Richmond Company 207 Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05781039 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

FOR

RICHMOND COMPANY 207 LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

V N Patel

S V Patel

N N Patel

B B Patel

SECRETARY:

N N Patel

REGISTERED OFFICE:

10-12 King Street

Reading

Berkshire

RG1 2HE

REGISTERED NUMBER:

05781039 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,722,994

1,798,994

1,722,994

1,798,994

CURRENT ASSETS

Stocks

4,000

4,000

Debtors

6

108,125

114,137

Cash at bank and in hand

124,002

137,970

236,127

256,107

CREDITORS

Amounts falling due within one year

7

242,466

269,647

NET CURRENT LIABILITIES

(6,339

)

(13,540

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,716,655

1,785,454

CREDITORS

Amounts falling due after more than one year

8

(917,446

)

(1,141,571

)

PROVISIONS FOR LIABILITIES

(72,002

)

(72,002

)

NET ASSETS

727,207

571,881

CAPITAL AND RESERVES

Called up share capital

9

2

2

Revaluation reserve

700,676

700,676

Retained earnings

26,529

(128,797

)

SHAREHOLDERS' FUNDS

727,207

571,881

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 27 July 2021 and were signed on its behalf by:

N N Patel - Director

1.	STATUTORY INFORMATION

Richmond Company 207 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.

The nature of the company's operations and principal activities are to operate the Ibis Hotel, Reading. It also operates a restaurant within this hotel.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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.

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 recognised at the fair value of the consideration received or receivable for hotel accommodation and other related services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Revenue is recognised at the time of hotel stay and restaurant visit by guests.

Goodwill

Good will relates to the acquisition of a business and has been fully amortised in prior periods.

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.

Land and buildings

-

Straight line over the lease term

Plant and machinery etc

-

Straight line over 20 years and Straight line over 4 years

Government grants

During the year the company recognised Coronavirus Job Retention Scheme ("CJRS") grant income from the Government designed to mitigate the impact of Covid 19. The company has elected to account for such grants under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in "other income" within profit or loss in the same period as the related expenditure.

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 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.

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.

Going concern

In accordance with government guidelines, The Ibis Styles Reading Centre Hotel, was forced to close in the latter part of March 2020.

Whilst recognising that there can be no certainty, the directors are satisfied that the going concern basis of preparation remains appropriate. In reaching this conclusion, the directors, having made all necessary enquiries, have considered the following matters:

a) The company was has entered into contracts with local government and the Home Office to provide accommodation services and utilised the government "eat out to help out" scheme.

b) In addition to this scheme the company has also been able to utilise the Coronavirus Job Retention Scheme (CJRS) to support its staff costs as well as VAT deferral schemes that has enabled VAT liabilities to July 2020 be deferred for payment until March 2021.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2019 - 34 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2019

and 31 July 2020

382,993

AMORTISATION

At 1 August 2019

and 31 July 2020

382,993

NET BOOK VALUE

At 31 July 2020

-

At 31 July 2019

-

5.	TANGIBLE FIXED ASSETS

Long

Plant and

leasehold

machinery

Totals

£

£

£

COST

At 1 August 2019

and 31 July 2020

1,680,762

619,103

2,299,865

DEPRECIATION

At 1 August 2019

150,000

350,871

500,871

Charge for year

30,000

46,000

76,000

At 31 July 2020

180,000

396,871

576,871

NET BOOK VALUE

At 31 July 2020

1,500,762

222,232

1,722,994

At 31 July 2019

1,530,762

268,232

1,798,994

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Trade debtors

81,553

89,922

Other debtors

26,572

24,215

108,125

114,137

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Trade creditors

108,397

88,961

Taxation and social security

75,520

97,984

Other creditors

58,549

82,702

242,466

269,647

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.20

31.7.19

£

£

Amounts owed to group undertakings

917,446

1,141,571

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.20

31.7.19

value:

£

£

2

Ordinary

£1

2

2

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

The Report of the Auditors was unqualified.

Lee Gardner ACA (Senior Statutory Auditor)

for and on behalf of Vale & West Accountancy Services Limited

11.	CONTINGENT LIABILITIES

The Company has entered into cross guarantee arrangements with its ultimate parent company Nilvip Holdings Limited to secure its long term borrowings. At 31 July 2020 the contingent liability was £12.1 million (2019: £12.3 million).

12.	ULTIMATE CONTROLLING PARTY