York Pullman Holdings Limited - Limited company accounts 20.1
York Pullman Holdings Limited - Limited company accounts 20.1
| REGISTERED NUMBER: 07028776 (England and Wales) |
| Group Strategic Report, Report of the Director and |
| Consolidated Financial Statements for the Year Ended 31 December 2020 |
| for |
| York Pullman Holdings Limited |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 December 2020 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Director | 4 |
| Statement of Director's Responsibilities | 5 |
| Report of the Independent Auditors | 6 |
| Consolidated Income statement | 10 |
| Consolidated Balance Sheet | 11 |
| Company Balance Sheet | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Financial Statements | 17 |
| York Pullman Holdings Limited |
| Company Information |
| for the Year Ended 31 December 2020 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Triune Court |
| Monks Cross Drive |
| York |
| YO32 9GZ |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Group Strategic Report |
| for the Year Ended 31 December 2020 |
| The director presents his strategic report of the company and the group for the year ended 31 December 2020. |
| REVIEW OF BUSINESS |
| The principal activity of the group continued to be the operation of scheduled bus routes and tours. York Pullman Holdings Ltd acts as a holding company. There have been no significant changes in the company's principal activity in the year under review and no significant change in the company's principal activity is expected. |
| The results for group for the year and the year-end position, together with comparatives and key financial and other performance indicators are summarised below. |
| Unit | 2020 | 2019 |
| Turnover | £ | 5,136,586 | 8,878,646 |
| Gross Profit | £ | 71,955 | 1,915,652 |
| Gross Margin | % | 1 | 22 |
| Net Profit / (Loss) before tax | £ | (111,347 | ) | 743,753 |
| Net current assets | £ | 1,063,213 | 418,574 |
| Net assets | £ | 5,908,658 | 6,275,284 |
| The general industry, and the companies within this group, remain highly capital intensive and over recent years the industry has seen operating costs increase with recent increases in fuel prices and upward pressure on wages and pension contributions. |
| The board continues to monitor the size and composition of the fleet with particular focus on ensuring high vehicle utilisation and seeking methods to improve operational efficiency and profitability wherever possible. |
| The board has explored new revenue streams during the year to fully utilise company assets and personnel. |
| During the year, coronavirus COVID-19 has resulted in a global pandemic affecting businesses globally, including within the UK. The speed and severity of the impact has been unprecedented and while the UK Government has introduced considerable measures to help businesses through this extremely challenging time, the full impact of COVID-19 on the group has been significant. Notwithstanding this the Director remains satisfied that the group is a going concern and considers the state of the company's affairs to be satisfactory. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The management of the business and the execution of the company's strategy are subject to a number of risks. |
| The key business risks and uncertainties affecting the company are considered to relate to local and national competition, fuel prices and the employment and retention of drivers. Management monitor these risks closely ensuring pricing remains competitive, that the company is attractive to employees and where possible fuel price changes are passed on to customers. |
| There are also compliance risks and the board recognises the importance of a strong compliance framework to ensure it adheres to the relevant legislation and maintenance schedules necessary to avoid the financial and reputational risk of failing to do so. |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Group Strategic Report |
| for the Year Ended 31 December 2020 |
| FUTURE DEVELOPMENTS |
| The external commercial environment is expected to remain competitive and fuel prices are likely to remain high but the board continue to focus on improving margins and monitor technological changes within the industry that will help to deliver improved efficiencies. |
| ON BEHALF OF THE BOARD: |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Report of the Director |
| for the Year Ended 31 December 2020 |
| The director presents his report with the financial statements of the company and the group for the year ended 31 December 2020. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of operating scheduled bus routes and tours. |
| DIVIDENDS |
| An interim dividend of £200,000 per share was paid on 30 April 2020. The director recommends that no final dividend be paid. |
| The total distribution of dividends for the year ended 31 December 2020 will be £200,000. (2019 - £340,000) |
| DIRECTOR |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| AUDITORS |
