Hull Holdings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10365998 (England and Wales)

Financial Statements

for the Year Ended 30 December 2020

for

Hull Holdings Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

L M Hall

D A Wann

REGISTERED OFFICE:

The Circus

Belton Park Road

Skegness

Lincolnshire

PE25 1GU

REGISTERED NUMBER:

10365998 (England and Wales)

AUDITORS:

Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

FIXED ASSETS

Investments

4

200

200

CURRENT ASSETS

Debtors

5

17,077,672

17,955,168

Cash at bank

43,132

7,299

17,120,804

17,962,467

CREDITORS

Amounts falling due within one year

6

1,233,940

1,258,908

NET CURRENT ASSETS

15,886,864

16,703,559

TOTAL ASSETS LESS CURRENT LIABILITIES

15,887,064

16,703,759

CREDITORS

Amounts falling due after more than one year

7

16,147,597

16,964,292

NET LIABILITIES

(260,533

)

(260,533

)

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Retained earnings

(261,533

)

(261,533

)

SHAREHOLDERS' FUNDS

(260,533

)

(260,533

)

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 22 September 2021 and were signed on its behalf by:

L M Hall - Director

1.	STATUTORY INFORMATION

Hull Holdings 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.

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.

Investments in subsidiaries

Investments in subsidiaries are initially valued at cost and reviewed annually for signs of impairment. If an impairment loss is identified, this is recognised immediately in the income statement and the value of the investment is reduced accordingly.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties and loans with related parties.

All financial assets and liabilities are initially measured at transaction price and are subsequently measured at amortised cost.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the amount that the company would receive for the asset if it were to be sold at the statement of financial position date.

Going concern

Following the impact of COVID-19, the financial statements have been prepared on a going concern basis, on the understanding that the directors and shareholders will continue to financially support the company during this uncertain period.

The Covid-19 pandemic has bought unprecedented challenges to the economy and in particular the hospitality and leisure sector during the period. The Directors have acted swiftly to access the various government support packages available and reduce costs wherever possible.

The Directors are optimistic for the future of the group, given the provincial locations and lack of reliance on overseas travellers, and anticipate a return to growth once the pandemic is under control.

The company has made a loss for the year of £nil (2019: £124,519) and has net liabilities of £260,533 (2019: £260,533). The directors have ascertained that Brayford Hotels Holdings Limited, the ultimate parent undertaking, intends and has the ability to continue it's financial support to the company for a period of 12 months from the date of approval of these financial statements. The directors believe the company and wider group headed by Brayford Hotels Holdings Limited is well placed to manage the business risks successfully and will continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

3.	EMPLOYEES AND DIRECTORS

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

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 31 December 2019

and 30 December 2020

200

NET BOOK VALUE

At 30 December 2020

200

At 30 December 2019

200

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Brayford Hotel Hull Ltd

Registered office: The Circus, Belton Park Road, Skegness, PE25 1GU

Nature of business: Hotels & Accommodation

%

Class of shares:

holding

Ordinary

100.00

Ferensway Hotels Ltd

Registered office: The Circus, Belton Park Road, Skegness, PE25 1GU

Nature of business: Other Letting

%

Class of shares:

holding

Ordinary

100.00

5.

DEBTORS

2020

2019

£

£

Amounts falling due within one year:

Other debtors

5,524,357

5,587,146

Amounts falling due after more than one year:

Amounts owed by group undertakings

11,553,315

12,368,022

Aggregate amounts

17,077,672

17,955,168

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

500,000

483,811

Other creditors

733,940

775,097

1,233,940

1,258,908

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

12,957,222

12,973,411

Amounts owed to group undertakings

3,190,375

3,990,881

16,147,597

16,964,292

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

13,457,222

13,457,222

The debt is secured upon the hotel property held by the subsidiary Ferensway Hotels Limited and an unlimited cross guarantee between the company, its ultimate parent company and its fellow subsidiaries. There are also personal guarantees to the value of £800,000 given by the directors L M Hall and D A Wann.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

1,000

Ordinary

£1

1,000

1,000

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

The Report of the Auditors was unqualified.

Kevin Shaw BSc FCA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Brayford Hotel Holdings Limited the registered office address is Unit 1, The Circus, Belton Park Road, Skegness, PE25 1GU.