Plas Ynyshir Hall Hotel Limited 31/12/2020 iXBRL

PLAS YNYSHIR HALL HOTEL LIMITED - Company Information

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Company registration number: 07864646

Plas Ynyshir Hall Hotel Limited

Unaudited filleted financial statements

31 December 2020

Plas Ynyshir Hall Hotel Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

Plas Ynyshir Hall Hotel Limited

Directors and other information


	Directors	Mr John Andrew Talbot
		Mrs Jennifer Anne Talbot
		Miss Amelia Dora Eiriksson


	Company number	07864646


	Registered office	Ynyshir Hall
		Eglwysfach
		Machynlleth
		Powys
		SY20 8TA


	Business address	Ynyshir Hall
		Eglwysfach
		Machynlleth
		Powys
		SY20 8TA


	Accountants	Davies Lewis Baker
		31 Bridge Street
		Aberystwyth
		Ceredigion
		SY23 1QB

Plas Ynyshir Hall Hotel Limited

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Plas Ynyshir Hall Hotel Limited

Year ended 31 December 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Plas Ynyshir Hall Hotel Limited for the year ended 31 December 2020 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/ gb/en/about-us/regulation/rulebook.html.

This report is made solely to the board of directors of Plas Ynyshir Hall Hotel Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Plas Ynyshir Hall Hotel Limited and state those matters that we have agreed to state to the board of directors of Plas Ynyshir Hall Hotel Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Plas Ynyshir Hall Hotel Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Plas Ynyshir Hall Hotel Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Plas Ynyshir Hall Hotel Limited. You consider that Plas Ynyshir Hall Hotel Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Plas Ynyshir Hall Hotel Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Davies Lewis Baker

Chartered Certified Accountants

31 Bridge Street

Aberystwyth

Ceredigion

SY23 1QB

20 October 2021

Plas Ynyshir Hall Hotel Limited

Statement of financial position

31 December 2020

		2020		2019
	Note	£	£	£	£

Fixed assets
Intangible assets	5	-		1,200
Tangible assets		580,193		558,312
		_______		_______
			580,193		559,512

Current assets
Stocks		20,580		60,515
Debtors	7	103,457		8,196
Cash at bank and in hand		229,979		251,833
		_______		_______
		354,016		320,544
Creditors: amounts falling due
within one year	8	( 2,632,258)		( 2,456,913)
		_______		_______
Net current liabilities			( 2,278,242)		( 2,136,369)
			_______		_______
Total assets less current liabilities			( 1,698,049)		( 1,576,857)

Creditors: amounts falling due
after more than one year	9		( 45,000)		-
			_______		_______
Net liabilities			( 1,743,049)		( 1,576,857)
			_______		_______

Capital and reserves
Called up share capital			1,100		1,100
Profit and loss account			( 1,744,149)		( 1,577,957)
			_______		_______
Shareholders deficit			( 1,743,049)		( 1,576,857)
			_______		_______

For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

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

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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.

These financial statements were approved by the board of directors and authorised for issue on 08 October 2021 , and are signed on behalf of the board by:

Mr John Andrew Talbot

Director

Company registration number: 07864646

Plas Ynyshir Hall Hotel Limited

Notes to the financial statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Plas Ynyshir Hall Hotel Limited, Ynyshir Hall, Eglwysfach, Machynlleth, Powys, SY20 8TA.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.

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.

Consolidation

The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of an EEA State.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Website	-	20 %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any 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:


Freehold and leasehold properties	-	4 %	straight line
Kitchen and sundry equipment	-	20 %	reducing balance
Fittings fixtures and equipment	-	20 %	reducing balance
Office equipment	-	20 %	reducing balance
Computer equipment	-	50 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of 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 stocks to their present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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.Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 19 (2019: 17 ).

5. Intangible assets

	Other intangible assets	Total
	£	£
Cost
At 1 January 2020	1,500	1,500
Disposals	(1,500)	(1,500)
	_______	_______
At 31 December 2020	-	-
	_______	_______
Amortisation
At 1 January 2020	300	300
Disposals	( 300)	( 300)
	_______	_______
At 31 December 2020	-	-
	_______	_______
Carrying amount
At 31 December 2020	-	-
	_______	_______
At 31 December 2019	1,200	1,200
	_______	_______

6. Tangible assets

	Freehold and leasehold properties	Kitchen equipment	Fixtures, fittings and equipment	Office equipment	Computer equipment	Total
	£	£	£	£	£	£
Cost
At 1 January 2020	309,283	340,599	345,893	5,441	18,798	1,020,014
Additions	-	37,626	74,330	-	-	111,956
Disposals	-	-	( 7,035)	-	-	( 7,035)
	_______	_______	_______	_______	_______	_______
At 31 December 2020	309,283	378,225	413,188	5,441	18,798	1,124,935
	_______	_______	_______	_______	_______	_______
Depreciation
At 1 January 2020	12,371	227,024	200,731	4,245	17,331	461,702
Charge for the year	12,371	30,240	43,250	239	733	86,833
Disposals	-	-	( 3,793)	-	-	( 3,793)
	_______	_______	_______	_______	_______	_______
At 31 December 2020	24,742	257,264	240,188	4,484	18,064	544,742
	_______	_______	_______	_______	_______	_______
Carrying amount
At 31 December 2020	284,541	120,961	173,000	957	734	580,193
	_______	_______	_______	_______	_______	_______
At 31 December 2019	296,912	113,575	145,162	1,196	1,467	558,312
	_______	_______	_______	_______	_______	_______

7. Debtors

	2020	2019
	£	£
Trade debtors	6,240	-
Amounts owed by group undertakings and undertakings in which the company has a participating interest	47,403	-
Other debtors	49,814	8,196
	_______	_______
	103,457	8,196
	_______	_______

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	5,048	81
Trade creditors	23,689	37,761
Amounts owed to group undertakings and undertakings in which the company has a participating interest	-	195,439
Social security and other taxes	134,689	32,820
Other creditors	2,468,832	2,190,812
	_______	_______
	2,632,258	2,456,913
	_______	_______

9. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	45,000	-
	_______	_______

Included within creditors: amounts falling due after more than one year is an amount of £ 5,000 (2019 £ - ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The above sum is repayable at a fixed interest rate of 2.5% p.a.

10. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	60,000	60,000
Later than 1 year and not later than 5 years	240,000	240,000
Later than 5 years	1,095,000	1,155,000
	_______	_______
	1,395,000	1,455,000
	_______	_______

The company entered into an agreement to lease the property from the holding company on 29.03.19 at a rate of £60,000 p.a. over a period of 25 years.

11. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2020	2019	2020	2019
	£	£	£	£
Ynyshir Hall Holdings Limited	-	-	47,403	(195,439)
Rent payable	15,000	45,000	-	-
Interest payable	-	-	-	-
	_______	_______	_______	_______

Plas Ynyshir Hall Hotel Limited is the wholly owned subsiduary of Ynyshir Hall Holdings Limited, of Ynyshir Hall, Eglwys Fach, Machynlleth, Powys, SY20 8TA. Plas Ynyshir Hall Hotel Limited leases the property at Ynyshir Hall from Ynyshir Hall Holdings Limited for a sum of £60,000 per annum. As at 31 December 2020 there was an accrual for rent payable of £60,000.Rent of £45,000 covering the period 1 April 2020 to 31 December 2020 was waived due to the global pandemic.

12. Controlling party

The company is controlled by Mr JA Talbot and Mrs JA Talbot , the directors of the holding company, Plas Ynyshir Hall Hotel Limited.

13. Going concern

The company is financially dependent upon it's holding company and a loan from one of it's directors.