Burgh Island Holdings Limited Filleted accounts for Companies House (small and micro)

BURGH ISLAND HOLDINGS LIMITED - Company Information

3 false false false false false false false false false true false false false false false false No description of principal activity 2019-10-01 Sage Accounts Production Advanced 2020 - FRS102_2019 26,182 3,491 2,618 6,109 20,073 22,691 6,717,952 6,717,952 6,717,952 xbrli:pure xbrli:shares iso4217:GBP 07111467 2019-10-01 2020-09-30 07111467 2020-09-30 07111467 2019-09-30 07111467 2018-10-01 2019-09-30 07111467 2019-09-30 07111467 core:PlantMachinery 2019-10-01 2020-09-30 07111467 bus:RegisteredOffice 2019-10-01 2020-09-30 07111467 bus:LeadAgentIfApplicable 2019-10-01 2020-09-30 07111467 bus:Director1 2019-10-01 2020-09-30 07111467 bus:Director2 2019-10-01 2020-09-30 07111467 bus:Director4 2019-10-01 2020-09-30 07111467 core:WithinOneYear 2020-09-30 07111467 core:WithinOneYear 2019-09-30 07111467 core:PlantMachinery 2019-09-30 07111467 core:PlantMachinery 2020-09-30 07111467 core:AfterOneYear 2020-09-30 07111467 core:AfterOneYear 2019-09-30 07111467 core:ShareCapital 2020-09-30 07111467 core:ShareCapital 2019-09-30 07111467 core:RetainedEarningsAccumulatedLosses 2020-09-30 07111467 core:RetainedEarningsAccumulatedLosses 2019-09-30 07111467 core:CostValuation core:Non-currentFinancialInstruments 2020-09-30 07111467 core:Non-currentFinancialInstruments 2020-09-30 07111467 core:Non-currentFinancialInstruments 2019-09-30 07111467 core:PlantMachinery 2019-09-30 07111467 bus:SmallEntities 2019-10-01 2020-09-30 07111467 bus:Audited 2019-10-01 2020-09-30 07111467 bus:FullAccounts 2019-10-01 2020-09-30 07111467 bus:SmallCompaniesRegimeForAccounts 2019-10-01 2020-09-30 07111467 bus:PrivateLimitedCompanyLtd 2019-10-01 2020-09-30 07111467 core:AfterOneYear 1 2020-09-30 07111467 core:AfterOneYear 2 2019-09-30 07111467 core:RetainedEarningsAccumulatedLosses 2019-10-01 2020-09-30 07111467 core:FurtherSpecificReserve1ComponentTotalEquity 2019-10-01 2020-09-30

COMPANY REGISTRATION NUMBER: 07111467

Burgh Island Holdings Limited

Filleted Financial Statements

30 September 2020

Burgh Island Holdings Limited

Financial Statements

Year ended 30 September 2020

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

Burgh Island Holdings Limited

Officers and Professional Advisers

The board of directors	Mr P Booth-Clibborn
	Mr G Fuchs
	Ms J Ward

Registered office	10 Canberra House
	Corbygate Business Park
	Corby
	Northamptonshire
	England
	NN17 5JG

Trading address:

Burgh Island Hotel

Burgh Island

Bigbury on Sea

Kingsbridge

Devon

TQ7 4BG

Auditor	DNG Dove Naish LLP
	Chartered accountants & statutory auditor
	Eagle House
	28 Billing Road
	Northampton
	NN1 5AJ

Bankers	Coutts & Co
	440 Strand
	London
	WC2R 0QS

Burgh Island Holdings Limited

Statement of Financial Position

30 September 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	20,073	22,691
Investment in subsidiaries	6	6,717,952	6,717,952
		------------	------------
		6,738,025	6,740,643

Current assets

Debtors	7	2,315,018	2,601,114
Cash at bank and in hand		64,835	103,952
		------------	------------
		2,379,853	2,705,066

Creditors: amounts falling due within one year	8	119,406	280,383
		------------	------------
Net current assets		2,260,447	2,424,683
		------------	------------
Total assets less current liabilities		8,998,472	9,165,326

Creditors: amounts falling due after more than one year	9	10,801,178	10,407,318
		-------------	-------------
Net liabilities		( 1,802,706)	( 1,241,992)
		-------------	-------------

Capital and reserves

Called up share capital	10	266,000	266,000
Profit and loss account	11	( 2,068,706)	( 1,507,992)
		------------	------------
Shareholders deficit		( 1,802,706)	( 1,241,992)
		------------	------------

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.

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.

