Heymaa Watford Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02911868 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

FOR

HEYMAA WATFORD LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J V Patel

Mr S V Patel

Ms Y J Patel

Mr S S Patel

REGISTERED OFFICE:

Best Western

Whitehouse Hotel

27-31 Upton Road

Watford

Hertfordshire

WD18 0JF

REGISTERED NUMBER:

02911868 (England and Wales)

ACCOUNTANTS:

Macalvins Limited

Chartered Accountants

7 St John's Road

Harrow

Middlesex

HA1 2EY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,722,825

2,826,091

2,722,825

2,826,091

CURRENT ASSETS

Stocks

1,045

1,100

Debtors

6

17,312

17,201

Cash at bank and in hand

432,378

369,883

450,735

388,184

CREDITORS

Amounts falling due within one year

7

819,918

795,273

NET CURRENT LIABILITIES

(369,183

)

(407,089

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,353,642

2,419,002

CREDITORS

Amounts falling due after more than one year

8

(1,129,487

)

(1,212,713

)

PROVISIONS FOR LIABILITIES

(49,721

)

(58,488

)

NET ASSETS

1,174,434

1,147,801

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

1,173,434

1,146,801

1,174,434

1,147,801

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 7 February 2022 and were signed on its behalf by:

Mr S V Patel - Director

Mr J V Patel - Director

1.	STATUTORY INFORMATION

Heymaa Watford 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.

Turnover

Turnover represents sale of services. The following criteria must also be met before revenue is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- The amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five 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.

Plant and machinery

-

15% reducing balance

Fixtures and fittings

-

15% reducing balance

Integral features

-

15% reducing balance

Government grants

Amounts received under The Coronavirus Job Retention Scheme (CJRS) Grant are recognised as income based on the accrual model. During the year the company has recognised £286,488 as income in the profit and loss account.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial assets and liabilities are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2020 - 23 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2020

and 30 June 2021

70,000

AMORTISATION

At 1 July 2020

and 30 June 2021

70,000

NET BOOK VALUE

At 30 June 2021

-

At 30 June 2020

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Integral

property

machinery

fittings

features

Totals

£

£

£

£

£

COST

At 1 July 2020

and 30 June 2021

2,846,552

126,764

381,835

79,982

3,435,133

DEPRECIATION

At 1 July 2020

329,358

53,599

203,684

22,401

609,042

Charge for year

56,931

10,975

26,723

8,637

103,266

At 30 June 2021

386,289

64,574

230,407

31,038

712,308

NET BOOK VALUE

At 30 June 2021

2,460,263

62,190

151,428

48,944

2,722,825

At 30 June 2020

2,517,194

73,165

178,151

57,581

2,826,091

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

2,011

1,541

Other debtors

15,301

15,660

17,312

17,201

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

83,852

81,482

Trade creditors

37,569

22,656

Amounts owed to group undertakings

607,197

607,197

Taxation and social security

83,100

75,938

Other creditors

8,200

8,000

819,918

795,273

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

1,129,487

1,212,713

Included within creditors: amounts falling due after more than one year is an amount of £1,129,487 (2020: £1,212,713 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loan is secured by way of first legal charge over BW Buckingham Hotel, Buckingham Road, Buckingham, Bucks, MK18 1RY and BW White House Hotel, 27-31 Upton Road, Watford, Herts, WD18 OJF. The BW Buckingham Hotel is owned by Heymaa Partnership LLP. Four of the partners in the LLP are also directors of Heymaa Watford Limited and Heymaa Limited. There is also a cross guarantee and debenture between Heymaa Partnership LLP, Heymaa Watford Limited and Heymaa Limited.

9.	RELATED PARTY DISCLOSURES

Included in creditors is an amount of £586,085 (2020: £586,085) due to Heymaa Limited, a company which is controlled by the same directors of Heymaa Watford Limited.

Included in creditors is an amount of £21,112 (2020: £21,112) due to Heymaa Partnership LLP in which all the directors of Heymaa Watford Limited have material interest.

Included in creditors is an amount of £5,000 (2020: £5,000 ) due to the directors of the company.

There are no terms as to interest or repayment in respect of these balances.

10.	ULTIMATE CONTROLLING PARTY

The directors and their families control the company by virtue of their shareholdings.