Cobden Hotel Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06838338 (England and Wales)

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020

FOR

COBDEN HOTEL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G S Pahal

S S Mann

H S Palak

R S Pahal

SECRETARY:

G S Pahal

REGISTERED OFFICE:

Harpal House

14 Holyhead Road

Handsworth

Birmingham

West Midlands

B21 0LT

REGISTERED NUMBER:

06838338 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

4,101,256

4,225,525

4,101,256

4,225,525

CURRENT ASSETS

Stocks

6

2,215

6,938

Debtors

7

309,590

100,937

Cash at bank and in hand

147,191

78,215

458,996

186,090

CREDITORS

Amounts falling due within one year

8

648,962

528,053

NET CURRENT LIABILITIES

(189,966

)

(341,963

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,911,290

3,883,562

CREDITORS

Amounts falling due after more than one year

9

(2,002,957

)

(2,081,668

)

PROVISIONS FOR LIABILITIES

12

(68,154

)

(73,207

)

NET ASSETS

1,840,179

1,728,687

CAPITAL AND RESERVES

Called up share capital

13

250,000

250,000

Retained earnings

14

1,590,179

1,478,687

SHAREHOLDERS' FUNDS

1,840,179

1,728,687

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 19 March 2021 and were signed on its behalf by:

R S Pahal - Director

1.	STATUTORY INFORMATION

Cobden 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" 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 2009, is being amortised evenly over its estimated useful life of ten 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Improvements to property

-

2% on cost

Fixtures and fittings

-

10% on reducing balance

Computer equipment

-

25% on reducing balance

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 42 (2019 - 46 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2019

and 31 May 2020

220,000

AMORTISATION

At 1 June 2019

and 31 May 2020

220,000

NET BOOK VALUE

At 31 May 2020

-

At 31 May 2019

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

to

and

Computer

property

property

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 June 2019

4,132,782

391,210

833,630

37,337

5,394,959

Additions

-

-

14,018

442

14,460

At 31 May 2020

4,132,782

391,210

847,648

37,779

5,409,419

DEPRECIATION

At 1 June 2019

661,245

62,302

414,782

31,105

1,169,434

Charge for year

82,656

7,859

46,510

1,704

138,729

At 31 May 2020

743,901

70,161

461,292

32,809

1,308,163

NET BOOK VALUE

At 31 May 2020

3,388,881

321,049

386,356

4,970

4,101,256

At 31 May 2019

3,471,537

328,908

418,848

6,232

4,225,525

Fixed assets, included in the above, which are held under finance leases are as follows:

Fixtures

and

fittings

£

COST

At 1 June 2019

and 31 May 2020

67,767

DEPRECIATION

At 1 June 2019

31,221

Charge for year

3,654

At 31 May 2020

34,875

NET BOOK VALUE

At 31 May 2020

32,892

At 31 May 2019

36,546

6.

STOCKS

31/5/20

31/5/19

£

£

Stocks

2,215

6,938

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/20

31/5/19

£

£

Trade debtors

202,335

16,724

Other debtors

29,038

-

Prepayments

78,217

84,213

309,590

100,937

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/20

31/5/19

£

£

Bank loans and overdrafts (see note 10)

146,054

140,448

Finance leases

2,939

3,110

Trade creditors

146,069

121,520

Tax

139,380

83,988

Social security and other taxes

38,714

27,272

VAT

97,168

54,030

Other creditors

28,200

28,200

Child support agency & others

2,094

827

Customers' advances

-

2,658

Pension A/c - NEST

4,932

2,350

Directors' current accounts

26,378

26,378

Accrued expenses

17,034

37,272

648,962

528,053

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/5/20

31/5/19

£

£

Bank loans (see note 10)

1,183,957

1,260,076

Preference shares (see note 10)

819,000

819,000

Finance leases

-

2,592

2,002,957

2,081,668

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

599,740

698,286

Preference shares

819,000

819,000

1,418,740

1,517,286

10.

LOANS

An analysis of the maturity of loans is given below:

31/5/20

31/5/19

£

£

Amounts falling due within one year or on demand:

Bank loans

146,054

140,448

Amounts falling due between one and two years:

Bank loans - 1-2 years

584,217

561,790

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

599,740

698,286

Preference shares

819,000

819,000

1,418,740

1,517,286

11.	SECURED DEBTS

The following secured debts are included within creditors:

31/5/20

31/5/19

£

£

Bank loans

1,330,011

1,400,524

Finance leases

2,939

5,702

1,332,950

1,406,226

12.	PROVISIONS FOR LIABILITIES

31/5/20

31/5/19

£

£

Deferred tax

68,154

73,207

Deferred

tax

£

Balance at 1 June 2019

73,207

Credit to Income Statement during year

(5,053

)

Capital Allowances

Balance at 31 May 2020

68,154

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/5/20

31/5/19

value:

£

£

250,000

Ordinary

£1

250,000

250,000

14.

RESERVES

Retained

earnings

£

At 1 June 2019

1,478,687

Profit for the year

111,492

At 31 May 2020

1,590,179

15.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andeep Kumar Mangal B.A. (Hons) F.C.A. (Senior Statutory Auditor)

for and on behalf of Thapers Limited

16.	ULTIMATE CONTROLLING PARTY

The company is under the control of the directors, by virtue of their shareholdings along with their family members.