Banks Hotel Limited - Accounts to registrar (filleted) - small 18.2

BANKS HOTEL LIMITED - Company Information

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REGISTERED NUMBER: 05100521 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

FOR

BANKS HOTEL LIMITED

Page

Company Information

Balance Sheet

Notes to the Financial Statements

DIRECTORS:

S Takhar

Mrs I K Takhar

P S Takhar

SECRETARY:

Mrs I K Takhar

REGISTERED OFFICE:

114-116 Goodmayes Road

Ilford

Essex

IG3 9UZ

REGISTERED NUMBER:

05100521 (England and Wales)

AUDITORS:

Ashfords Partnership LLP

(Statutory Auditors)

114 - 116 Goodmayes Road

Ilford

Essex

IG3 9UZ

FIXED ASSETS

Intangible assets

56,000

70,000

Tangible assets

1,822,672

1,854,986

1,878,672

1,924,986

CURRENT ASSETS

Debtors

4,087,210

4,208,589

Cash at bank and in hand

19,073

65,696

4,106,283

4,274,285

CREDITORS

Amounts falling due within one year

357,588

457,027

NET CURRENT ASSETS

3,748,695

3,817,258

TOTAL ASSETS LESS CURRENT

LIABILITIES

5,627,367

5,742,244

CREDITORS

Amounts falling due after more than one

year

(3,607,405

)

(3,616,102

)

PROVISIONS FOR LIABILITIES

(147,283

)

(145,786

)

NET ASSETS

1,872,679

1,980,356

CAPITAL AND RESERVES

Called up share capital

100

Fair value reserve

607,105

Retained earnings

1,265,474

1,373,151

SHAREHOLDERS' FUNDS

1,872,679

1,980,356

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2021 and were signed on its behalf by:

P S Takhar - Director

1.	STATUTORY INFORMATION

Banks Hotel Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

2% on cost

Fixtures and fittings

25% on reducing balance

Computer equipment

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Freehold property

The company incorporated FRSSE depreciation policy for freehold property from 2011 onwards.

Going concern

The accounts have been prepared on going concern basis which assumes that the company will continue to receive adequate financial assistance from the Directors, Bankers, other creditors and fellow subsidiaries.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2019 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

COST

At 1 July 2019

and 30 June 2020

280,000

AMORTISATION

At 1 July 2019

210,000

Amortisation for year

14,000

At 30 June 2020

224,000

NET BOOK VALUE

At 30 June 2020

56,000

At 30 June 2019

70,000

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

Plant and

property

machinery

COST OR VALUATION

At 1 July 2019

2,000,000

1,161

Additions

9,723

At 30 June 2020

2,000,000

9,723

1,161

DEPRECIATION

At 1 July 2019

158,116

1,145

Charge for year

40,001

972

At 30 June 2020

198,117

972

1,149

NET BOOK VALUE

At 30 June 2020

1,801,883

8,751

At 30 June 2019

1,841,884

Fixtures

and

Computer

fittings

equipment

Totals

COST OR VALUATION

At 1 July 2019

81,324

13,997

2,096,482

Additions

2,949

12,672

At 30 June 2020

84,273

13,997

2,109,154

DEPRECIATION

At 1 July 2019

72,463

9,772

241,496

Charge for year

2,953

1,056

44,986

At 30 June 2020

75,416

10,828

286,482

NET BOOK VALUE

At 30 June 2020

8,857

3,169

1,822,672

At 30 June 2019

8,861

4,225

1,854,986

Cost or valuation at 30 June 2020 is represented by:

Improvements

Freehold

Plant and

property

machinery

Valuation in 2019

749,512

Cost

1,250,488

9,723

1,161

2,000,000

9,723

1,161

Fixtures

and

Computer

fittings

equipment

Totals

Valuation in 2019

749,512

Cost

84,273

13,997

1,359,642

84,273

13,997

2,109,154

DEBTORS

30.6.20

30.6.19

Amounts falling due within one year:

Trade debtors

20,203

Other debtors

17,599

89,853

37,802

110,056

Amounts falling due after more than one year:

Amounts owed by group undertakings

4,019,550

4,068,675

Amounts owed by associates

29,858

4,049,408

4,098,533

Aggregate amounts

4,087,210

4,208,589

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.20

30.6.19

Bank loans and overdrafts

198,000

Trade creditors

98,605

183,553

Taxation and social security

33,325

49,936

Other creditors

27,658

25,538

357,588

457,027

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.20

30.6.19

Bank loans

2,636,001

2,817,672

Amounts owed to group undertakings

971,404

798,430

3,607,405

3,616,102

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,896,314

2,077,985

RESERVES

Fair

value

reserve

At 1 July 2019

and 30 June 2020

607,105

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ashok Mukundlal Shah (Senior Statutory Auditor)

for and on behalf of Ashfords Partnership LLP (Statutory Auditors)

11.	ULTIMATE CONTROLLING PARTY

The company was controlled throughout the current and previous year by the directors, Mr S S Takhar, Mrs I K Takhar and Mr P S Takhar by virtue of their ownership of the entire issued share capital of SIP Group Limited, the parent company.