| The auditor, Garbutt and Elliott Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006. |
| ON BEHALF OF THE BOARD: |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Statement of Director's Responsibilities |
| for the Year Ended 31 December 2020 |
| The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
| - select suitable accounting policies and then apply them consistently; |
| - make judgements and accounting estimates that are reasonable and prudent; |
| - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
| - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| Report of the Independent Auditors to the Members of |
| York Pullman Holdings Limited |
| Opinion |
| We have audited the financial statements of York Pullman Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2020 which comprise the Consolidated Income statement, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2020 and of the group's loss for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Group Strategic Report, the Report of the Director and the Statement of Director's Responsibilities, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| York Pullman Holdings Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| York Pullman Holdings Limited |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| A further description of our responsibilities is available on the Financial Reporting Council's website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. |
| Extent to which the audit was capable of identifying irregularities, including fraud |
| We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors and other management, and from inspection of the company's regulatory and legal correspondence. We discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance during the audit. |
| The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation, pensions legislation, taxation legislation and further laws and regulations that could indirectly affect the financial statements, comprising environmental and employment legislation, Tachograph regulations, and Operating license laws and, in the current climate, Covid regulations. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. These procedures did not identify any potentially material actual or suspected non-compliance. |
| To identify risks of material misstatement due to fraud we considered the opportunities, incentives and pressures that may exist within the company to commit fraud. Our risk assessment procedures included: enquiry of directors to understand the high-level policies and procedures in place to prevent and detect fraud, reading Board minutes and considering performance targets and incentive schemes in place for management. We communicated identified fraud risks throughout our team and remained alert to any indications of fraud during the audit. |
| As a result of these procedures, we identified the greatest potential for fraud in the following areas: |
| - revenue recognition and in particular the risk that revenue is recorded in the wrong period; |
| - subjective accounting estimates in particular motor vehicle depreciation policies; and |
| - the coronavirus pandemic saw the introduction of the furlough scheme. Employees can be placed on furlough and a claim made via the payroll to the government to cover a proportion of their wages. Risks associated with furlough can arise from falsifying furlough claims via employees continuing to work while furlough claims are made for their wages or 'fake' employees created to make a furlough claim for, giving the business a cash benefit via the claim. |
| The fraud risks arise due to a desire to present stronger results and enable management to benefit from enhanced incentives. As required by auditing standards we also identified and addressed the risk of management override of controls. |
| We performed the following procedures to address the risks of fraud identified: |
| - identifying and testing high risk journal entries through vouching the entries to supporting documentation. |
| - assessing significant accounting estimates for bias. |
| Report of the Independent Auditors to the Members of |
| York Pullman Holdings Limited |
| - testing the timing and recognition of revenue and, in particular, that it was appropriately recognised or deferred. |
| - testing the revenue recognised against contracted income and comparing to the contracted day rates. |
| - we have reviewed and tested the payroll during our audit work this includes verifying employees. The accounting treatment relating to furlough claims have been reviewed and any material furlough grants have been examined in more detail. Analytical review procedures help to identify if the furlough claims are supportable. An understanding of the business and how it traded through the pandemic has also helped to identified if the furlough claim received is realistic to the amount of production, work, revenue generated during the pandemic period. |
| Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. |
| In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations. |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Triune Court |
| Monks Cross Drive |
| York |
| YO32 9GZ |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Consolidated Income statement |
| for the Year Ended 31 December 2020 |
| 31.12.20 | 31.12.19 |
| Notes | £ | £ | £ | £ |
| TURNOVER | 4 | 5,136,586 | 8,878,646 |
| Cost of sales | 5,064,631 | 6,962,994 |
| GROSS PROFIT | 71,955 | 1,915,652 |
| Establishment costs | 260,932 | 267,458 |
| Administrative expenses | 857,196 | 920,832 |
| 1,118,128 | 1,188,290 |
| (1,046,173 | ) | 727,362 |
| Other operating income | 5 | 971,006 | 58,203 |
| OPERATING (LOSS)/PROFIT | 7 | (75,167 | ) | 785,565 |
| Interest receivable and similar income | 9 | 4,594 | 3,750 |
| (70,573 | ) | 789,315 |
| Interest payable and similar expenses | 10 | 40,774 | 45,562 |
| (LOSS)/PROFIT BEFORE TAXATION | (111,347 | ) | 743,753 |
| Tax on (loss)/profit | 11 | 55,279 | 145,116 |
| (LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(166,626 |
) |
598,637 |
| (Loss)/profit attributable to: |
| Owners of the parent | (166,626 | ) | 598,637 |
| Total comprehensive income attributable to: |
| Owners of the parent | (166,626 | ) | 598,637 |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Consolidated Balance Sheet |
| 31 December 2020 |
| 31.12.20 | 31.12.19 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 15 | 39,271 | 58,907 |
| Tangible assets | 16 | 4,184,976 | 5,359,140 |
| Investments | 17 | - | - |
| Investment property | 18 | 1,274,757 | 1,431,149 |
| 5,499,004 | 6,849,196 |
| CURRENT ASSETS |
| Stocks | 19 | 84,855 | 66,792 |
| Debtors | 20 | 1,133,801 | 1,588,214 |
| Cash at bank and in hand | 1,175,073 | 797,076 |
| 2,393,729 | 2,452,082 |
| CREDITORS |
| Amounts falling due within one year | 21 | 1,330,516 | 2,033,508 |
| NET CURRENT ASSETS | 1,063,213 | 418,574 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
6,562,217 |
7,267,770 |
| CREDITORS |
| Amounts falling due after more than one year | 22 | (295,156 | ) | (737,396 | ) |
| PROVISIONS FOR LIABILITIES | 25 | (358,403 | ) | (255,090 | ) |
| NET ASSETS | 5,908,658 | 6,275,284 |
| CAPITAL AND RESERVES |
| Called up share capital | 26 | 1 | 1 |
| Retained earnings | 5,908,657 | 6,275,283 |
| SHAREHOLDERS' FUNDS | 5,908,658 | 6,275,284 |
| The financial statements were approved by the director and authorised for issue on 29 September 2021 and were signed by: |
| T G James - Director |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Company Balance Sheet |
| 31 December 2020 |
| 31.12.20 | 31.12.19 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 15 |
| Tangible assets | 16 |
| Investments | 17 |
| Investment property | 18 |
| CURRENT ASSETS |
| Debtors | 20 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 21 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 26 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 7,198 | 536,557 |
| The financial statements were approved by the director and authorised for issue on |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 December 2020 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 January 2019 | 1 | 6,016,646 | 6,016,647 |
| Changes in equity |
| Dividends | - | (340,000 | ) | (340,000 | ) |
| Total comprehensive income | - | 598,637 | 598,637 |
| Balance at 31 December 2019 | 1 | 6,275,283 | 6,275,284 |
| Changes in equity |
| Dividends | - | (200,000 | ) | (200,000 | ) |
| Total comprehensive income | - | (166,626 | ) | (166,626 | ) |
| Balance at 31 December 2020 | 1 | 5,908,657 | 5,908,658 |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 December 2020 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 January 2019 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2019 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2020 |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Consolidated Cash Flow Statement |
| for the Year Ended 31 December 2020 |
| 31.12.20 | 31.12.19 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,560,464 | 2,445,158 |
| Interest element of hire purchase payments paid |
(40,774 |
) |
(45,562 |
) |
| Tax paid | - | (247,231 | ) |
| Net cash from operating activities | 1,519,690 | 2,152,365 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (762,110 | ) | (1,315,056 | ) |
| Sale of tangible fixed assets | 822,715 | 483,231 |
| Sale of investment property | 160,825 | - |
| Interest received | 4,594 | 3,750 |
| Net cash from investing activities | 226,024 | (828,075 | ) |
| Cash flows from financing activities |
| Capital repayments in year | (1,177,638 | ) | (1,353,763 | ) |
| Amount introduced by directors | 9,921 | 236,715 |
| Equity dividends paid | (200,000 | ) | (340,000 | ) |
| Net cash from financing activities | (1,367,717 | ) | (1,457,048 | ) |
| Increase/(decrease) in cash and cash equivalents | 377,997 | (132,758 | ) |
| Cash and cash equivalents at beginning of year |
