Trebarwith Hotel (1952) Limited Filleted accounts for Companies House (small and micro)

TREBARWITH HOTEL (1952) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00512838

Trebarwith Hotel (1952) Limited

Filleted Unaudited Financial Statements

30 September 2020

Trebarwith Hotel (1952) Limited

Statement of Financial Position

30 September 2020

	2020		2019
Note	£	£	£	£

Fixed assets

Tangible assets	5		343,391		272,907

Current assets

Stocks		1,999,496	1,735,324
Debtors	6	2,130	5,171
Cash at bank and in hand		228,622	267,785
		------------	------------
		2,230,248	2,008,280

Creditors: amounts falling due within one year	7	( 1,504,197)		( 1,217,013)
		------------		------------
Net current assets			726,051		791,267
			------------		------------
Total assets less current liabilities			1,069,442		1,064,174

Provisions	( 83,269)	( 98,690)
	------------	------------
Net assets	986,173	965,484
	------------	------------

Capital and reserves

Called up share capital	10,000	10,000
Profit and loss account	976,173	955,484
	---------	---------
Shareholder funds	986,173	965,484
	---------	---------

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

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

For the year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Trebarwith Hotel (1952) Limited

Statement of Financial Position (continued)

30 September 2020

These financial statements were approved by the board of directors and authorised for issue on 29 June 2021 , and are signed on behalf of the board by:

M. Hill
Director

Company registration number: 00512838

Trebarwith Hotel (1952) 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 18-22 Angel Crescent, Bridgwater, Somerset, TA6 3AL, UK.

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.

Taxation

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

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

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

Depreciation

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

	Motor vehicles	-	25% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment of fixed assets

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.

Stocks

Stocks are measured at the lower of cost (including deemed cost) and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Where a property held as PPE (property, plant and equipment) is transferred to inventories, the property is transferred at its carrying value on the date of transfer. This becomes the deemed cost for subsequent accounting as inventories.

Provisions

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

Financial instruments

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 with the following exception: a basic financial liability that is a loan from a director who is a natural person and a shareholder in the entity is also initially recognised at the transaction price.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).

5. Tangible assets

	Freehold property	Leasehold property	Motor vehicles	Total
	£	£	£	£
Cost or valuation
At 1 October 2019	271,808	1,099	–	272,907
Additions	–	–	65,000	65,000
Revaluations	8,192	–	–	8,192
	---------	-------	--------	---------
At 30 September 2020	280,000	1,099	65,000	346,099
	---------	-------	--------	---------
Depreciation
At 1 October 2019	–	–	–	–
Charge for the year	–	–	2,708	2,708
	---------	-------	--------	---------
At 30 September 2020	–	–	2,708	2,708
	---------	-------	--------	---------
Carrying amount
At 30 September 2020	280,000	1,099	62,292	343,391
	---------	-------	--------	---------
At 30 September 2019	271,808	1,099	–	272,907
	---------	-------	--------	---------

Included within the above is investment property as follows:

	£
At 1 October 2019	271,808
Additions	8,192
	---------
At 30 September 2020	280,000
	---------

The investment properties are shown at their fair value on an open market basis as determined by the director. The historic cost of the investment property included above is £271,808.

6. Debtors

	2020	2019
	£	£
Other debtors	2,130	5,171
	-------	-------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Other creditors	1,504,197	1,217,013
	------------	------------

8. Related party transactions

Creditors include £1,498,107 (2019: £1,212,973) due to the director. The balance is treated as repayable on demand. No interest is charged to the company.