These financial statements were approved by the board of directors and authorised for issue on 30 September 2021 , and are signed on behalf of the board by:

Mr G Fuchs

Director

Company registration number: 07111467

Burgh Island Holdings Limited

Notes to the Financial Statements

Year ended 30 September 2020

1. General information

The Company is a private Company limited by shares, registered in England and Wales. The address of the registered office is 10 Canberra House, Corbygate Business Park, Corby, Northamptonshire, NN17 5JG, England.

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, 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.

Going concern

These accounts have been prepared on the going concern basis, on the understanding that the shareholders will continue to financially support the company.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Significant judgements and estimates

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

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:

	Plant and machinery	-	10% straight line

Investments

Fixed asset Investments accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in the profit or loss.

The fair value of the investments are based upon the underlying assets of the subsidiaries. The assets are valued on an annual basis by an external, independent and professionally qualified valuer having recent experience in the location and category of the assets being valued. The valuation comprises of the physical assets along with an assessment of their value in use within the business. As a result, the net assets of the subsidiary are believed to have an accurate reflection on the fair value of the underlying investment.

Financial instruments

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2019: 3 ).

5. Tangible assets

	Plant and machinery
	£
Cost
At 1 October 2019 and 30 September 2020	26,182
	--------
Depreciation
At 1 October 2019	3,491
Charge for the year	2,618
	--------
At 30 September 2020	6,109
	--------
Carrying amount
At 30 September 2020	20,073
	--------
At 30 September 2019	22,691
	--------

6. Investment in subsidiaries

	Shares in group undertakings
	£
Valuation
At 1 October 2019 and 30 September 2020	6,717,952
	------------
Impairment
At 1 October 2019 and 30 September 2020	–
	------------

Carrying amount
At 30 September 2020	6,717,952
	------------
At 30 September 2019	6,717,952
	------------

Burgh Island Holdings Limited owns 2 £1 ordinary shares of Burgh Island Limited making it a wholly owned subsidiary. Burgh Island Limited was incorporated in England and Wales. The address of the registered office is 10 Canberra House, Corbygate Business Park, Corby, Northamptonshire, NN17 5JG, England.

7. Debtors

	2020	2019
	£	£
Amounts owed by group undertakings	2,178,714	2,437,783
Called up share capital not paid	100,000	100,000
Prepayments and accrued income	35,922	49,388
Other debtors	382	13,943
	------------	------------
	2,315,018	2,601,114
	------------	------------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	55,000	220,000
Trade creditors	5,936	4,464
Accruals and deferred income	58,462	55,896
Other creditors	8	23
	---------	---------
	119,406	280,383
	---------	---------

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

	2020	2019
	£	£
Bank loans and overdrafts	5,125,000	5,125,000
Preference shares - Loan	5,676,178	5,282,318
	-------------	-------------
	10,801,178	10,407,318
	-------------	-------------

Included within creditors: amounts falling due after more than one year is an amount of £5,676,178 (2019: £5,282,318) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.

The preference shares do not entitle the holder to receive notice of or to attend or vote at any general meeting of the Company. The preference shares will provide a cumulative fixed preferential dividend of 12% per annum. Part of the fixed dividend, 5% per annum, is payable annually in arrears with the balance of the 12% per annum dividend payable upon redemption.

Due to Covid-19 the holders of the preference shares agreed to irrevocably waive all right and entitlement to the dividend for the year from 1 April 2020 to 31 March 2021.

Coutts & Company hold a fixed charge and negative pledge over all the assets of the Company in relation to a facility agreement granted on 11 April 2018. As a result of Covid-19 Coutts & Company granted the Company a repayment holiday for a period of 12 months in respect of the capital element only. The capital repayments will resume on 12 July 2021. There is no change to the full repayment date under this facility agreement being no later than 6 years after the approval date of 11 April 2018.

10. Called up share capital

	2020	2020	2019	2019
		£		£
Unpaid ordinary shares of £1	16,311	16,311	16,311	16,311
Ordinary shares of £1 each	249,689	249,689	249,689	249,689
	---------	---------	---------	---------
	266,000	266,000	266,000	266,000
	---------	---------	---------	---------

11. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses. Fair Value reserve - This reserve records the Fair Value movements on investments recognised in the profit and loss.

12. Summary audit opinion

The auditor's report for the year dated 30 September 2021 was unqualified.

The senior statutory auditor was Robyn Liddell , for and on behalf of DNG Dove Naish LLP .

13. Related party transactions

The company has availed itself of the exemption contained within FRS 102 Section 33 Related Party Disclosures not to disclose details of transactions with fellow group entities.

14. Controlling party

Office Space in Town Limited is the ultimate controlling party. A copy of the group accounts can be obtained from Office Space in Town Limited, whose registered office is 10 Canberra House, Corbygate Business Park, Corby, Northants, NN17 5JG.