2 |
797,076 |
929,834 |
| Cash and cash equivalents at end of year | 2 | 1,175,073 | 797,076 |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 31 December 2020 |
| 1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.12.20 | 31.12.19 |
| £ | £ |
| (Loss)/profit before taxation | (111,347 | ) | 743,753 |
| Depreciation charges | 1,702,688 | 1,776,446 |
| Profit on disposal of fixed assets | (318,326 | ) | (171,030 | ) |
| Finance costs | 40,774 | 45,562 |
| Finance income | (4,594 | ) | (3,750 | ) |
| 1,309,195 | 2,390,981 |
| (Increase)/decrease in stocks | (18,063 | ) | 1,808 |
| Decrease/(increase) in trade and other debtors | 444,492 | (286,634 | ) |
| (Decrease)/increase in trade and other creditors | (175,160 | ) | 339,003 |
| Cash generated from operations | 1,560,464 | 2,445,158 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 December 2020 |
| 31.12.20 | 1.1.20 |
| £ | £ |
| Cash and cash equivalents | 1,175,073 | 797,076 |
| Year ended 31 December 2019 |
| 31.12.19 | 1.1.19 |
| £ | £ |
| Cash and cash equivalents | 797,076 | 929,834 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.1.20 | Cash flow | At 31.12.20 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 797,076 | 377,997 | 1,175,073 |
| 797,076 | 377,997 | 1,175,073 |
| Debt |
| Finance leases | (1,900,834 | ) | 922,038 | (978,796 | ) |
| (1,900,834 | ) | 922,038 | (978,796 | ) |
| Total | (1,103,758 | ) | 1,300,035 | 196,277 |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 December 2020 |
| 1. | STATUTORY INFORMATION |
| York Pullman Holdings Limited is a |
| 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" and the Companies Act 2006. |
| The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. |
| The Financial Statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1. |
| The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements: |
| - Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures; |
| - Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income; |
| - Section 33 'Related Party Disclosures' - Compensation for key management personnel. |
| As permitted by s408 Companies Act 2006, the Company has not presented its own profit and loss account and related notes. The Company's profit for the year was £7,198 (2019 - £536,557). |
| The company has taken advantage of the disclosure exemptions of Section 33.1A of FRS 102 which permit it to not present details of its transactions with members of the group headed by York Pullman Holdings Limited where relevant group companies are all wholly owned. Details of outstanding balances as at the year end are disclosed within the debtor and creditor notes. |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Basis of consolidation |
| The consolidated financial statements incorporate those of York Pullman Holdings Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. All financial statements are made up to 31 December 2020. |
| All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
| Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. |
| The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. |
| The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. |
| Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. |
| Going concern |
| The Director has considered all factors, including the wider economy and COVID-19, as part of his assessment of going concern. Although the current economic climate creates both cashflow and profitability risks for the group, the Director believes on balance that the group has sufficient resources for a period of at least 12 months from the date of approval of the financial statements, on the basis of information currently available to them as at the point of approving the financial statements. Accordingly, these financial statements have been prepared on the going concern basis. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Intangible fixed assets - goodwill |
| Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably. |
| Goodwill is being written off in equal annual instalments over its estimated useful economic life of 5 years. |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Freehold property | - |
| Long leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Freehold land is not depreciated. |
| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
| Government grants |
| Government grants received for capital expenditure are recognised in income over the useful life of the assets to which they relate under the accruals model. |
| Grants relating to revenue are recognised in income and expenditure over the same period as the expenditure to which they relate once reasonable assurance has been gained that the entity will comply with the conditions and that the funds will be received. |
| Grants due from government organisations or received in advance are included as current assets or liabilities. |
