronavirus Business Interruption Loan schemes and put appropriate cost cutting measures in place to reduce variable costs.
The Company benefits from the ongoing support of its shareholders and other third party creditors and the expectation of the Directors is that the Company will continue to receive such financial support as may be required to enable it to meet its liabilities as they fall due for at least twelve months from the date of their approval of the financial statements and accordingly they have continued to adopt the going concern basis.
Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax.
Hotel revenue is recognised according to the date of occupancy.
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APARTHOTEL SERVICES (DUNDEE) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company contributes to defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
Short term debtors are measured at the transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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APARTHOTEL SERVICES (DUNDEE) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
Short term creditors are measured at the transaction price.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from or to related parties.
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The average monthly number of employees, including directors, during the year was 20 (2019 - 7).
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APARTHOTEL SERVICES (DUNDEE) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Allotted, called up and partly paid
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1 Ordinary share of £1.00
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The Company has given cross guarantees on bank loans taken out by its parent undertaking and Valcor Nominees (Dundee) 1 Limited, a company under common control. At the Statement of Financial Position date the potential liability in respect of these guarantess was £11,001,250 (2019 - £11,200,000). These loans have been repaid in full since the year end.
The directors regard Aparthotel Dundee LLP as the ultimate parent undertaking. The directors regard D Heyman as the ultimate controlling party.
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