Plas Ynyshir Hall Hotel Limited 31/12/2021 iXBRL

Plas Ynyshir Hall Hotel Limited 31/12/2021 iXBRL

PLAS YNYSHIR HALL HOTEL LIMITED - Company Information

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Company registration number: 07864646
Plas Ynyshir Hall Hotel Limited
Unaudited filleted financial statements
31 December 2021
Plas Ynyshir Hall Hotel Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Plas Ynyshir Hall Hotel Limited
Directors and other information
Directors Dr John Andrew Talbot
Mrs Jennifer Anne Talbot
Miss Amelia Dora Eiriksson
Company number 07864646
Registered office Ynyshir Hall
Eglwysfach
Machynlleth
Powys
SY20 8TA
Business address Ynyshir Hall
Eglwysfach
Machynlleth
Powys
SY20 8TA
Accountants Davies Lewis Baker
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB
Plas Ynyshir Hall Hotel Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Plas Ynyshir Hall Hotel Limited
Year ended 31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Plas Ynyshir Hall Hotel Limited for the year ended 31 December 2021 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com /gb/en/about-us/regulation/rulebook.html.
This report is made solely to the board of directors of Plas Ynyshir Hall Hotel Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Plas Ynyshir Hall Hotel Limited and state those matters that we have agreed to state to the board of directors of Plas Ynyshir Hall Hotel Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Plas Ynyshir Hall Hotel Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Plas Ynyshir Hall Hotel Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Plas Ynyshir Hall Hotel Limited. You consider that Plas Ynyshir Hall Hotel Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Plas Ynyshir Hall Hotel Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Davies Lewis Baker
Chartered Certified Accountants
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB
19 December 2022
Plas Ynyshir Hall Hotel Limited
Statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets - -
Tangible assets 588,461 580,193
_______ _______
588,461 580,193
Current assets
Stocks 28,133 20,580
Debtors 7 228,871 98,357
Cash at bank and in hand 159,512 229,979
_______ _______
416,516 348,916
Creditors: amounts falling due
within one year 8 ( 1,037,873) ( 2,627,158)
_______ _______
Net current liabilities ( 621,357) ( 2,278,242)
_______ _______
Total assets less current liabilities ( 32,896) ( 1,698,049)
Creditors: amounts falling due
after more than one year 9 ( 35,000) ( 45,000)
Provisions for liabilities 10 82,405 -
_______ _______
Net assets/(liabilities) 14,509 ( 1,743,049)
_______ _______
Capital and reserves
Called up share capital 1,100 1,100
Profit and loss account 13,409 ( 1,744,149)
_______ _______
Shareholders funds/(deficit) 14,509 ( 1,743,049)
_______ _______
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 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.
These financial statements were approved by the board of directors and authorised for issue on 19 December 2022 , and are signed on behalf of the board by:
Dr John Andrew Talbot
Director
Company registration number: 07864646
Plas Ynyshir Hall Hotel 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 & Wales. The address of the registered office is Plas Ynyshir Hall Hotel Limited, Ynyshir Hall, Eglwysfach, Machynlleth, Powys, SY20 8TA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of any part of the United Kingdom.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any 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:
Freehold and leasehold properties - 4 % straight line
Kitchen and sundry equipment - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Office equipment - 20 % reducing balance
Computer equipment - 50 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their 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 and the performance 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
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 23 (2020: 19 ).
5. Exceptional items
2021 2020
£ £
Director's Loan Deed of Release 1,680,000 -
_______ _______
The company was indebted to the directors in the amount of £1,695,958. In order to preserve the vialbility of the business a decision was taken to release the company from £1.68 million of this indebtedness. The release credit has been treated as non-taxable in accordance with Section 322 (5B) Corporation Tax Act 2009 condition E.
6. Tangible assets
Freehold and leasehold properties Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £ £
Cost
At 1 January 2021 309,283 378,225 413,188 5,441 18,798 1,124,935
Additions - 28,072 62,264 - 3,398 93,734
Disposals - - ( 4,690) - - ( 4,690)
_______ _______ _______ _______ _______ _______
At 31 December 2021 309,283 406,297 470,762 5,441 22,196 1,213,979
_______ _______ _______ _______ _______ _______
Depreciation
At 1 January 2021 24,742 257,264 240,188 4,484 18,064 544,742
Charge for the year 12,371 26,875 43,664 191 636 83,737
Disposals - - ( 2,961) - - ( 2,961)
_______ _______ _______ _______ _______ _______
At 31 December 2021 37,113 284,139 280,891 4,675 18,700 625,518
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 December 2021 272,170 122,158 189,871 766 3,496 588,461
_______ _______ _______ _______ _______ _______
At 31 December 2020 284,541 120,961 173,000 957 734 580,193
_______ _______ _______ _______ _______ _______
7. Debtors
2021 2020
£ £
Trade debtors - 6,240
Amounts owed by group undertakings and undertakings in which the company has a participating interest 190,579 47,403
Other debtors 38,292 44,714
_______ _______
228,871 98,357
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 10,608 5,048
Trade creditors 44,190 23,689
Social security and other taxes 60,935 134,689
Other creditors 922,140 2,463,732
_______ _______
1,037,873 2,627,158
_______ _______
9. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 35,000 45,000
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ - (2020 £ 5,000 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The above sum is repayable at a fixed interest rate of 2.5% p.a.
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 January 2021 - -
Charges against provisions ( 82,405) ( 82,405)
_______ _______
At 31 December 2021 ( 82,405) ( 82,405)
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2021 2020
£ £
Included in provisions (note 10) ( 82,405) -
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2021 2020
£ £
Accelerated capital allowances 60,095 -
Unused tax losses ( 142,500) -
_______ _______
(82,405) (-)
_______ _______
Unused tax losses of £142,500 are in respect of losses expected to reverse over a 5 year period. These are to be reviewed annually.
12. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 60,000 60,000
Later than 1 year and not later than 5 years 240,000 240,000
Later than 5 years 1,035,000 1,095,000
_______ _______
1,335,000 1,395,000
_______ _______
The company entered into an agreement to lease the property from the holding company on 29.03.19 at a rate of £60,000 p.a. over a period of 25 years.
13. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2021 2020 2021 2020
£ £ £ £
Ynyshir Hall Holdings Limited - - 190,579 47,403
Rent payable - 15,000 - -
Interest payable - - - -
_______ _______ _______ _______
Plas Ynyshir Hall Hotel Limited is the wholly owned subsiduary of Ynyshir Hall Holdings Limited, of Ynyshir Hall, Eglwys Fach, Machynlleth, Powys, SY20 8TA. Plas Ynyshir Hall Hotel Limited leases the property at Ynyshir Hall from Ynyshir Hall Holdings Limited for a sum of £60,000 per annum. As at 31 December 2021 there was an accrual for rent payable of £60,000.Rent of £60,000 covering the year to 31 December 2021 was waived due to the global pandemic.
14. Controlling party
The company is controlled by Dr JA Talbot and Mrs JA Talbot, the directors of the holding company, Plas Ynyshir Hall Hotel Limited.