| Grants received from non-government sources are recognised using the performance model. A grant which does not impose specified future performance conditions is recognised as revenue when the grant proceeds are received or receivable. A grant that imposes specified future performance-related conditions on the association is recognised only when these conditions are met. A grant received before the revenue recognition criteria are satisfied is recognised as deferred income |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Fixed asset investments |
| Equity instruments which are measured at fair value through profit or loss except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably which are recognised at cost less impairment until a reliable measure of fair value becomes available. |
| In the parent company financial statements investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. |
| A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities |
| Impairment of fixed assets |
| At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
| Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
| If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
| Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. |
| Basic financial assets |
| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
| Impairment of financial assets |
| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
| Derecognition of financial assets |
| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
| Classification of financial liabilities |
| 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 company after deducting all of its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
| 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 Consolidated 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. |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Cash and cash equivalents |
| Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
| Equity instruments |
| Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
| Employee benefits |
| The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
| The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
| Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
| In the application of the group's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
| Key sources of estimation uncertainty |
| The key estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows: |
| Depreciation |
| The depreciation policy has been set according to management's experience of the useful lives of a typical asset in each category, something which is reviewed annually. It is not considered practical to use a per unit basis to allocate depreciation without undue cost and therefore amounts are charged annually. The depreciation charged during the year was £1,683,052 (2019 - £1,756,810) which the directors feel is a fair reflection of the benefits derived from the consumption of the tangible fixed assets in use during the period. |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 4. | TURNOVER |
| The turnover and loss (2019 - profit) before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by class of business is given below: |
| 31.12.20 | 31.12.19 |
| £ | £ |
| An analysis of turnover by geographical market is given below: |
| 31.12.20 | 31.12.19 |
| £ | £ |
| United Kingdom |
| 5. | OTHER OPERATING INCOME |
| 31.12.20 | 31.12.19 |
| £ | £ |
| Rents received |
| Sundry receipts |
| Government grants |
| 971,006 | 58,203 |
| 6. | EMPLOYEES AND DIRECTORS |
| 31.12.20 | 31.12.19 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 31.12.20 | 31.12.19 |
| Directors | 1 | 1 |
| Employees | 131 | 141 |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 6. | EMPLOYEES AND DIRECTORS - continued |
| The average number of employees and directors included in the company during the year was 1 (2019 - 1). |
| 31.12.20 | 31.12.19 |
| £ | £ |
| Director's remuneration | 19,214 | 19,870 |
| Director's pension costs | 84,714 | - |
| 7. | OPERATING (LOSS)/PROFIT |
| The operating loss (2019 - operating profit) is stated after charging/(crediting): |
| 31.12.20 | 31.12.19 |
| £ | £ |
| Hire of plant and machinery |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Goodwill amortisation |
| 8. | AUDITORS' REMUNERATION |
| 31.12.20 | 31.12.19 |
| Fees payable to the company's auditor and its associates: | £ | £ |
| For audit services |
| Audit of the financial statements of the group and company | 3,600 | 2,000 |
| Audit of the company's subsidiaries | 16,400 | 16,000 |
| 9. | INTEREST RECEIVABLE AND SIMILAR INCOME |
| 31.12.20 | 31.12.19 |
| £ | £ |
| Deposit account interest |
| 10. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.12.20 | 31.12.19 |
| £ | £ |
| Hire purchase |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 11. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the loss for the year was as follows: |
| 31.12.20 | 31.12.19 |
| £ | £ |
| Current tax: |
| UK corporation tax | ( |
) |
| Deferred tax |
| Tax on (loss)/profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.12.20 | 31.12.19 |
| £ | £ |
