Viva Hotel Reservations Ltd - Period Ending 2021-11-30
Viva Hotel Reservations Ltd - Period Ending 2021-11-30
Registration number:
Viva Hotel Reservations Ltd
for the Year Ended 30 November 2021
Viva Hotel Reservations Ltd
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Viva Hotel Reservations Ltd
Company Information
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Directors |
Mr J R M Cooper Mr R Thukral |
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Registered office |
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Accountants |
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Viva Hotel Reservations Ltd
(Registration number: 09891056)
Balance Sheet as at 30 November 2021
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Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
- |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
223 |
223 |
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Revaluation reserve |
1,544,596 |
1,544,596 |
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Profit and loss account |
(114,817) |
(93,241) |
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Shareholders' funds |
1,430,002 |
1,451,578 |
Viva Hotel Reservations Ltd
(Registration number: 09891056)
Balance Sheet as at 30 November 2021 (continued)
For the financial year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
These financial statements were approved and authorised for issue by the
.........................................
Director
Viva Hotel Reservations Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
At the time of approving these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and are willing to provide the necessary financial support as necessary. Also, the directors do not expect there to be any major impacts due to the COVID-19 virus on the financials and accordingly these financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the rental income and related services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Viva Hotel Reservations Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021 (continued)
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Accounting policies (continued) |
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Office equipment |
3 years on straight line basis |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Viva Hotel Reservations Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021 (continued)
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Accounting policies (continued) |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Viva Hotel Reservations Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021 (continued)
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Accounting policies (continued) |
Financial instruments
Classification
Recognition and measurement
Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Impairment
For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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Staff numbers |
The average monthly number of persons employed by the company (including directors) during the year, was
Viva Hotel Reservations Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021 (continued)
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Tangible assets |
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Furniture, fittings and equipment |
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Cost or valuation |
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At 1 December 2020 |
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At 30 November 2021 |
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Depreciation |
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At 1 December 2020 |
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Charge for the year |
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At 30 November 2021 |
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Carrying amount |
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At 30 November 2021 |
- |
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At 30 November 2020 |
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Investment properties |
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Note |
2021 |
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At 1 December |
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Fair value adjustments |
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At 30 November |
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The fair value of the investment properties at the balance sheet date was £3,715,000 (2020: £3,715,000). The fair value of the investment properties was assessed internally by the directors at the year end.
There has been no valuation of investment property by an independent valuer.
Viva Hotel Reservations Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021 (continued)
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Debtors |
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Note |
2021 |
2020 |
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Trade debtors |
- |
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Amounts owed by related parties |
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Other debtors |
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Accrued income |
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Prepayments |
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Corporation tax recoverable |
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- |
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Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2021 |
2020 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accrued expenses |
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Corporation tax payable |
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Directors current account |
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Creditors: amounts falling due after more than one year
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Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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Reserves |
Revaluation reserve
The revaluation reserve represents the movement in fair value of the investment property and is a non distributable reserve.
Viva Hotel Reservations Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021 (continued)
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Loans and borrowings |
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2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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Bank loan amounting to £2,146,483 (2020: £2,230,895) has been secured by Principality Building Society by way of a debenture over the assets of the company.
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2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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The company received a Government backed bounce back loan and repayments commenced from July 2021.
The loan is denominated in Pound sterling with a nominal interest rate of 2.5%, and the final instalment is due during June 2026. The carrying amount at year end is £47,924 (2020: £50,000).
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Share capital |
Allotted, called up and fully paid shares
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2021 |
2020 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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123 |
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123 |
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Viva Hotel Reservations Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021 (continued)
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Related party transactions |
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Transactions with directors |
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2021 |
At 1 December 2020 |
Repayments by director |
At 30 November 2021 |
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Mr R Thukral |
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( |
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Mr J R M Cooper |
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- |
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2020 |
At 1 December 2019 |
Advances to directors |
At 30 November 2020 |
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Mr R Thukral |
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Mr J R M Cooper |
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