Beverley Express Leicester Limited Filleted accounts for Companies House (small and micro)

BEVERLEY EXPRESS LEICESTER LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10690358

Beverley Express Leicester Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2021

Beverley Express Leicester Limited

Statement of Financial Position

31 December 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		7,010,400	7,095,511

Current assets

Stocks		3,782	3,782
Debtors	6	1,387,338	1,723,598
Cash at bank and in hand		225,925	55,274
		------------	------------
		1,617,045	1,782,654

Creditors: amounts falling due within one year	7	1,794,443		2,070,169
		------------		------------
Net current liabilities			177,398	287,515
			------------	------------
Total assets less current liabilities			6,833,002	6,807,996

Creditors: amounts falling due after more than one year	8		3,105,034	3,219,574

Provisions

Taxation including deferred tax	29,285	16,701
	------------	------------
Net assets	3,698,683	3,571,721
	------------	------------

Beverley Express Leicester Limited

Statement of Financial Position (continued)

31 December 2021

	2021		2020
Note	£	£	£

Capital and reserves

Called up share capital	3,681,450	3,681,450
Profit and loss account	17,233	( 109,729)
	------------	------------
Shareholders funds	3,698,683	3,571,721
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 30 September 2022 , and are signed on behalf of the board by:

Mrs M Boghani-Nathoo

Director

Company registration number: 10690358

Beverley Express Leicester Limited

Notes to the Financial Statements

Year ended 31 December 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Holiday Inn Express Victoria, 106-110 Belgrave Road, London SW1V 2BJ. The trading address is Holiday Inn Express Leicester, Filbert Way, Raw Dykes Road, Leicester LE2 7FL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

Going concern

During 2020 and 2021 the worldwide spread of Coronavirus has occurred and from March 2020 has affected the UK. This has, and continues to, affect how the Company operates and the markets it operates in. The company is making appropriate adjustments in terms of how it operates and to protect its employees. The UK Government has provided a package of financial support to protect companies and these are being accessed as is necessary.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land and buildings	-	2% straight line
Fixtures and fittings	-	12% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 16 (2020: 14 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost
At 1 January 2021 and 31 December 2021	7,005,271	260,462	7,265,733
	------------	---------	------------
Depreciation
At 1 January 2021	105,106	65,116	170,222
Charge for the year	52,553	32,558	85,111
	------------	---------	------------
At 31 December 2021	157,659	97,674	255,333
	------------	---------	------------
Carrying amount
At 31 December 2021	6,847,612	162,788	7,010,400
	------------	---------	------------
At 31 December 2020	6,900,165	195,346	7,095,511
	------------	---------	------------

6. Debtors

	2021	2020
	£	£
Trade debtors	6,156	2,795
Other debtors	1,381,182	1,720,803
	------------	------------
	1,387,338	1,723,598
	------------	------------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	209,214	124,316
Trade creditors	200,733	231,935
Social security and other taxes	10,913	44,416
Other creditors	1,373,583	1,669,502
	------------	------------
	1,794,443	2,070,169
	------------	------------

The bank loan is secured on the assets to which it relates. Also included within bank loans is a Coronavirus business interruption loan. The lender has been provided with a guarantee from the UK Government.

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	3,105,034	3,219,574
	------------	------------

9. Directors' advances, credits and guarantees

The company operated a loan account with the directors and the balance brought forward was £88,066. During the year the directors made net repayments of £53,086 and the balance carried forward at the year end was £34,980. Interest is payable at the official rate and the loan is repayable on demand.