| (Loss)/profit before tax | ( |
) |
| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of |
( |
) |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | - |
| Depreciation in excess of capital allowances | - |
| Utilisation of tax losses | ( |
) |
| Change in Deferred Tax rates |
| Total tax charge | 55,279 | 145,116 |
| 12. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 13. | DIVIDENDS |
| 31.12.20 | 31.12.19 |
| £ | £ |
| Ordinary share of £1 |
| Interim |
| An interim dividend of £200,000 (2019 - £340,000) per share was paid on 30 April 2020 by the holding company. The director recommends that no final dividend be paid. |
| The total distribution of dividends for the year ended 31 December 2020 will be £200,000. (2019 - £340,000) |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 14. | RETIREMENT BENEFIT SCHEMES |
| Defined contribution schemes | 31.12.20 | 31.12.19 |
| £ | £ |
| Charge to profit and loss in respect of defined contribution schemes |
126,906 |
49,132 |
| A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the Group in an independently administered fund. |
| Contributions totalling £5,884 (2019 - £10,924) were payable to the fund at the year end and are included in creditors. |
| 15. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1 January 2020 |
| and 31 December 2020 |
| AMORTISATION |
| At 1 January 2020 |
| Amortisation for year |
| At 31 December 2020 |
| NET BOOK VALUE |
| At 31 December 2020 |
| At 31 December 2019 |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 16. | TANGIBLE FIXED ASSETS |
| Group |
| Freehold | Long | Plant and |
| property | leasehold | machinery |
| £ | £ | £ |
| COST |
| At 1 January 2020 | 282,045 | 143,553 | 304,092 |
| Additions | - | - | 48,255 |
| Disposals | - | - | - |
| At 31 December 2020 | 282,045 | 143,553 | 352,347 |
| DEPRECIATION |
| At 1 January 2020 | - | 80,515 | 230,452 |
| Charge for year | - | 3,690 | 35,930 |
| Eliminated on disposal | - | - | - |
| At 31 December 2020 | - | 84,205 | 266,382 |
| NET BOOK VALUE |
| At 31 December 2020 | 282,045 | 59,348 | 85,965 |
| At 31 December 2019 | 282,045 | 63,038 | 73,640 |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2020 | 115,144 | 10,577,113 | 29,990 | 11,451,937 |
| Additions | 15,708 | 953,747 | - | 1,017,710 |
| Disposals | - | (1,244,997 | ) | - | (1,244,997 | ) |
| At 31 December 2020 | 130,852 | 10,285,863 | 29,990 | 11,224,650 |
| DEPRECIATION |
| At 1 January 2020 | 98,182 | 5,654,959 | 28,689 | 6,092,797 |
| Charge for year | 7,944 | 1,635,057 | 431 | 1,683,052 |
| Eliminated on disposal | - | (736,175 | ) | - | (736,175 | ) |
| At 31 December 2020 | 106,126 | 6,553,841 | 29,120 | 7,039,674 |
| NET BOOK VALUE |
| At 31 December 2020 | 24,726 | 3,732,022 | 870 | 4,184,976 |
| At 31 December 2019 | 16,962 | 4,922,154 | 1,301 | 5,359,140 |
| The company had no tangible fixed assets at 31 December 2020 or 31 December 2019. |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 16. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 January 2020 | 5,362,243 |
| Additions | 284,000 |
| Disposals | (254,096 | ) |
| Reclassification/transfer | (1,554,332 | ) |
| At 31 December 2020 | 3,837,815 |
| DEPRECIATION |
| At 1 January 2020 | 1,896,569 |
| Charge for year | 776,514 |
| Eliminated on disposal | (141,751 | ) |
| Reclassification/transfer | (855,725 | ) |
| At 31 December 2020 | 1,675,607 |
| NET BOOK VALUE |
| At 31 December 2020 | 2,162,208 |
| At 31 December 2019 | 3,465,674 |
| 17. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2020 |
| and 31 December 2020 |
| NET BOOK VALUE |
| At 31 December 2020 |
| At 31 December 2019 |
| The only investments held by the company related to investments in subsidiary companies and as such the balance of consolidated investments was £nil (2019 - £nil). |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 18. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 1 January 2020 | 1,431,149 |
| Disposals | (156,392 | ) |
| At 31 December 2020 | 1,274,757 |
| NET BOOK VALUE |
| At 31 December 2020 | 1,274,757 |
| At 31 December 2019 | 1,431,149 |
| Included in fair value of investment property is freehold land of £411,176 (2019 - £411,176) which is not depreciated. |
| If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows: |
| Group | Company |
| 31.12.20 | 31.12.19 | 31.12.20 | 31.12.19 |
| £ | £ | £ | £ |
| Cost | 1,274,757 | 1,431,149 | 1,274,757 | 1,274,757 |
| Accumulated depreciation | (107,948 | ) | (101,997 | ) | (107,948 | ) | (86,358 | ) |
| Carrying amount | 1,166,809 | 1,329,152 | 1,166,809 | 1,188,399 |
| Company |
| Total |
| £ |
| FAIR VALUE |
| At 1 January 2020 |
| and 31 December 2020 |
| NET BOOK VALUE |
| At 31 December 2020 |
| At 31 December 2019 |
| Investment property comprises property for let to the residential and commercial market. |
| The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2020 by T G James, the Director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. |
