Kavendish Court Hotels Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01979813 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

KAVENDISH COURT HOTELS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M Leventis

Mr Y Leventis

Mrs F Leventis

SECRETARY:

Mr Y Leventis

REGISTERED OFFICE:

1 Sussex Place

London

W2 2SX

REGISTERED NUMBER:

01979813 (England and Wales)

ACCOUNTANTS:

Sander Accountants

869 High Road

London

N12 8QA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

11,850,828

12,007,486

Investments

6

300,000

300,000

12,150,828

12,307,486

CURRENT ASSETS

Stocks

754

900

Debtors

7

423,442

386,557

Cash at bank and in hand

348,880

466,750

773,076

854,207

CREDITORS

Amounts falling due within one year

8

742,600

873,555

NET CURRENT ASSETS/(LIABILITIES)

30,476

(19,348

)

TOTAL ASSETS LESS CURRENT LIABILITIES

12,181,304

12,288,138

CREDITORS

Amounts falling due after more than one year

9

(2,444,533

)

(2,007,436

)

PROVISIONS FOR LIABILITIES

12

(1,481,700

)

(1,485,500

)

NET ASSETS

8,255,071

8,795,202

CAPITAL AND RESERVES

Called up share capital

102,000

102,000

Revaluation reserve

6,110,130

6,110,130

Retained earnings

2,042,941

2,583,072

SHAREHOLDERS' FUNDS

8,255,071

8,795,202

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 21 December 2021 and were signed on its behalf by:

Mr M Leventis - Director

1.	STATUTORY INFORMATION

Kavendish Court Hotels 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 presentation currency of the financial statements is the Pound Sterling (£).

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.

The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. This is on the basis of the continued support the company receives from its directors and bankers.

Taking this into account the directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.

Turnover

Turnover represents the total invoice value, excluding value added tax, of amounts charged to guests.

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

Long leasehold

-

Over the life of the lease

Plant and machinery

-

25% on reducing balance.

Fixtures and fittings

-

25% on reducing balance.

Motor vehicles

-

25% on reducing balance.

Government grants

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2020 - 45 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

136,351

AMORTISATION

At 1 April 2020

and 31 March 2021

136,351

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

-

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

Long

to

property

leasehold

property

£

£

£

COST OR VALUATION

At 1 April 2020

8,513,711

5,000,000

194,342

Additions

-

-

-

At 31 March 2021

8,513,711

5,000,000

194,342

DEPRECIATION

At 1 April 2020

1,232,644

767,524

17,151

Charge for year

85,137

40,000

3,886

At 31 March 2021

1,317,781

807,524

21,037

NET BOOK VALUE

At 31 March 2021

7,195,930

4,192,476

173,305

At 31 March 2020

7,281,067

4,232,476

177,191

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1 April 2020

222,255

2,015,707

37,383

15,983,398

Additions

850

67,886

-

68,736

At 31 March 2021

223,105

2,083,593

37,383

16,052,134

DEPRECIATION

At 1 April 2020

194,642

1,729,663

34,288

3,975,912

Charge for year

7,115

88,482

774

225,394

At 31 March 2021

201,757

1,818,145

35,062

4,201,306

NET BOOK VALUE

At 31 March 2021

21,348

265,448

2,321

11,850,828

At 31 March 2020

27,613

286,044

3,095

12,007,486

Cost or valuation at 31 March 2021 is represented by:

Improvements

Freehold

Long

to

property

leasehold

property

£

£

£

Valuation in 1993

(972,983

)

735,232

-

Valuation in 1997

158,959

-

-

Valuation in 1998

655,000

-

-

Valuation in 2005

2,650,000

2,605,000

-

Valuation in 2011

448,262

-

-

Valuation in 2012

6,835

-

-

Cost

5,567,638

1,659,768

194,342

8,513,711

5,000,000

194,342

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

Valuation in 1993

-

-

-

(237,751

)

Valuation in 1997

-

-

-

158,959

Valuation in 1998

-

-

-

655,000

Valuation in 2005

-

-

-

5,255,000

Valuation in 2011

-

-

-

448,262

Valuation in 2012

-

-

-

6,835

Cost

223,105

2,083,593

37,383

9,765,829

223,105

2,083,593

37,383

16,052,134

If freehold land & buildings had not been revalued they would have been included at the following historical cost:

2021

2020

£

£

Cost

5,567,638

5,567,638

Aggregate depreciation

828,759

773,083

Value of land in freehold land and buildings

2,477,439

2,477,439

Freehold land & buildings were valued on an open market basis on 31 March 2021 by the directors .

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2020

and 31 March 2021

300,000

NET BOOK VALUE

At 31 March 2021

300,000

At 31 March 2020

300,000

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Musterplan Limited

Registered office:

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2021

2020

£

£

Aggregate capital and reserves

300,000

300,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

13,772

96,476

Amounts owed by participating interests

142,037

77,550

Other debtors

138,514

139,760

Tax

56,938

-

Prepayments

72,181

72,771

423,442

386,557

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

150,331

83,664

Trade creditors

120,387

45,417

Tax

38,734

56,938

Social security and other taxes

9,458

20,006

VAT

60,077

69,399

Other creditors

14,247

107,448

Amount due to connected company

300,000

300,000

Net wages

2,815

5,132

Directors' current accounts

37,320

153,311

Accrued expenses

9,231

32,240

742,600

873,555

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

183,664

83,664

Bank loans - 2-5 years

550,992

250,992

Bank loans more 5 yr by

instalments

1,709,877

1,672,780

2,444,533

2,007,436

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by

instalments

1,709,877

1,672,780

1,709,877

1,672,780

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

210,000

210,000

Between one and five years

210,000

420,000

420,000

630,000

11.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

2,594,864

2,091,100

The company bankers have first legal charge over the company freehold property.

12.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

1,481,700

1,485,500

Deferred

tax

£

Balance at 1 April 2020

1,485,500

Provided during year

(3,800

)

Charge/(credit) to reserves

Balance at 31 March 2021

1,481,700

13.	RELATED PARTY DISCLOSURES

The company has a cross bank guarantee with Berkeley Court Hotels Ltd, a company in which a director has a significant interest, in favour of NatWest Bank Plc.

The company has charged Berkeley Court Hotels Ltd £65,000 as rent for the use of property that the company owns known as The Viking Hotel. Kavendish Court Hotels Ltd owns 50% of The Viking Hotel and a director owns a further 25% of the same hotel.

In "Debtors: Amounts falling due within one year", the company has an outstanding inter company balance of £142,037 (2020: £75,550) with Berkeley Court Hotels Limited, a company in which a director has a significant interest.

A director is owed an amount of £37,320 (2020: £153,311) by the company. There are no terms to the repayment and interest charged at 3% per annum in respect of this outstanding balance.