Atlantic Hotels (Chelmsford) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03344437 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2021

for

Atlantic Hotels (Chelmsford) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D S Obhrai

T S Obhrai

SECRETARY:

T S Obhrai

REGISTERED OFFICE:

SDC (2012) Ltd P/A Shah Dodhia & Co

173 Cleveland Street

London

W1T 6QR

REGISTERED NUMBER:

03344437 (England and Wales)

ACCOUNTANTS:

Shah Dodhia & Co

173 Cleveland Street

London

W1T 6QR

FIXED ASSETS

Tangible assets

4

3,572,355

3,625,000

CURRENT ASSETS

Stocks

5

3,100

3,255

Debtors

6

259,337

42,886

Cash at bank and in hand

220,846

123,890

483,283

170,031

CREDITORS

Amounts falling due within one year

7

322,371

241,722

NET CURRENT ASSETS/(LIABILITIES)

160,912

(71,691

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,733,267

3,553,309

PROVISIONS FOR LIABILITIES

8

148,614

115,429

NET ASSETS

3,584,653

3,437,880

CAPITAL AND RESERVES

Called up share capital

101

101

Revaluation reserve

9

2,195,543

2,229,735

Equity contribution reserve

(268,229

)

(268,229

)

Retained earnings

1,657,238

1,476,273

SHAREHOLDERS' FUNDS

3,584,653

3,437,880

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 31 March 2022 and were signed on its behalf by:

T S Obhrai - Director

1.	STATUTORY INFORMATION

Atlantic Hotels (Chelmsford) 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

-

4% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on cost

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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

The directors have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the company to continue as a going concern. On the basis of their assessment of the company's financial position, the directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus the directors continues to adopt the going concern basis of accounting in preparing the annual financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2020 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1 September 2020

4,123,462

1,584,982

14,890

5,723,334

Additions

-

5,868

-

5,868

At 31 August 2021

4,123,462

1,590,850

14,890

5,729,202

DEPRECIATION

At 1 September 2020

603,723

1,479,722

14,889

2,098,334

Charge for year

30,731

27,782

-

58,513

At 31 August 2021

634,454

1,507,504

14,889

2,156,847

NET BOOK VALUE

At 31 August 2021

3,489,008

83,346

1

3,572,355

At 31 August 2020

3,519,739

105,260

1

3,625,000

Tangible assets held at valuation

The hotel was professionally valued at £3.63 million in November 2020 carried out by Christie & Co on the basis of Existing Use Value, as licensed operating hotel, inclusive of the trade furniture, furnishings and equipment in accordance with RICS Valuation - Global Standards (the 'Red Book'), incorporating the International Valuation Standards ('IVS') both effective from 31 January 2020. The hotel is carried forward at this professional valuation together with additions thereafter at cost.

The historical cost of land and buildings is £1,777,669 (2020: £1,777,669).

5.

STOCKS

2021

2020

£

£

Stocks

3,100

3,255

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

50,164

12,482

Guest Ledger

51,242

-

Amounts owed by group undertakings

118,483

12,526

Other debtors

4,527

5,527

Prepayments and accrued income

34,921

12,351

259,337

42,886

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

56,091

15,578

Amounts owed to group undertakings

5,179

-

Amounts owed to related undertakings

88,885

29,559

Tax

51,728

37,592

Social security and other taxes

3,974

3,471

Net wages

15,762

-

VAT

24,944

45,486

Other creditors

33,381

58,603

Pension Obligation

1,880

827

Directors' current accounts

1,942

5,076

Accruals and deferred income

38,605

45,530

322,371

241,722

8.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

Deferred tax brought forward

115,429

196,762

Deferred Tax Additions

33,185

(81,333

)

148,614

115,429

Deferred

tax

£

Balance at 1 September 2020

115,429

Provided during year

33,185

Balance at 31 August 2021

148,614

9.

RESERVES

Revaluation

reserve

£

At 1 September 2020

2,229,735

Movement in the year

(34,192

)

At 31 August 2021

2,195,543

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2021 and 31 August 2020:

2021

2020

£

£

T S Obhrai

Balance outstanding at start of year

(5,076

)

13,430

Amounts advanced

3,134

-

Amounts repaid

-

(18,506

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(1,942

)

(5,076

)

D S Obhrai

Balance outstanding at start of year

-

1,771

Amounts repaid

-

(1,771

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

11.	RELATED PARTY DISCLOSURES

The company has given interest free loans of £88,885 (2020: £29,559) to related undertakings. The loans are interest free and repayable on demand.

As the company is a wholly owned subsidiary of Cool Inn Limited, a company incorporated in England and Wales and its ultimate parent and controlling company is Sycamore Limited, a company registered in Isle of Man, the company has taken advantage of the exemption contained in FRS 102.33 and has therefore not disclosed transactions on balances with entities which form part of the group headed by Sycamore Ltd.

12.	ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is Cool Inn Ltd, a company incorporated in England and Wales. The ultimate controlling party is Sycamore Limited, a company registered in Isle of Man.

13.	CONTINGENCIES

The company has given an unlimited guarantee in respect of the bank borrowings of certain group undertakings. This is in addition to a first legal charge over the freehold property, over the group undertakings land and buildings and debenture in favour of the bank. At the balance sheet date the bank borrowing of these group undertakings was £4.65m (2020: £4.68m).