| The fair value of the investment properties is equal to their historic cost. |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 19. | STOCKS |
| Group |
| 31.12.20 | 31.12.19 |
| £ | £ |
| Stocks | 84,855 | 66,792 |
| The company held stock of £nil (2019 - £nil). |
| 20. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.12.20 | 31.12.19 | 31.12.20 | 31.12.19 |
| £ | £ | £ | £ |
| Trade debtors | 595,782 | 873,062 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 324,161 | 298,296 |
| Directors' current accounts | 94,204 | 104,125 |
| VAT | 12,268 | 117,886 |
| Prepayments | 107,386 | 194,845 |
| 1,133,801 | 1,588,214 |
| 21. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.12.20 | 31.12.19 | 31.12.20 | 31.12.19 |
| £ | £ | £ | £ |
| Hire purchase contracts (see note 23) | 683,640 | 1,163,438 |
| Trade creditors | 304,570 | 362,863 |
| Amounts owed to group undertakings | - | - |
| Tax | 48,131 | 96,165 |
| Social security and other taxes | 41,714 | 72,089 |
| Other creditors | 125,857 | 198,657 |
| Accrued expenses | 126,604 | 140,296 |
| 1,330,516 | 2,033,508 |
| 22. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 31.12.20 | 31.12.19 |
| £ | £ |
| Hire purchase contracts (see note 23) | 295,156 | 737,396 |
| Creditors: amounts falling due after more than one year in the company was £nil (2019 - £nil). |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 23. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Group |
| 31.12.20 | 31.12.19 |
| £ | £ |
| Future minimum lease payments due under finance leases: |
| Within one year | 707,518 | 1,203,471 |
| In two to five years | 304,464 | 763,847 |
| In over five years | - | - |
| 1,011,982 | 1,967,318 |
| Less: future finance charges | (33,186 | ) | (66,484 | ) |
| 978,796 | 1,900,834 |
| The company had no finance lease obligations. |
| At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows: |
| Group |
| Non-cancellable operating | leases |
| 31.12.20 | 31.12.19 |
| £ | £ |
| Within one year | 84,000 | 84,000 |
| Between one and five years | 84,000 | 168,000 |
| 168,000 | 252,000 |
| 24. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| 31.12.20 | 31.12.19 |
| £ | £ |
| Hire purchase contracts | 978,796 | 1,900,834 |
| Hire purchase contracts are secured against the assets to which they relate. |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 25. | PROVISIONS FOR LIABILITIES |
| Group |
| 31.12.20 | 31.12.19 |
| £ | £ |
| Deferred tax | 358,403 | 255,090 |
| Group |
| Deferred | Deferred |
| tax | tax |
| £ | £ |
| Balance at 1 January 2020 | 255,090 | 206,139 |
| Charge to Income statement during year | 103,313 | 48,951 |
| Balance at 31 December 2020 | 358,403 | 255,090 |
| The deferred tax liability is comprised of accelerated capital allowances. |
| The company has no deferred tax assets or liabilities |
| 26. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.20 | 31.12.19 |
| value: | £ | £ |
| Ordinary | £1 | 1 | 1 |
| The shareholder is entitled to one vote and carries rights to any discretionary dividend payments but no rights to fixed income. Each share carries equal rights to any capital distributions made. |
| 27. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 December 2020 and 31 December 2019: |
| 31.12.20 | 31.12.19 |
| £ | £ |
| T G James |
| Balance outstanding at start of year | 104,125 | 340,840 |
| Amounts advanced | 190,079 | 104,125 |
| Amounts repaid | (200,000 | ) | (340,840 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 94,204 | 104,125 |
| The loan was repaid in full within 9 months of the year-end. |
| 28. | RELATED PARTY DISCLOSURES |
| During the year, a total of key management personnel compensation of £ 104,503 (2019 - £ 20,468 ) was paid. |
| York Pullman Holdings Limited (Registered number: 07028776) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 29. | CONTROLLING PARTY |
| The controlling party of the Group is T G James. |
| 30. | SUBSIDIARIES |
| Details of the Company's subsidiaries at 31 December 2020 are as follows: |
| Name of undertaking and country | Nature of | Class of | % Held |
| of incorporation or residency | business | shareholding | Direct | Indirect |
York Pullman Bus Company Limited (1) England & Wales |
Coach Operator |
Ordinary |
100.00 |
J. Dodsworth Coaches Limited (1) England & Wales |
Coach Operator |
Ordinary |
100.00 |
Ingleby's Luxury Coaches Limited (2) England & Wales |
Coach Operator |
Ordinary |
100.00 |
Tom James Transport Limited (1) England & Wales |
Dormant Company |
Ordinary |
100.00 |
A. Wray and Son Limited (1) England & Wales |
Dormant Company |
Ordinary |
100.00 |
Ideal Bus Company Limited (1) England & Wales |
Dormant Company |
Ordinary |
100.00 |
Eddie Brown Tours Limited (1) England & Wales |
Dormant Company |
Ordinary |
100.00 |
| The registered office of the above subsidiaries are as follows: |
| (1) 2 Clifton Moor Business Village, James Nicolson Link, York, North Yorkshire, YO30 4XG |
| (2) 24 Hospital Fields Road, Fulford Road, York, YO10 4DZ |